Skip to main content
(404) 685-8800 Contact Us
Americans Increasingly Pessimistic About Housing Market Recovery Atlanta, GA

Personal Attention & Experience Since 1971 Family-Owned, Family Focused

Client Reviews

Americans Increasingly Pessimistic About Housing Market Recovery

driveway of a detached house

It seems that conflicting reports about the state of the United States economy are released on a near-daily basis, with claims that the recession is over, that it will continue to get worse, and everything in between. With so much competing information, many Americans do not know what to believe. According to a recently released survey, however, many Americans have made up their minds despite whatever information is reported. Approximately half of homeowners in Georgia and across the country stated that they would walk away from a mortgage on which they owed more than their home’s worth, which would lead to foreclosure and, for many, an inevitable new start.

The survey, which questioned 2,000 Americans about their opinions of the housing market and economy, was conducted by RealtyTrac, Inc., and Trulia, Inc., two real estate website companies. Approximately 48 percent of respondents would consider defaulting on their mortgage if they were under water. In a similar survey in May, only about 40 percent of respondents gave the same answer.

According to Rick Sharga, the Senior Vice President of RealtyTrac, Inc., families used to be more willing to stay in their homes and fight foreclosure despite the disparity in value. However, that may no longer be the case. “Every survey that I’ve seen suggests the further you are upside down, the more it becomes an economic decision,” he said. “And people do tend to vote in the best interest of their family economics.”

In general, the survey reported, Americans have lost faith in the housing market, with a majority of respondents stating that they do not expect any sort of recovery until at least 2010. Twenty percent believe recovery will not happen until at least 2015. And 44 percent reported a loss of faith in mortgage companies following recent reports of lender misconduct.

Sharga says this loss of faith does not bode well for foreclosure numbers in the next few years. “That sort of relationship with the lending institution is causing a lot of people to say, ‘You know what? The heck with it. I’m going to mail them the keys and make it their problem,” he said.

Source: The Grand Rapids Press, “Growing number of homeowners would consider walking away from under water mortgages“, Cami Reister, 7 December 2010

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

First Free
Appointment




Disclaimer Privacy Policy

I have read the Disclaimer and Privacy Policy

Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

Write a review