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Could the U.S. be headed for another recession? (part two) Atlanta, GA

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Could the U.S. be headed for another recession? (part two)

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Earlier this week, we looked at the aftermath of the United States government’s last-minute budget deal, which resulted in a downgrade of the U.S. credit rating and a 513-point plummet in the Dow Jones industrial average. Now, as economists survey the damage, many are predicting that a second recession is inevitable.

While this is not good news for the majority of Americans, it is especially troubling for residents of the Atlanta metro area, who have continued to struggle with a double-digit unemployment rate and an influx of foreclosure filings, despite the fact that the first recession officially ended two years ago. In recent months, Atlanta has showed some signs of recovery, but progress has been slow, and the most recent developments in the U.S. economic forecast will likely only make things worse.

According to Roger Tutterow, an economist at Mercer University, the housing market crash and stagnancy is Atlanta’s biggest block to recovery. This is because the housing market does not just affect homeowners. When the housing market crashed several years ago, the region lost jobs in construction, architecture, finance, and the legal field, to name a few. In recent months, the unemployment rate has climbed back up to 10.5 percent, dangerously near its peak high of 10.7 percent, which it hit last year.

In addition, the sheer number of foreclosures is weighing down an already difficult housing market, and homeowners have seen their home values plummet.

“We have been lagging, and I think we are likely going to keep lagging. That is simply because real estate was so important to the Atlanta economy,” he said. “And for middle-class Americans and Atlantans, a lot of their perceived wealth is tied to their home value.”

Source: Atlanta Journal-Constitution, “Recession fears grow after S&P downgrade hits fragile economy,” Henry Unger and Michael Kanell, August 8, 2011

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1718 Peachtree St NW, #385
Atlanta, GA 30309

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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.

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