Earlier today, I posted the latest data from the S&P/Case Shiller Home Price Indices, which showed Atlanta metro area home prices declining dramatically in September: “On a monthly basis, Atlanta actually posted a record low rate of -5.9% in September over August.”
A 5.9% decline in one month. You read that right. That number is not seasonally adjusted, but even with the seasonal adjustment, Atlanta area home prices fell 4.1% in September, according to S&P/Case Shiller.
CoreLogic released its data today about negative equity by state. Of Georgia homes with a mortgage, 30% are currently underwater. Georgia is now 5th worst in the nation in that regard, behind Nevada, Arizona, Florida, and Michigan. We had previously been better off than California but have moved ahead (or behind?) in the latest data. Calculated Risk has more here.
And the Philadelphia Federal Reserve released its coincident economic index for the states today, which is heavily weighted toward employment data. Georgia is one of just 7 states with a negative index over the last three months. The only bright spot is that Georgia’s index remained unchanged for the month of October, indicating that the previous months’ declines had been halted.
Here’s what that looks like in a map:
The Georgia legislature will be going into session in just a few weeks. Let’s hope this session is more substantive than in recent years in terms of legislation that might actually spur job growth.