Georgia Foreclosures

March 18th, 2009 admin Posted in Foreclosures | 2 Comments »

The state of Georgia is known as the peach state because of its luscious peach crops. It is the home of Hip Hop, Jimmy Carter and peanuts and a combination unemployment rate and foreclosure rate that are quite high. The unemployment is in excess of 8 percent in December alone and the Foreclosure rate is at 0.256 percent during that same period.

The market in the state of Georgia is generalized by mortgages, which were too easy to get and required little or no down payment and not much for income verification. The first, second and third mortgages were handed out like candy her for so long that it was just the accepted practice.

New developments were being built and as fast as they went up they were sold out because literally anyone with a job, it would seem, could qualify under that was the banks approved loans there. Needless to say, that process has stopped and with the current issues with banks and the mortgage crisis, there are now more homes empty and foreclosed than there has been at any time in history in the state.

Builders have stopped building and many have gone out of business and house after house sits empty because there is no way to afford them. They were sold and re-mortgaged so far above what the actual value was that there is no way they will ever end up selling for enough to cover the loans and the banks are sitting stuck with property that they will have to end up losing huge amounts on in order to sell.

This is the state of the economy across the country and it is seen very well and very easily by a simple drive through any neighborhood in the state where you can see house after house with foreclosed or for sale in front.