I live in suburban Atanta. The main thing that I have noticed is that our area has been hit very hard by home foreclosures. I have 2 homes across the street from me that have been foreclosed on and there are many, many more in the general area. We recently refinanced our mortgage and in the appraisal process they could find no comparable homes that had sold in the area in the past year or so that were not foreclosures. Real estate is absolutely dead here except for the super low bargains people are picking up from the foreclosure heap.
Home building has come to a complete halt in the Atlanta area. There are many, many new neighborhoods that are sitting only half finished with empty homes. One new neighborhood very near me has about 20 empty homes and one home with a family that moved in. I feel sorry for them.
I was in Wal-Mart today. It was fairly busy. I was also in a Lowe's. Not very busy. And it was a beautiful, sunny day here in Atlanta. Normally Lowe's would be very busy with people working on projects around their house.
My husband works for a major utility. He has had to let go several contract employees and has had to lower the wages on other contract employees. One of his largest projects has been put on hold. And there are all kinds of tensions and frustrations at work relating to budget and spending. I have never seen him have these kinds of problems at work before. And he has worked for this company for the whole 29 years that I have known him.
I only know 2 people personallly that are out of work but they have had NO success in finding new jobs. Absolutely nothing. One has been out of work for about 11 months. The other one has been out of work for 5-6 months. These are men with great work records and good experience.
I know one person that works for the State of Georgia. They are furloughing employees once a month.
I have heard of 2 job fairs in Downtown Atlanta in the past 7-8 weeks. They have had thousands of people show up for only a few hundred jobs.