Georgia’s troubled housing market attracted a congressional hearing to Atlanta on Monday as lawyers and others lamented the ineffectiveness of bank bailouts in stemming the rising tide of foreclosures.
U.S. Rep. Dennis Kucinich, D-Ohio, chairman of the Domestic Policy Subcommittee of the House Oversight and Government Reform Committee, held the hearing at the Georgia Capitol the day before thousands of homes were to go to auction on courthouse steps across Georgia. Foreclosure auctions are being held today and, according to Kucinich, “one in every 85 homes” in metro Atlanta is in the foreclosure process. The Daily Report was unable to confirm that number but according to First American CoreLogic, a real estate news and data service, the August foreclosure rate for metro Atlanta was 2.58 percent, and the national rate was 2.86 percent.
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