Thoughts on Georgia Foreclosure Crisis
Anyone who owns a home, is in the market to buy or sell a home, works in real estate or construction, or reads the newspaper knows that Georgia’s real estate market is in the grips of a foreclosure crisis. Foreclosures continued to occur at a record rate.
It seems to me that the Georgia Legislature has taken absolutely no action on the foreclosure crisis. Is Obama supposed to fix everything for us? State revenues aren’t tied to property taxes so I don’t think the legislature really cares, so long as it doesn’t affect its spending.
There has been likewise no response from the dispute resolution community. Other states have acted to required or encourage banks and homeowners to mediate before the bank forecloses on a home. See summary article. I am not aware of any organized effort in Georgia to resolve foreclosures. It’s a sad commentary on our judges, legal and mediation communities.
The banks are at fault for making risky loans, but they are also doing a terrible job mitigating their losses with the homes they put on the market. Check out a bank-owned home for sale. Don’t be surprised if there is garbage in the middle of the living room. It is as if they don’t take even 20 minutes to stage their homes for sale. They won’t call your agent back, even if you want to make an offer. Sure, they don’t want to be in the real estate market, but they are and should use minimal degree of care selling homes to mitigate losses.
Great time to find a bargain, but it’s a shame we’re not doing more to keep people in their homes and neighborhoods together.
