I hear a lot of spin about Georgia’s relative economic health compared to other states, so I’ll just post these two charts with minimal commentary.
These both appeared in the last day on Calculated Risk, an indispensable source for those interested in quality data and pithy analyses of the state of the economy.
First is the data by state for the percentage of first-lien mortgages in foreclosure plus those overdue. Georgia ranks 13th worst among the states for the number of loans in foreclosure or more than 90 days overdue. If we include the mortgages 30-90 days overdue, Georgia vaults to 6th worst. That may suggest a different problem, however, than typical housing woes. Calculated Risk notes:
It has always bothered me that several southern states always have an elevated percentage of mortgage loans 30+ day delinquent (Mississippi, Alabama, Texas, Georgia, and Louisiana all have a large percentage light blue). Most of these borrowers always seem to catch up – they just make their payments late. That means the lenders generate plenty of late fees in these states. This might be something for the Consumer Financial Protection Bureau to investigate.
This next graph shows current unemployment rates by state. Georgia’s recently fell to 9.9%, even though job growth in the state has been essentially flat. Georgia ranks 8th worst among the states.
Nevada, California, Florida, and Rhode Island are the only states in worse shape in both categories.