Prof. Immergluck weighs in on year's sharp decline in Atlanta forecolsures

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Foreclosure notices in metro Atlanta have significantly decreased over the last year. There were 2,430 foreclosure notices in metro Atlanta in July, according to the monthly report by Equity Depot. That is up from 2,054 in June and 2,104 in May, but far below the 5,200 reported in July of a year ago. While positive, this year's sharp decline may paint a picture that is slightly rosier than reality, said city and Regional planning professor Dan Immergluck. Many --- perhaps one-third or more of those who hold mortgages --- are "underwater" because their homes would fetch less than what they still owe on their mortgages. They may be able to make mortgage payments, but they remain vulnerable. The stress is not spread evenly, because home values vary wildly by neighborhood, he said. "School quality has always been important in Atlanta, but it is even more important right now," Immergluck said. "So we have lots of neighborhoods where 30 or 40 percent of the homeowners are underwater and we have lots of neighborhoods where essentially nobody is."

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School of City & Regional Planning

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dan immergluck, foreclosure, increase, underwater
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  • Created By: Jessie Brandon
  • Workflow Status: Published
  • Created On: Jul 18, 2014 - 7:15am
  • Last Updated: Oct 7, 2016 - 10:27pm