What happens to people who lose their homes?

The Newnan, Georgia Times-Herald Online provides insight into where families go to live post-foreclosure.  “What happens to people who lose their homes?” notes that former homeowners aren’t necessarily becoming renters right away.  That means we may not fully understand the impact on real estate and home ownership recovery.  Experts indicate that, prior to re-entering the world of home ownership,  a typical foreclosure victim would first spend a requisite period as a renter rebuilding credit and saving for a downpayment.

But statistics show that those families and individuals aren’t necessarily becoming renters right away.

Many instead are consolidating households and moving in with family members. The U.S. lost 1.2 million households from 2005 to 2008 even as the country’s population increased by 3.4 million, according to a study from the Mortgage Bankers Association.

An informal poll of local apartment complexes taken by The Times-Herald this week bears out these figures. Most apartment complex managers did not want to be quoted on the record, but they said that they haven’t seen much evidence of a massive migration to rental properties due to foreclosures.

You can read the full Times-Herald article here.


About ProBonoGA

Lawyer and justice architect wannabe... I am the pro bono director for Georgia Legal Services Program and direct a program that is funded by GLSP and the State Bar of Georgia. I am a lawyer licensed to practice law in the state of Georgia, and not in any other jurisdiction. Nothing posted on this blog should be considered legal advice. Your use of this blog does not create an attorney-client relationship with me. I do not have an active legal practice and do not have clients. I am not using this site to market to clients. I do not recommend attorneys or law firms. If I reference an attorney or a law firm in this blog, I do so to tell a story, make a point, or urge you to think about an issue presented by that attorney or law firm.
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