The NYT has a piece this morning reporting on the surge in foreclosures in Georgia. This one is interesting because Georgia is not a state with a depressed economy like other states with high foreclosure rates. This one is simply driven by the reversal of an overheated housing market, although this market certainly did not stand out as a center of the bubble. In those cases, the wave of foreclosures will hit somewhat later (people have accumulated more equity), but considerably harder.
This piece should have included comments from David Lereah (former chief economist of the National Association of Realtors) or some of the other experts who were regularly cited during the housing boom. It would be interesting for readers to learn why they apparently ended up being so wrong about the state of the market.
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