Georgia is now first among states in foreclosures. The online service RealtyTrac says, the state leaped into the top spot in May with about one-in-six-hundred homes in foreclosure. Atlanta is second among metro areas only to Riverside, California. Tom Merkel of the non-profit housing consultancy The Impact Group says, the data comes as banks step up efforts this year to collect on unpaid mortgages.
This week the Federal Reserve reported families’ median net worth fell almost 40% between 2007 and 2010. The Fed reports the biggest contributor to the drop in family net worth was the housing collapse. It hit middle income families the hardest.