The housing problem does not discriminate. Rich or poor, almost everyone was affected by the crisis one way or another. Although the market is starting to recover, it still carries signs of the six-year-long battle and will continue to do so for years to come.
The non-selective impact of the foreclosure crisis can be seen in most areas of the country, including Georgia. Although the state’s housing market has enjoyed a revival during the year 2012, with prices of residential properties climbing up for five consecutive months between March and July, more efforts are still needed to get it back to where it was prior to 2007.
Veterans Welcome Assistance
A big part of the state-wide efforts to address housing issues are programs geared towards veterans. The U.S. Department of Housing and Urban Development estimated that there are around 2,000 homeless military personnel in the state. That is why a $1 million Veterans Affairs grant has been provided to help homeless veterans and military families who are facing eviction.
The number of military employees whose properties are in distress is expected to rise further as U.S. troops in Afghanistan and Iraq are withdrawn. The country is bracing for this projected increase by putting into place employment and housing assistance specifically designed to help American troops who will be returning home.
Braxton’s Georgia Home in the Market
Meanwhile, it is not just veterans and lower and middle-income families who are experiencing loss of homes. Recently, singer Toni Braxton’s mansion, which has been foreclosed on, has been put up for sale for $1.1 million. The house was reportedly purchased by the singer for $1.5 million. The luxury home is over 11,000 square feet and has six bedrooms and six baths.
Braxton also lost her Nevada residence to foreclosure, which eventually got sold in 2010. Her Georgia home is expected to attract offers, especially since homebuyers are starting to flood the market as most of them try to take advantage of the low interest rates. Confidence in home ownership is returning, which can only mean more good news for home sellers.
Inventory Outlook for 2013
Most local real estate agents believe that the buying frenzy will continue on until next year. They predict that inventory of for-sale homes will decline further, mainly because of active investors. As the national economy slowly gets better, values of properties will continue to rise and purchasing houses will be on the minds of most people once again.