Foreclosure rates in metro Atlanta dipped in October compared to the same month a year ago, according to a report released Monday by research firm CoreLogic.
The report said the rate of foreclosures in the metro area was 0.67 percent of outstanding mortgages, down 15 percentage points from October 2015. The foreclosure rate was also lower than the national average of 1.2 percent of all mortgages.
The metro Atlanta area is still digging out of a housing and financial crisis that resulted in a historic spike in foreclosures, wrecked property values, eroded household wealth and pummeled local and state government coffers.
Though the number of troubled homeowners and foreclosures has improved — as have home values and sales –Georgia is still ranked as the No. 4 state in completed foreclosures for the 12 months ended in October, according to a CoreLogic report from earlier this month.
Mortgage delinquency rates in the metro Atlanta area also are improving. Loans past due by 90 days or more dropped to 3.27 percent of all mortgages, down from 3.95 percent from October 2015, CoreLogic said.
Earlier this week, the closely watched S&P/Case-Shiller Home Price Indices report said Atlanta area home prices in October climbed 6.1 percent vs. October a year ago. Atlanta was about the middle of the pack for the nation.
But metro Atlanta’s housing improvement is extremely uneven, with home values typically doing better in in-town neighborhoods north of I-20 and in the northern suburbs.
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