Unable to compete with the large supply of inexpensive homes in the city's outer suburbs, Atlanta's in-town neighborhoods will suffer most from the current mortgage crisis, says study.
"Atlanta's in-town neighborhoods are hard hit by the housing crisis with a confluence of expanding suburban housing stock, subprime loans and the systemic impact of the spike in foreclosures, new preliminary housing research has found.
The study, conducted by Harvard University Joint Center for Housing Studies research analyst Mark Duda and funded by Fannie Mae, focuses on how subprime lending and the resulting wave of local foreclosures aren't isolated, personal financial crises, but a systemic economic burden."
"The data, he said, indicates Atlanta's strong suburban housing stock and lack of geographic barriers has hindered in-town reclamation and gentrification of neighborhoods hardest hit by foreclosures.
Rather than moving inside the city and buying foreclosed properties, local residents have a plethora of housing options along the city's perimeter.
"That's why we haven't seen some these neighborhoods already turn," Duda said. "
Read the full story: Study: Atlanta foreclosures stifle in-town gentrification
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