Georgia mortgage delinquencies are rising, according to research released by credit agency TransUnion.
The agency listed Georgia with the ninth highest 60-day mortgage loan delinquency rate in the nation.
“That delinquency is the forerunner to foreclosure," said Daren Blomquist of RealtyTrac. "It’s creating a situation where a disproportionate supply of properties on the market for sale are in distress and so that is dragging down home prices and home values.”
The research also found yearly delinquencies have decreased by more than 11 percent across Georgia.
But that could be misleading.
“Banks were having technical difficulties in terms of paperwork problems,” said Alan Ziobrowski, a Georgia State University real estate professor. “Now that they're getting their act together with respect to proper paperwork and proper procedures, you're likely to see foreclosures increasing for a while.”
The increase in delinquency rates is the first since 2009.