As hard to believe as it is amidst all the gloom, fire, and brimstone, some areas have fared far better. While the media focuses on home values in California and Florida being down nearly 20 % areas like Atlanta, GA have witnessed much more realistic price adjustments of -1%. That’s not to say that this past quarter has not been hard on Atlanta. Nearly 25 percent of homes sold have done so at a loss and that number is increasing.
The economic woes have hit close to home for many in our area, across the country, and around the globe due in large part to the fallout from the housing bubble burst. U.S. home values are down 12.8 percent from the market peak in 2006. Additionally, one-third of homes sold in the past 12 months have sold for a loss.
This is however good news for those wishing to invest in prime Atlanta real estate. With the economic infrastructure in place Atlanta will undoubtedly recover with flying colors when things eventually get back in to full steam. Known as the New York City of the South, Atlanta is the home to many business headquarters. This has attracted young workers who will undoubtedly be in the area well in to the get rich and retire age. This combined with the cheap cost of home construction makes Atlanta an ideal candidate for expanding ones real estate portfolio.
Considering the recent and continued devaluation of home prices one wonders how long the decline can continue before the trend again spikes upward. Ex-U.S. Treasury secretary Henry Snow predicts that once the inventory of houses on the market begins to decline and banks start lending the trend will be upward. With these changes expected as early as March that may be sooner than we are led to believe.
Michael Russell writes about a variety of subjects, including real estate, environmentalism, and modern architecture. This article discusses Atlanta real estate. If you would like to learn more about Atlanta apartments, visit Promove.
