Georgia Posts Highest Foreclosure Rate in the Nation
1 out of every 300 homes in Georgia has started the foreclosure process.
Georgia has leapfrogged over Arizona, Florida, and Nevada to post the highest foreclosure rate this month in the entire country.
According to a RealtyTrac Report (attached), during the month of May Georgia saw 33% month over month growth in the number of foreclosures, and now "One in every 300 housing units (has) a foreclosure filing."
How do you think Metro Atlanta, including Cascade and Southwest Atlanta, did compared to other large cities?
Atlanta came in second. Our neighborhoods had the 2nd highest foreclosure rate among the 20 largest U.S. cities. Only behind Riverside-San Bernadino, CA was Atlanta with 1 in every 224 homes being foreclosed on instead of 1 in every 179.
We all see what the housing burst has done within our neighborhoods and within our shopping districts. Every week I highlight a vacant business location, and I must admit it is too easy to find a vacant lot. They are everywhere!
Georgia becoming the nation's leader in foreclosures is a huge development. To beat out Nevada, Florida, Arizona, and California is a hard task and must say something about our jobs situation. The 4 other states that I mentioned all had median home prices quite a bit higher than ours, and median salaries higher than ours, so it sort of made since for those states to lead the foreclosure list. As I put it, "The rich can't afford to be rich anymore."
But in my opinion, if Georgia is now the hardest hit, it shows that neither can "the poor afford to be poor."
Georgians can no longer afford their homes, which to residents of other states consider "dirt cheap". There are very few jobs, and the jobs people do find are not paying well enough to even afford a Georgia home. If this trend continues, I can only imagine that we are creating a third-world condition here in Georgia and metro Atlanta in which there are no jobs for the people to suffice themselves and they must depend entirely on aid to survive.
Where are the Jobs? Someone propose a Jobs Bill Tax Referendum to get Southwest Atlanta back to work again. I bet that would pass...
Tell me in the comments section your thoughts.