Delinquencies and foreclosures
The delinquency rate for mortgages in Georgia, defined as loans 30 days
or more past due, was 5. 6 percent as of September 2018, according to
CoreLogic’s Loan Performance Insights Report. That’s down from 6.1 percent for the same month in 2017. The national rate for September 2018 was
4. 4 percent. The foreclosure rate in Georgia stood at 0.5 percent in
September 2018, down slightly from the prior year’s mark of 0.4 percent.
Nationwide, 0.3 percent of outstanding mortgages were in foreclosure as
of this past September, according to CoreLogic.
The number of foreclosure filings as measured by auctions and homes taken back by banks, or real estate owned (REO), has dropped steeply since
the Great Recession, according to Attom Data Solutions. In 2012, 124,848
foreclosure filings occurred in the state. That number dropped to 22,990 in
2017, the last full year of available data. Through the first three quarters of
2018, the number of filings stood at 16,616.
Georgia saw its unemployment rate drop to 3. 6 percent this past October.
That’s slightly under the U.S. rate of 3. 7 percent for the same month.
Like many states, Georgia suffered mightily during the Great Recession.
The state saw double-digit unemployment from June 2009 through
October 2011. By comparison, the national rate went above 10 percent
for just one month in the recession. Georgia’s unemployment rate has
fallen steadily since then.
The Georgia labor force consists of nearly 5 million workers. Some
525,000 new jobs are expected to be added between 2016 to 2026,
according to a forecast from the Georgia Department of Labor. Of those,
the majority are expected to be in the service sector, with health care
and social assistance leading the way.
Sources: Agricultural Marketing Resource Center, Atlanta Realtors Association, Attom
Data Solutions, Beef2Live, CoreLogic, Forbes, Freddie Mac, Georgia Department of Labor,
GlobeS T.com, Gulfstream Aerospace Corp., Hartsfield-Jackson Atlanta International
Airport, Livability.com, National Conference of State Legislatures, PrepScholar, Savannah
Now, Site Selection, Smarter Traveler, The Atlanta Constitution-Journal, U. S. Bureau of Labor
Statistics, U. S. Census Bureau, U. S. News & World Report, Visit Athens
Jim Davis is editor of Scotsman Guide Residential Edition.
Reach him at (800) 297-6030 or email@example.com.
The list is a who’s who of major corporations in America: Coca Cola,
The Home Depot, UPS and Delta Air Lines. Atlanta ranks behind just New
York City and Houston in the number of Fortune 1000 companies that
have headquarters in the city — a total of 26. Atlanta has a population
of just more than 486,000, but it is the center of a metropolitan area
that has a total population of 5. 9 million. The city is a transportation
hub for the southeastern United States. Hartsfield-Jackson Atlanta
International Airport is the busiest airport in the world in terms of
Founded in 1733, Savannah is the oldest city in Georgia, and the city
attracts millions of visitors every year who are drawn to see its historic charm, elegant architecture, ornate ironworks and green squares.
The city has a population of 146,500, the majority of whom are
African-American. Savannah is home to the headquarters for Gulfstream Aerospace, which produces business-class aircraft. Gulfstream
employs nearly 10,000 people in Savannah and the surrounding county.
Other major employers include hospitals Memorial University Medical
Center and St. Joseph’s/Candler, which employ 8, 100 combined.
The college came before the college town. The University of Georgia
was chartered as America’s first state college in 1785. The city of Athens
incorporated in 1806. The city was named after the ancient Greek center
of higher learning. Today, the largest employer in Athens is the university
with nearly 10,000 employees. The university also provides much of the
energy for the city. Bands R.E.M. and the B-52s first made their starts
playing in the community.
3 Cities to Watch
Georgia Foreclosure Filings
Source: Attom Data Solutions