The Housing Crisis Drags Down the Economic Recovery

Washington, DC – October 25, 2011 – (RealEstateRama) — This column was submitted to the National Newspaper Association The national unemployment rate is around nine percent and over ten percent in my home state of Georgia. With so many people looking for work, it is no wonder the housing crisis continues to harm more and more Americans. Georgia ranks fourth in home foreclosures and first in bank failures. Around twelve percent of mortgages in my congressional district (Georgia-13) are considered over 90 days delinquent. The foreclosure rate in my district currently stands at around four percent, which is higher than the national rate. Every county in my district is listed in the top ten foreclosure areas in Georgia. These statistics are particularly troubling since they simply are not improving, despite my efforts and the efforts of my staff who are working with those in danger of losing their homes