Neighborhoods do not share equally in the good news as housing market improves, says prof. Immergluck

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Foreclosure notices this year are the lowest they have been since 2002. This month’s foreclosure numbers are 30 percent lower than during September last year and 65 percent lower than September of 2012. But while the housing market is better, not every neighborhood shares equally in the good news, said Dan Immergluck, professor of City and Regional Planning at Georgia Tech. “In certain ZIP codes on the south side of the city there are not many sales,” Immergluck said. “This is a very uneven recovery.” The past several years have seen many foreclosures of property bought by small-time investors looking for a big payoff. But if the house is in a depressed area, they can’t cash out – and their pockets may not be deep enough to keep making payments. “You’ll sell properties that go through foreclosure a couple of times,” said Immergluck. “That is going to take a long time to wash out of the system.”

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School of City & Regional Planning

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AJC, foreclosures, housing market, Immergluck
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  • Created By: Jessie Brandon
  • Workflow Status: Published
  • Created On: Sep 16, 2014 - 10:20am
  • Last Updated: Oct 7, 2016 - 10:27pm