Foreclosures continue to slowly decline in metro Atlanta.
The region’s foreclosure rate was 0.97 percent for July, down from 1.76 percent a year earlier, according to a report from CoreLogic.
The decline can be the result of several factors but it is generally seen as a sign of improving economic health. And it brought metro Atlanta well below the national average for foreclosures, according to the California-based real estate research firm.
The U.S. foreclosure rate was 1.66 percent in July.
The data for foreclosures includes any mortgage which is in the foreclosure process, including many that end up not completing the process. That can happen when the borrower pays the lender what is owed or comes to an agreement on modifying the debt.
Court procedures, like a bankruptcy filing, can also stop the foreclosure process.
CoreLogic reports that 4.17 percent of the mortgages in metro Atlanta are at least 90 days delinquent. That compares with a 5.68 percent rate of 90-day delinquencies a year earlier.
Several million homeowners have lost their homes through foreclosure since the burst of the housing bubble.
While the federal government has been criticized for a too-tepid response to that crisis, there have been programs aimed at helping at least some of those who have trouble making the mortgage.
This week, officials launched another marketing effort to let homeowners know about the potential help from programs runs by the Treasury Department and the Department of Housing and Urban Development.
Most especially, they are touting Making Home Affordable, a part of the better known Home Affordable Modification Program, or HAMP.
In Georgia, HAMP has helped 85,045 homeowners at least temporarily stave off foreclosure by modifying their loan. The program has arranged for nearly 51,000 others to permanently modified mortgages, reducing monthly payments.
The median reduction was $362.64 a month, according to a Treasury spokeswoman.
Officials cite a recent report from the Mortgage Bankers Association that concludes that 8 percent of all home mortgage loan payments in Georgia are past due.
For information and counseling, officials say homeowners can call 888-995-HOPE (4673) or try the web site www.MakingHomeAffordable.gov.
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