What is the fix for Atlanta homeowners in danger of foreclosure? I say jobs. Fix unemployment and you fix the mortgage and housing crisis. Forget all the other contributory factors like sub-prime loans made to people who could barely fog a mirror...most of those are now through the system. Forget also that we have billions of loans called Option Arms which are going to adjust this year and next and let's focus on the real issue...we are seeing foreclosure rates rise and most of these ARM resets haven't even occurred.
More and more people are losing their homes because of hardships related to losing their jobs and NOT because their loan reset. Atlanta by and large didn't burst the real estate bubble like California, Arizona, Nevada and Florida did. Yet, Georgia (due mostly to Atlanta) is a top 5 foreclosure state.
To see the entire post please click here.