Church Foreclosures Rival Distressed and Bankruptcies Homes for Sale
Bankruptcies homes for sale and foreclosed dwellings are not the only problems of Atlanta. Several church buildings in the area are also facing foreclosures. ugg boots uk sale By FreeForeclosuresSale
UGGs in stores It is quite common to hear about bankruptcies homes for sale and foreclosed houses increasing in numbers in various areas of Atlanta, Georgia. Lately though, an type of real estate has been dragged into the property crisis. Several church buildings in the city have reportedly been lost to foreclosures or are on the verge of being foreclosed on.
UGGs in stores The housing market crisis which has produced thousands of Atlanta foreclosed homes has now encroached into worship homes as a handful of churches face potential foreclosure in the metro area. According to local reports, almost churches are under some stage of foreclosure in the region during the period -. Out of this number, half have already been sold or taken over by lenders due to foreclosure.
UGGs in stores The number might seem small compared with the number of Georgia foreclosures for sale, but real estate experts stated that they have never seen this level of problem among church properties in the area before. Currently, more than church buildings are up for sale in Atlanta, with more than of them being sold through foreclosure.
UGGs in stores Real estate experts stated that the trend is not really that surprising, given the level of problem in the housing market that the whole nation is experiencing. They stated that the people who provide donations to finance these churches are the same ones living in the community who have lost their properties to foreclosures or bankruptcies homes for sale. Members of the churches' congregations are the same families and individuals who have lost their jobs or are currently experiencing financial difficulties.
UGGs in stores Local reports revealed that majority of the churches under foreclosure listings have experienced loss of income in the past four years, since the start of the housing market crisis. Most of them took out loans prior to the crisis to finance expansions, probably in or , expecting the strong market condition to remain. However, when the market fell, their members suffered and the churches were unable to pay the loans.
UGGs in stores Reports also showed that majority of the churches that are at risk of getting foreclosed serve ordinary people, ugg uk sale just like households who lost their properties to foreclosures and bankruptcies homes for sale. A big percentage, reports revealed, belong to African American congregations.
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