Housing Market Recovery, Despite Wall Street Claims, Still A Dream On Main Street
If the U.S. housing market is experiencing a nascent recovery, it hasn't yet reached Gwinnett County, just outside of Atlanta.
"Statistically, not much has changed," said Bill King, the director of a county program funded by a federal grant meant to stabilize communities hit hard during the housing crisis.
There were 1,725 foreclosure notices issued in March, which means the county is on pace to reach about 20,000 for the year -- not much different from recent years, King said. Just 90 building permits were issued last month, down from about 9,000 a month at the peak of the housing bubble in 2006. The average home value has plunged from about $200,000 to about $100,000, he said.
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