Let’s assume $200 for property taxes, association fees, insurance, etc.

This gives a rate over 10.4%.

The banking industry needs to be reregulated.

South metro area hit hard by foreclosures
Planners, credit counselors cite subprime interest rates, job losses, lack of affordable housing

By ERIC STIRGUS
The Atlanta Journal-Constitution
Published on: 06/07/07

Teresa Weathers may have bitten off more of the American Dream than she can afford.

Like an increasing number of homeowners, she’s facing foreclosure.

Recently laid off from her job as a mortgage loan processor and unable to find more work, the 39-year-old Clayton County resident is two months behind on the $1,345 monthly mortgage on her $125,000 four-bedroom townhouse.”

The number of foreclosures is particularly startling in the communities south of Atlanta. Nearly 1 in 20 homes in Clayton County is in foreclosure, the highest ratio in the region, according to a recently released Atlanta Regional Commission report.

…

This will be ugly