Ga. now nation’s worst in foreclosure: What it portends

Georgia, long the nation’s leader in the number of bank failures, is now the epicenter of its foreclosure crisis as well.

According to the latest numbers from RealtyTrak, one in every 300 housing units in the state is going through foreclosure, more than double the national average of one in every 639 housing units.

“Georgia’s foreclosure rate leapfrogged the foreclosure rates in Arizona, Florida, California and Nevada,” RealtyTrak reports, jumping 33 percent in May over April to become the nation’s highest.

That ought to be compelling evidence that the housing market in this state has been permanently altered. The previous growth model of suburban and ex-urban development — cheap open land served by long highways converted to large-lot housing — is over and is not coming back. But I don’t see that realization informing much of our public debate over transportation planning, zoning and related issues.

A look at the county-by-county foreclosure rates (see interactive map below) drives home the enormity of that change. Metro Atlanta’s inner-core counties have certainly been hit hard by foreclosures. In Fulton, one in 272 housing units was in foreclosure in May; in DeKalb it was even worse, with one in 234 units under foreclosure. In Cobb, it was one in 337, better than the Georgia average but twice as bad as the national average.

As high as those rates might seem, however, they pale in comparison to foreclosure rates in the metro region’s outer ring of counties, many of them with reputations as prosperous communities:

Cherokee County: One in 225 units.
Rockdale County: One in 179 units.
Douglas County: One in 122 units.
Henry County: One in 157 units.
Walton County: One in 143 units.

Those numbers lend credence to a presentation earlier this month by Chris Nelson, a former professor at Georgia Tech who now heads the Metropolitan Research Center at the University of Utah. Speaking to the Atlanta Regional Housing Forum, Nelson argued that changing demographics, economics and consumer preferences are driving dramatic change in how and where Americans choose to live.

For example, the percentage of American households with children present has fallen from 45 percent in 1970 to 33 percent in 2010. Twenty-seven percent of households in the 2010 census comprised a single person, compared to just 18 percent in 1970.

And as the Baby Boom edges into retirement, they’re looking to unload the larger homes in which they raised their families — The Great Senior Sell-Off, Nelson calls it — in favor of smaller units that are easier to maintain and that are closer to stores, restaurants, medical care and other amenities.

With fewer child-bearing households coming behind the Baby Boomers to fill abandoned McMansions, the result will be a glut of larger homes and a shortage of multi-unit rental housing. That’s particularly true of metro Atlanta, which is experiencing a doubling of its older adult population between 2000 and 2015, according to the Atlanta Regional Commission.

(Interestingly, senior populations have already doubled or close to doubled in counties such as Rockdale, Henry, Douglas and Walton, which are also among those now being hit hardest by foreclosures.)

In addition, people at the younger end of the demographic scale — perhaps driven by a generational compulsion for connection — are also demonstrating a preference for smaller homes in more compact communities, with work, entertainment and shopping in reach of a walk or short drive.

We’d be foolish to ignore such trends by continuing to build communities and transportation systems to serve who and what we used to be. We should design them to serve who and what we’re going to be.

– Jay Bookman

405 comments Add your comment

Georgia on my mind....

June 14th, 2012
11:51 am

…and how long has Georgia been under “Republican Rule”? It all starts at the top and rolls down hill!

Brosephus™

June 14th, 2012
11:53 am

Jay

At one time or another, those outer counties were amongst the fastest growing in the nation. When you don’t have business/industry to sustain that growth, what we’re witnessing is nothing but natural progression.

ByteMe - Political thug

June 14th, 2012
11:56 am

We should design them to serve who and what we’re going to be.

But that involves “magical thinking”, the kind that local politicians hate to use unless they can use it to create a senior center or a road with their names on it. Not much calling to name a rail line stop after a local politician for some reason. :)

Paul

June 14th, 2012
11:57 am

“But I don’t see that realization informing much of our public debate over transportation planning, zoning and related issues.”

Yeah, pulling together related concepts and synthesizing them to produce a plan based on changing realities doesn’t seem the be the strong suit of many politicians. Or people, for that matter.

Keep Up the Good Fight!

June 14th, 2012
11:57 am

Smart planning? Why that’s govt interference and sociahlism……. can’t have that.

Peadawg

June 14th, 2012
12:01 pm

“For example, the percentage of American households with children present has fallen from 45 percent in 1970 to 33 percent in 2010.”

Amen! Dogs rule kids drool!

dougmo2

June 14th, 2012
12:01 pm

Gee Jay, it looks like people wre buying houses they could not afford.

getalie

June 14th, 2012
12:01 pm

Congrats Georgia.

Finally number one on something.

Joe Hussein Mama

June 14th, 2012
12:01 pm

Is that Albany down there in Lee County? I can’t quite figure out why that county’s in such bad shape all by itself.

Bernie

June 14th, 2012
12:02 pm

Mitt “Business Man” Romney does not care about Americans and this issue. He is of the opinion to let it “ALL” hit bottom and let the market place sort it all out. His response to this issue is to make deal with the Mortgage lender and work out a deal
to “RENT” your home from the lender. Good luck to all of you on that RENT! :)

Why anyone would VOTE and support such a candidate is beyond all logical thinking.
Voting against one’s own self interest is not a good virtue to have. Go! MITT! GO!

You can forget any assistance from this particular “BUSINESS MAN” all you are going to get is his BUSINESS! Remember…take 2 aspirin and Close your eyes!

Jefferson

June 14th, 2012
12:02 pm

If you step in dog crap, its not the dogs fault.

Peadawg

June 14th, 2012
12:02 pm

“…and how long has Georgia been under “Republican Rule”? It all starts at the top and rolls down hill!”

What about Detroit and Democrat rule?

Looks to me like both sides, indeed, suck.

stands for decibels

June 14th, 2012
12:02 pm

cheap open land served by long highways converted to large-lot housing — is over

NEVAHH!!!

Landlocked subdivisions today!
Landlocked subdivisions tomorrow!
Landlocked subdivisions fo-evahhh!

the cat

June 14th, 2012
12:03 pm

A major factor is more seniors are having to choose medication over mortgage payment. This is a sad commentary on a first world country.

stands for decibels

June 14th, 2012
12:05 pm

Mitt “Business Man” Romney does not care about Americans

Um, Bernie? A quiet word?

Normal Free...Pro Human Rights Thug...And liking it!

June 14th, 2012
12:05 pm

Pea,
I think Michigan is under GOP rule…

ty webb

June 14th, 2012
12:07 pm

Would love to stay here and argue partisan politics, however, the first round of the US open starts, and Phil, Tiger, and Bubba are all paired together for the first two rounds. Happy early Father’s Day to everyone out there.

Jay

June 14th, 2012
12:07 pm

It does, Doug. It does.

It also looks as though banks were making loans that couldn’t be repaid.

Peadawg

June 14th, 2012
12:08 pm

“I think Michigan is under GOP rule…” – Only since 2011.

But anyways…back on subject….

Finn McCool (The System Isn't Broken; It's Fixed ~ from an Occupy sign)

June 14th, 2012
12:08 pm

Time to buy – for rental property!!!

Just saying..

June 14th, 2012
12:09 pm

“We’d be foolish to ignore such trends by continuing to build communities and transportation systems to serve who and what we used to be. We should design them to serve who and what we’re going to be.”

Uh, Jay. Kind of a heavy lift.
You know. GEORGIA politicians…

Jm

June 14th, 2012
12:10 pm

I generally agree. Would be better if there was just less regulation (zoning) permitting people to build higher density communities.

The city itself suffers from that same affliction, not just the exurbs.

Bernie

June 14th, 2012
12:11 pm

When I think of the old racist saying about Blacks moving into a White community
” There Goes The Neighborhood ” Now it really rings true for all of us. How Ironic! :)

Joseph

June 14th, 2012
12:11 pm

Just call me a clairvoyant.. Bookman writes an article about housing just as I said he would yesterday at 6:56 on his Wall St blog. I get the same emails and talking points from the dem party. How much do you get Bookman?? I’m sure you get a check from the dem party because every single article you write is favorable to them…

getalie

June 14th, 2012
12:11 pm

Pea,

Just admit you are wrong.

It will not hurt you.

JOE COOL~DoWnToWn THUG

June 14th, 2012
12:12 pm

BUT, BUT…….OBAMA

getalie

June 14th, 2012
12:13 pm

joe,

kyle’s bog is ready when you are.

Stonethrower

June 14th, 2012
12:14 pm

So it’s not the fault of minorities over extending themselves. I remember when the housing bubble burst and the expert talking heads over at FOX were faulting the poor and minorities.

Peadawg

June 14th, 2012
12:14 pm

“Just admit you are wrong.” – About what?

getalife

June 14th, 2012
12:16 pm

Never mind pea.

ragnar danneskjold

June 14th, 2012
12:16 pm

The housing bubble was caused by taxpayer subsidies to Federal corporations that aggregate mortgages, perverse regulatory motivations, artificially low money-rates manipulated by the Federal Reserve. We’d be foolish to continue to attempt to force individual behavior by continuing the same old overlord dictation of our lives; a smarter course would be to remove the government impetus from the process.

Peter

June 14th, 2012
12:18 pm

When I think of the old racist saying about Blacks moving into a White community
” There Goes The Neighborhood ” Now it really rings true for all of us. How Ironic! :)

YOU really mean you are racist don’t you ?

Why are any new houses built?

June 14th, 2012
12:19 pm

Seems pretty counterintuitive that anyone anywhere is building new houses (other than knocking down existing and building on top of existing ones). The outer counties get the triple whammy in that less affluent bought there (higher chance of unemployment) and the price of those houses naturally fall more due to increased fuel prices (longer commutes), plus lower prices mean more first-time buyers, etc. that are now underwater and give up.
Stop building and take 10-20 years to soak up the excess by natural population growth. Sorry it hurts, but that’s where we are.

getalife

June 14th, 2012
12:19 pm

rag,

Way to give the banks a free pass.

Joseph

June 14th, 2012
12:19 pm

the cat:

The intelligence must be drooling out your ears… LOL…

Jm

June 14th, 2012
12:20 pm

NPU’s are so anti growth it’s amazing anything has been built in the city recently (residentially speaking)

godless heathen

June 14th, 2012
12:20 pm

Jay, Do you consider 4-6 houses to the acre large lot housing? If you were to actually venture OTP, you would see that the majority of the foreclosure signs are in front of houses on what I call postage stamp sized lots.

Lee County is Albany’s Cobb.

carlosgvv

June 14th, 2012
12:21 pm

“We’d be foolish to ignore such trends”

As long as there’s money to be made in building for “who and what we used to be”, you may be sure Business will go full steam ahead for as much short-term profit as they can possibly make.

Jay

June 14th, 2012
12:21 pm

Joseph, what on earth are you babbling about?

You think is somehow a partisan blog post? Dictated by the Democratic Party?

I think you need heavy-duty foil on your next aluminum hat. The current model isn’t protecting your brain cells adequately.

barking frog

June 14th, 2012
12:21 pm

Millions being made. Bad
mortgages no longer affect
bank liquidity unless FDIC
wants to get rid of them.
They can foreclose and
allow buddy realtors and
investors to buy at bottom
dollar and gse will finance.
Rebubble.

Jm

June 14th, 2012
12:22 pm

If you want to blame anyone, blame the in town NIMBY’s who prevented housing growth ITP

Bernie

June 14th, 2012
12:23 pm

stands for decibels @12:05 pm – That was exactly my sentiment. when I heard Mitt making such absurd and ridiculous remarks when real people and families are suffering so. The Sad part is that he was serious in making the comments and stands by them 100%.

I am seriously thinking of investing into a CARD BOARD BOX company. Something tells me they are going to have a banner year in PROFITS! with your Vote I am sure it will happen.

Joseph

June 14th, 2012
12:23 pm

Jay:

Come on Jay… be honest… you read the memo’s… LOL… I’ll keep it a secret but I had to rib you about it… How else would I know yesterday what you were going to write about today… Look back… LOL…

Williebkind

June 14th, 2012
12:24 pm

Foreclosures = no money for mortgage; no businesses to hire and pay employees; existing businesses are service industries not manufacturing.

I think it is the teacher’s/professor’s fault by turning out graduates who have no skills, knowledge, and abilities.

Don't Tread

June 14th, 2012
12:24 pm

OK..the artificially generatedl real estate bubble burst. This isn’t new.

“people at the younger end of the demographic scale — perhaps driven by a generational compulsion for connection — are also demonstrating a preference for smaller homes in more compact communities, with work, entertainment and shopping in reach of a walk or short drive”

Or maybe they don’t want to deal with the yard work and exterior maintenance, and maintaining all the equipment required to do that. There’s plenty of illegals available to do these things for you, for pennies on the dollar.

Williebkind

June 14th, 2012
12:25 pm

“I think you need heavy-duty foil on your next aluminum hat. The current model isn’t protecting your brain cells adequately.”

Jay did a funny! Way to chill out Jay!

Jay

June 14th, 2012
12:25 pm

So post this alleged “memo”, Joseph. Let’s see what it says, so others can judge the authenticity of what you claim to have.

Because I say you’re a liar.

Georgia's number one goals should be?

June 14th, 2012
12:26 pm

Georgia is also peculiar because it has only one big metro area: Atlanta. And that’s where the bulk of new banks tended to cluster, trying to ride the suburban real estate boom. That made things ultra-competitive. If one small bank raised its CD rates, for example, it often started a domino effect of higher rates. Good for the consumer but expensive for all the banks. It works the same way on the lending side. When a developer asks for a construction loan, banks scramble over one another to offer the easiest terms.

http://www.tampabay.com/blogs/venturebiz/content/why-georgia-ground-zero-bank-failures

Don

June 14th, 2012
12:27 pm

If you build highways, you get highway oriented development. If you build transit, you get transit oriented development. It’s really that simple.

If you want Atlanta to succeed, it has to grow. Transportation facilitates growth.

Atlanta has examples of each. The “wagon wheel” of interstate highways supporting suburban, highway oriented growth, with it’s web-like distribution of O-D pairs. And, MARTA which has kept downtown from drying up and has been the spine that has supported growth in midtown.

What would Atlanta look like without the MARTA? A doughnut. Without MARTA and the Interstates? A sleepy little town.

The existing suburbs need to be supported with commuter rail so that the highways that are the primary arteries of the region don’t clog as the suburban density increases.

The city and close-in suburbs need better transit connectivity to the MARTA spine. That will allow the city to grow within it’s existing footprint.

For any of this to happen, we will have to grow some legislators that have a spine. Ones that will do the job they were elected for and not pass the buck back to the voters as a T-SPLOST.

jewcowboy

June 14th, 2012
12:28 pm

“NPU’s are so anti growth it’s amazing anything has been built in the city recently (residentially speaking)”

What a silly statement. Properly run NPU’s manage growth and help maintain a community’s identity and stabilize property values. Can you imagine what Buckhead would look like and feel like today without NPU-B?

josef

June 14th, 2012
12:29 pm

Act in haste, repent at leisure. What more is there to say?

Where's My Party?

June 14th, 2012
12:29 pm

“Bernie
June 14th, 2012
12:02 pm
Mitt “Business Man” Romney does not care about Americans and this issue. He is of the opinion to let it “ALL” hit bottom and let the market place sort it all out. His response to this issue is to make deal with the Mortgage lender and work out a deal
to “RENT” your home from the lender. Good luck to all of you on that RENT! ”

That’s actually not a bad idea and here is why. Under the current accounting and bank regulations, just about any change (modification) of an existing loans term becomes a TDR (Troubled Debt Restructure). At that point, the bank then has zero incentive to help the borrower because the loan must then be put into non-accrual, meaning it is no longer an earning asset for the bank and has become a liability. The clock also starts ticking for the bank to do something about that situation. The idea of “renting” the home from the lender means you work out what you can pay each month (and actually make those payments) and the lender applies that amount to pricnipal only. You work out this “rent” until the borrowers situation improves enough to move back into a conventional loan or the “rent” payments lower the principal enough to allow a refinance somewhere else. It’s actually a great save for the homeowner (no foreclosure and all money goes to principal) and a good save for the bank (they recover their principal). About the only other option is to foreclose. THen everybody loses, well, except the person that buys the house for pennies on the dollar.

stands for decibels

June 14th, 2012
12:29 pm

Bernie, don’t you think you could maybe address the topic without us going right straight to the friggin’ Presidential election for the kajillionth time?

Sure, you *can* make GA’s foreclosure horror about the national race, but why? And how are you any better than the guys from the right who make every Bookman thread about their displeasure with Obama?

I’d rather find a little common ground with my fellow Georgians who just want to see a light at the end of this particular tunnel. We could start with debating whether or not the TSPLOST is one of several means to that end.

Bernie

June 14th, 2012
12:30 pm

Peter@ 12:18 pm – i am not going to dignify your comment with a response. I have a few BOXES here you can have…as far as that SUV you have, it will make a great planter for your Wife’s flowers. don’t worry about the air in the tires…..just like your bank accounts, it too will be deflated. As far as junior going to college…forget about it!

Now practice with me ” Do You want Fries, with your order” :)

Williebkind

June 14th, 2012
12:30 pm

Don

June 14th, 2012
12:27 pm
Why does everything have to grow in Atlanta? Georgia is a big state.

MrLiberty

June 14th, 2012
12:30 pm

Here’s Ron Paul’s accurate predictions regarding the housing bubble from all the way back in 2001!

http://www.youtube.com/watch?v=kFd8YluIVG4

Funny, no matter how many times he is right, everyone wants to believe in fantasy.

the cat

June 14th, 2012
12:30 pm

where’s my party-what happens to your “rented’ home if it burns down?

They BOTH suck

June 14th, 2012
12:31 pm

“Because I say you’re a liar.”

You are not the only you thinks that

CazLand

June 14th, 2012
12:31 pm

If this has’nt been used yet it will be – Tried & Trued left response GW’s fault. Dems have at least another 20 or so years of this excuse on just about anything to appease themselves. It makes them feel better bout themselves, and creates division in the country. Obama uses & loves this tactic each and every day.Peace

Joe Hussein Mama

June 14th, 2012
12:32 pm

getalife — “kyle’s bog”

SNICKER :D

Joseph

June 14th, 2012
12:32 pm

Jay:

Wink wink…

Suggestion

June 14th, 2012
12:33 pm

Jay you can always send Joseph packing. The conservative blogger (Kyle) would welcome him and we will NOT miss him. There are a lot of intellectuals on this blog and he is interfering with the flow!

Peadawg

June 14th, 2012
12:33 pm

“Never mind pea.”

That’s what I thought.

EJ Moosa

June 14th, 2012
12:34 pm

“Georgia is also peculiar because it has only one big metro area: Atlanta. ”

It’s not peculiar. Atlanta has no natural barriers, such as a body of water, or uninhabitable land.

It’s good to see Bookman “almost” discussing the economy.

Unemplpyment claims are rising. May retail sales are declining.

The Obama economic Miracle keeps on chugging.

Can’t wait for the economic speech in Ohio from Barry.

Anyone want to wager on how far into the speech he is before he mentions “teachers, firefighters, and policemen?

Anyone want to wager on the businesses he selects as examples will be union businesses?

getalife

June 14th, 2012
12:34 pm

Post the memo joe or apologize for lying.

They BOTH suck

June 14th, 2012
12:34 pm

“…. who thinks that”

My bad

Normal Free...Pro Human Rights Thug...And liking it!

June 14th, 2012
12:35 pm

You just have to love a dude who will rant and rave about the”other side”, then end his tirade with “peace”… :lol:

josef

June 14th, 2012
12:35 pm

SFD
@ 12:29

Observing Bernie from downstairs, I really don’t put a whole lot of credence in what he says. He’s, imauo, just Joseph in drag. He’s out to be as narrow-mindedly partisan as he can be for the maximum negative reaction.

getalife

June 14th, 2012
12:36 pm

pea,

You are wrong about Michigan.

Where's My Party?

June 14th, 2012
12:36 pm

The Cat…..you have insurance. Typically your own, but if not, the banks all have forced place insurance they can put on any property. Most banks have a continous coverage policy with an insurance company so that all of their real estate is collateral is covered if the borrower fails to provide insurance, of provides inadequate insurance.

Joseph

June 14th, 2012
12:37 pm

Good afternoon –

For many of us, buying a home is about more than a roof over our heads. It’s the place where we’ll watch our kids grow up and an investment that will guarantee our long term financial security. There’s a reason that a home is an essential part of the American dream.

But right now, owning a home is a source of anxiety for millions of Americans. Last week, we heard from thousands of homeowners who are paying their bills on time but struggling and could benefit from being able to refinance their homes at historically low rates. Unfortunately, too many families who work hard and play by the rules just can’t seem to catch a break. Here’s what one homeowner in Mission Viejo, California told us:

Listen, people like me aren’t looking for a handout. I’ve got decent credit and if weren’t for the value of my home being significantly less than I owe, I would refinance now. If I could refinance at the historically low rates, I could do two things 1) pay off some other debt and 2) buy things I and my family need.

President Obama has proposed a plan that will cut through the red tape keeping millions of responsible homeowners from mortgage relief. It will save these folks hundreds of dollars a month — and it’s starting to get some momentum in Congress.

The President has been traveling all over the country to build support for his plan, and it’s time for you to speak out with him. Add your voice to his.

If we make this happen, it’s the kind of change that can have an outsized impact on the entire country. With a little extra money each month, our friends and our neighbors will be able to do more for their families. That means stronger communities and a stronger national economy.

Here’s what another homeowner in Virginia told us about how this would impact not just their homes, but the entire country:

Any way that you can help the middle income people will go a long way with helping the economy. Home ownership is one of the biggest expenses people have and anything to help them reduce their payments would help immensely. The only thing is cut the red tape …

So even if you don’t own a mortgage or don’t need to refinance, it’s important to add your voice.

We need to show that this is the kind big, national priority that transcends petty partisanship. Republicans and Democrats alike own houses, and they call each other neighbors. It will mean good things for all of us if every responsible homeowner can get some relief.

So speak out beside President Obama. Tell us why you support refinancing, and we’ll make sure your story resonates here in Washington and around the country.

http://www.whitehouse.gov/why-refi

We have an opportunity here, and with your help, we can make it a reality.

Thank you,
David

David Plouffe
Senior Advisor to the President

getalife

June 14th, 2012
12:37 pm

Where is that memo joe.

Time to man up joe.

Joseph

June 14th, 2012
12:38 pm

Jay:

What you think Jay???? LOL… Libs are so gullible..

Joseph

June 14th, 2012
12:39 pm

getalife:

Its what Jay was ordered to write about today……

Bernie

June 14th, 2012
12:39 pm

stands for decibels@ 12:29 pm – The TSPLOST is a boondoggle of the first order. What the city of Atlanta needs just like most cities in the north, like Pennsylvania where Jay is from. All we need is TOLL booths to get inside and out of – I-285. The Tolls would generate enough money to pay for all road repairs and road usage for all those who use it. Like Mitt says “If want to you play…PAY!”

CazLand

June 14th, 2012
12:40 pm

Manchurian-Kenyan Candidate...er, I mean President

June 14th, 2012
12:41 pm

Interesting point Jay….if it were true…..

“In addition, people at the younger end of the demographic scale — perhaps driven by a generational compulsion for connection — are also demonstrating a preference for smaller homes in more compact communities, with work, entertainment and shopping in reach of a walk or short drive.”

Seems like those hated McMansions are coming back:

http://online.wsj.com/article/SB10001424052702304821304577440473581936752.html?mod=WSJ_RealEstate_LeftTopNews

Will the last Democrat in Georgia please turn off the lights?.....

June 14th, 2012
12:41 pm

“Ga. now nation’s worst in foreclosure: What it portends”

WOO-HOO!!!! We’re number one! It’s time to party!

jewcowboy

June 14th, 2012
12:41 pm

“Joseph: Wink wink…”

Seems more like twitch twitch…involuntarily shrug shoulders…drool drool…twitch twitch..bat at imaginary flying monkeys…twitch twitch.

Soothsayer

June 14th, 2012
12:42 pm

Wow! All those foreclosures! Why on Earth would someone simply stop paying their mortgage? Were they laid off? Was their job shipped overseas? Could their county no afford to keep them on the payroll?

The housing debacle is emblematic of so-called “free-market capitalism” that you hear touted so much. Ridiculously low interest rates. No-risk (to the lender) underwriting policies. Complicit rating agencies.

But, guess what? No matter what, it’s the American taxpayer who gets it in the rear end. The Fed and Fannie and Freddie “saved” the banks by buying up all of those “toxic” mortgages.

It’s laissez-faire capitalism at it’s best. Unfortunately, the “invisible hand” got mixed up.

Normal Free...Pro Human Rights Thug...And liking it!

June 14th, 2012
12:42 pm

too little time

June 14th, 2012
12:43 pm

The foreclosures of 2007-2009 were people that bought more house than they could afford. The foreclosures happening today are people who have lost jobs who can no longer afford the mortgage.

The building/housing industry in Metro Atlanta (extended area) is dead. It is likely to remain that way for a long time. The good news is that road building now WILL help reduce transportation gridlock (before, it simply attracted even more growth). The good news is that building transit now WILL help reduce gridlock (more people in urban areas are likely to use transit).

If we find the money, now is a good time for the state’s transportation infrastructure to catch up from 20 years of over development. While I was initially against the TSPLOST, the more I think about it the more I think that now is the time to pass it. Transportation building costs may never be cheaper, and the enhanced transportation infrastructure will actually help reduce congestion rather than escalating the building boom.

Peadawg

June 14th, 2012
12:44 pm

“You are wrong about Michigan.”

http://www.michigan.gov/formergovernors/0,1607,7-212-31310-54132–,00.html

Rick Snyder, Republican, 2011-present

What am I wrong about punkin?

stands for decibels

June 14th, 2012
12:45 pm

pay for all road repairs and road usage for all those who use it.

Tolls are pretty inefficient, and chock-full of unintended consequences. If you want a more equitable means to finance roads you increase the gasoline tax.

But I think the perfect’s the enemy of the good here. Sure, a sales tax sucks ass. It’s regressive as hell. And sure, there are going to be porky projects on the SPLOST list that I disapprove of. And I can live with it, because it’s the deal on the table now, that’s actually got cross-ideological backing from the tree-huggers and the Snidely Whiplashes in our midst. I say go for it. YMMV.

getalife

June 14th, 2012
12:45 pm

joe,

That is his refinance plan not Ga. foreclosures.

Nice try joe.

godless heathen

June 14th, 2012
12:45 pm

If your home has decreased significantly in value since you took out your first mortgage, low interest rates are no help to you if you attempt to refi and find out that you have negative equity. Unless, of course you have a pile of cash laying around that you can sink into the deal.

Peadawg

June 14th, 2012
12:46 pm

http://en.wikipedia.org/wiki/List_of_mayors_of_Detroit

Also, this^^ getalife. Detroit has has a Democrat mayor since the 1960s.

So what am I wrong about?

Matti

June 14th, 2012
12:47 pm

Do not believe a single word from the mouths of mortgage company personnel. Everything they tell you can and will be negated in a subsequent email or phone call. When you press for clarification, they act like YOU are trying to rip THEM off — even if you are not underwater, and have a freaking perfect credit score and payment history, and no other debt. Then they get all oh-fended when you share your observations with them about the process and the level of customer service you’ve received. Liars and crooks.

Note to mortgage lenders and bankers: Please kill yourselves now. Your presence here is a scourge on humanity. You produce nothing of value, but act instead as a parasite, sucking the blood from our economy and hard-working people, and funneling it upward to your boss, Spawn of Satan.

getalife

June 14th, 2012
12:48 pm

pea,

You said they were dem controlled but to be fair, the dems should scream at the gop for not cleaning up the mess yet.

The gop will make it worse because they are job killers.

willard would end GM.

Tondalaya

June 14th, 2012
12:49 pm

“…the result will be a glut of larger homes and a shortage of multi-unit rental housing.”

Construction of new multi-unit housing is in overdrive right now due to the increased demand, occupancy, and rents. In a couple of years people will have stampeded back into owner-occupied and once again there’ll be a glut of vacant apartments, which will then be converted to condos. We’ve seen this movie before.

Bernie

June 14th, 2012
12:50 pm

Where’s My Party? @12:29 pm, what happens to that renter if the buyer approaches the Bank and says ” I am willing to buy that Home you are renting for cash now? ” or what happens when its appraise value increases? does the bank get the value increase? I think they would want it for sure. Maybe we should consider doing like the Japanese are currently doing. Signing the kids to the mortgage for future years!
Your solution seems to have us all headed that way with such a ludicrous and workable notion in the real world. The process you espouse is fraught with more horrors than the thought of Mitt ” Bussiness Man” Romney being President of the United States at any time.

Peadawg

June 14th, 2012
12:51 pm

“You said they were dem controlled” – Yup. I said Detroit. Which I was correct.

Someone else brought up the state of Michigan being controlled by Republicans. Which I then pointed out that only since 2011…Democrats had Michigan from 2003.

So again…where was I wrong?

Jay

June 14th, 2012
12:51 pm

From the story that you cite as rebuttal, Manchurian:

“As the economy slowly improves and some consumers’ anxieties ease, buyers are upsizing again—though there is far less demand than before for huge houses loaded with upgrades.”

Keep Up the Good Fight!

June 14th, 2012
12:51 pm

I hate it when Matti holds back and hides her real feelings.

USMC

June 14th, 2012
12:51 pm

The OVERWHELMING reason for Georgia’s high Foreclosure rate is the “foreclosure process” itself.

Every state has a different process for foreclosing on Real Property.

Many states have a cumbersome process that requires the lender to go through the judicial/court system to foreclose on real property; while Georgia on the other hand is a NON-judicial foreclosure state which makes for a more streamlined and faster/easier process for lenders to foreclose.

This fact “stunts” foreclosure numbers when comparing states’ foreclosure rates nationwide. :-)

Peter

June 14th, 2012
12:51 pm

NEW YORK (CNNMoney) — Five years after the housing bubble burst, America’s wealthiest families are now losing their homes to foreclosure at a faster rate than the rest of the country — and many of them are doing so voluntarily.

http://money.cnn.com/2012/02/23/real_estate/million_dollar_foreclosures/index.htm

Yup those precious 1% folks the GOP loves to help.

godless heathen

June 14th, 2012
12:52 pm

Matti – a renter now, a renter forever!

josef

June 14th, 2012
12:52 pm

The memo’s here…we’re supposed to be talking about food stamps and free phones….

getalife

June 14th, 2012
12:53 pm

“Someone else brought up the state of Michigan being controlled by Republicans”

True.

pea,

The gop are running Michigan because they have the money silly.

Joseph

June 14th, 2012
12:54 pm

I can envision Jay throwing stuff all around his office right now. The silence is deafening… Don’t be mad Jay I’m sure there’s many Conservative bloggers that do the same thing. I just think its dishonest not to admit you are full bore Obama…. I don’t know for a fact you get paid. If you don’t though it’s sad they are using you for free campaigning…