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Foreclosures are turning homeowners into renters Atlanta, GA

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Foreclosures are turning homeowners into renters

Foreclosue Sign on Top of For Sale Sign in Front of House

For many decades, homeownership has been an essential component of the “American Dream.” But now, with so many underwater mortgages, repossessions and foreclosures forcing homeowners from their homes, families in Douglasville and throughout the state and country are giving up on that particular aspiration and choosing to rent instead.

Currently, real estate analysts estimate that some 3 million former homeowners will move to rented single-family homes between 2010 and 2015. That number represents 75 percent of the homeowners who lose their houses to foreclosure or similar processes. Already, single-family home rentals are on the rise: U.S. Census Bureau data indicates that these homes were the fastest-growing area of the rental market from 2005 to 2010.

So what does this mean for families, homebuilders, schools and businesses? This new group of tenants is unlike traditional apartment renters. They are older, they often have children and they are generally more financially stable, depending on the circumstances that motivated their decision to rent.

This means that school districts are finding themselves with a constant influx of new students, and storage unit companies are flourishing as homeowners are forced to downsize. It also means that home builders are even less in demand, while the earnings of property managers, renovators and investors go up.

But does it mean that home ownership as we have long known it is over? Not necessarily. According to a recent Harris Interactive survey, 83 percent of renters want to someday own a home. A similar analysis estimates that more than two-thirds of homeowners who lose their homes to foreclosure will someday own again. But with home prices low and foreclosures high, it is unclear exactly when that will happen.

Source: USA Today, “Home rentals – the new American Dream?” Julie Schmit, June 6, 2012

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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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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