Real Estate Pro Articles

Church Foreclosures Rival Distressed and Bankruptcies Homes for Sale

[Valid RSS feed]  Category Rss Feed -
By : Bilk Albers    99 or more times read
It is quite common to hear about bankruptcies homes for sale and foreclosed houses increasing in numbers in various areas of Atlanta, Georgia. Lately though, another type of real estate has been dragged into the property crisis. Several church buildings in the city have reportedly been lost to foreclosures or are on the verge of being foreclosed on.

The housing market crisis which has produced thousands of Atlanta foreclosed homes has now encroached into worship homes as a handful of churches face potential foreclosure in the metro area. According to local reports, almost 100 churches are under some stage of foreclosure in the region during the period 2006-2010. Out of this number, half have already been sold or taken over by lenders due to foreclosure.

The number might seem small compared with the number of Georgia foreclosures for sale, but real estate experts stated that they have never seen this level of problem among church properties in the area before. Currently, more than 110 church buildings are up for sale in Atlanta, with more than 30 of them being sold through foreclosure.

Real estate experts stated that the trend is not really that surprising, given the level of problem in the housing market that the whole nation is experiencing. They stated that the people who provide donations to finance these churches are the same ones living in the community who have lost their properties to foreclosures or bankruptcies homes for sale. Members of the churches' congregations are the same families and individuals who have lost their jobs or are currently experiencing financial difficulties.

Local reports revealed that majority of the churches under foreclosure listings have experienced loss of income in the past four years, since the start of the housing market crisis. Most of them took out loans prior to the crisis to finance expansions, probably in 2006 or 2005, expecting the strong market condition to remain. However, when the market fell, their members suffered and the churches were unable to pay the loans.

Reports also showed that majority of the churches that are at risk of getting foreclosed serve ordinary people, just like households who lost their properties to foreclosures and bankruptcies homes for sale. A big percentage, reports revealed, belong to African American congregations.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles