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Georgia high in underwater mortgages

Foreclosure
Posted at 4:08 AM, Apr 15, 2013
and last updated 2013-04-15 00:10:25-04

 ATLANTA (AP) - Georgia is featured prominently in a survey of ZIP codes where mortgage holders owe more on their homes than the homes are now worth.

 

      Nationwide data compiled by Zillow identified the worst 1 percent of ZIP codes for mortgage debt exceeding home value. The Atlanta Journal-Constitution reports  that Georgia has nearly a quarter of the ZIP codes. Michigan is second. Many of the Georgia ZIP codes make a crescent around Atlanta's southern flank.

 

      A senior economist at Wells Fargo, Mark Vitner, said declining home values have been a huge drag on Atlanta's economy.

 

      Officials say people with homes underwater aren't likely to move or make improvements. Antonio White of Riverdale said he owes $98,000 on a home that's now valued on the tax rolls at $39,241.