An increasing number of church buildings are joining distressed homes for sale in the list of properties suffering from the foreclosure crisis in Georgia. Recently, a 150-year-old church building in DeKalb County was shutdown due to foreclosure. The Flat Rock Community Church is not the first religious structure to fall into distress in the state.
As the number of foreclosed Covington home auctions and distressed properties all around the state increases, non-residential properties get dragged into the real estate crisis and churches are not immune. The building, which is home to a largely African American congregation, is reportedly facing financial difficulties mainly caused by a decline in membership. The church is said to be holding a $6,500 mortgage.
According to local residents, Flat Rock is not the first church to face the possibility of being sold at Georgia foreclosure auctions. Several other African American congregations are reportedly facing troubles related to foreclosures. The same problem is said to be present among African American households, with a big number of residential properties owned by black families reportedly on the brink of foreclosure.
The primary reason cited in the increased number of distressed homes for sale owned by African Americans is loss of job, much like what is happening all around the U.S. with all racial groups. However, some analysts have argued that African Americans are also being hit by the slow increase in their income, with the average wealth increase among African American families estimated to be only between $3,000 and $5,000 in more than 20 years. This factor, according to some economists, had made it more difficult for African Americans to sustain religious and educational institutions like churches and colleges.
With foreclosed properties being sold at real estate foreclosure auctions continuing to rise in most areas of Georgia, residents have reportedly tried to find other ways to pay their mortgages and provide for daily expenses. As for the congregation of the Flat Rock church, members are reportedly holding meetings in an elementary school building in the local area.
Housing industry analysts stated that the huge supplies of foreclosed and distressed homes for sale in Georgia is mirrored in most parts of the U.S. The problem of foreclosure is expected to last for another two years, with most analysts agreeing that recovery will not start until 2012.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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