Foreclosure Hitting Atlanta Churches
(AJC) — It seems that even houses of worship aren’t immune from foreclosure. The wave that swept through metro Atlanta’s residential market, forcing thousands from their homes, has also swamped dozens of area churches. More than 90 metro Atlanta churches were posted for prospective foreclosure from 2006 to 2010, according to a review by the Kennesaw-based real estate research firm Equity Depot for The Atlanta Journal-Constitution. At the end of the day, roughly 50 of those churches were actually lost through foreclosure proceedings. Of 113 churches currently listed for sale in metro Atlanta, at least 33 are foreclosures or churches in serious financial trouble, estimated Rick Arzet, an associate broker with Prudential Georgia Realty, who specializes in churches. Although that’s just a small fraction of the churches that dot the Atlanta landscape, the situation is the worst he’s seen in 40 years.