Approximately 54 percent of those with a mortgage in the Atlanta suburb of Lithonia owe more than their home is worth. Meanwhile, nearby Buckhead reported that just 12 percent of its homes are underwater, showing a significant disparity in just how the housing market’s recovery has taken hold in some communities while leaving behind others - mostly poor neighborhoods.
According to the Wall Street Journal, lower-income communities have been stuck in a vicious cycle that starts with falling home values and leads to foreclosures while owners struggle to sell their home for a price that would pay off the outstanding debt of their mortgage.
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