Matthew T. Berry Bankruptcy Law Blog on Lawyers.com

Job Growth Missing Element for Coweta County Housing Rebound

Thursday, November 10, 2011 by Matthew T. Berry

Housing activity has plummeted in Coweta County according to
a recent article in The Newnan Times-Herald. In 2005, there were over 2,000
permits given for single-family housing. In 2010, that number dropped by more
than 75%, with 416 single-family units permitted. It is hard to imagine, but from January 2011-
August 2011 that number has been decreasing
even farther as only 184 single-family housing units have been permitted.

While new house development is at a near stand still, the
foreclosure rate in Coweta
County has been
increasing. There were 242 foreclosure
related advertisements in today’s November legal section of The Newnan
Times-Herald newspaper. This is a 57% increase from last month and the highest
this year. The overall foreclosure rate in Coweta County was 1 out of every 251
households. This is above both the state rate (1/346) and national rate
(1/570). Our Newnan bankruptcy attorneys
are also seeing an increase in new client calls, especially those needing a
Coweta County foreclosure lawyer.

Experts argue that there will not be a housing rebound until
there is sustained job growth. Until the unemployment rate goes down most
people won’t feel like the economy is recovering. When the unemployment rate
decreases this will cause a turn around in the housing market and an end to the
high number of foreclosures and Georgia bankruptcy filings.

There have been some signs of recovery with the growth of
the healthcare industry in the region. An economist for Mercer University
thinks that economic growth will continue at a modest pace and job growth will
be a slow process. Unfortunately, this means more foreclosures to come.

If you or a loved one is dealing with collection
calls, foreclosure, wage garnishment, or lawsuits, the lawyers at Berry &
Associates can help. Please call our
office today at 877-715-0306 or email us at georgiadebtlaw@mattberry.com.

Posted at 18:17 PM

Topic: Bankruptcy