The economic recovery in metro Savannah has lagged, with unemployment actually rising in November to 8.9%. That has produced a bulge in foreclosures.
A couple of years ago, most area foreclosures were in Savannah's Historic District or The Landings, charming neighborhoods where home prices were quickly bid up during the boom and went down quickly in the bust.
Most of the area's new foreclosures are concentrated in less fashionable communities, according to Steven Fischer, a former president of the Georgia Association of Realtors and co-owner of ERA Kelly & Fischer in Savannah.
"These are investor properties in older, lower-end homes, mostly under $100,000 and some under $50,000," he said. "The investors are having trouble renting the properties and they're losing them."
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