Georgia’s unemployment remains higher than the national average of 9.7 percent for the 22nd consecutive month.  The state’s current unemployment rate is 10.2 percent.  Last year in August the state’s rate was 6.4 percent.

According to the Georgia Department of Labor, Georgia’s work force has shrunk by 79,039 to 4.74 million people since last December.  The number of unemployed workers has doubled to 481,488 from 244,962.  The number of jobs has declined by 314,100 to 3.87 million.

Health care and private educational services improved, adding a combined 13,400 jobs.

Until the unemployment rate starts to improve we will continue to see a plethora of short sales, foreclosures, and REOs.  With mortgage rates extremely low and homeowner’s and bank’s willing to negotiate now is the time to purchase a home for investment purposes as well as primary residence.  Contact us if you would like to learn more about the available distressed homes on the market.