Decline in Atlanta home prices the worst in the country (Dunwoody: real estate, house prices)

[DunwoodyPanhandle]

Case-Shiller just released the January numbers, and Atlanta home prices declined by 2.1% in January, among the worst in the country. Year-to-year, Atlanta again posted the biggest drop in the country at a whopping 15%. Atlanta home values now average $85,000, second-worst among major metropolitan areas, coming in just behind Detroit.

Atlanta home prices plunged 15% in January - Atlanta Business Chronicle

Home Prices Fall Again - WSJ.com

A Look at Case-Shiller by Metro Area - Real Time Economics - WSJ

After tumbling nearly 13 percent in 2011, metro Atlanta’s home prices were off to a historically rough start in January 2012.
A new report by S&P/Case-Shiller shows prices here were plunged 14.8 percent year-over-year in January and were down 2.1 percent compared with December 2011. The 14.8 percent drop was a new low for the Big Peach.

“Atlanta continues to stand out in terms of recent relative weakness,” said David M. Blitzer, chairman of the Index Committee at S&P Indices. “It was down 2.1 percent over the month, and has fallen by a cumulative 19.7 percent over the last six months.”

[Onthemove2014]

Sounds like a awesome time to buy a home to me. Realistic prices.

[athensvaasi]

I trust Case Schiller, because it looks at re-sales only (or something like that, to remove the noise out of housing values).

The last 4 months or so have seen Atlanta's index value plunge significantly. Atlanta metro's reading of 85.5 means we are 14.5% below 2000 levels (Case Schiller was set at 100 in January 2000)!

[testa50]

A chart to illuminate the data:


Atlanta’s House Prices in Free Fall; Worst in Country During 2011 « The Atlanta Monitor

There was a dip in late 2011 that was particularly brutal.

[DunwoodyPanhandle]

Originally Posted by testa50

A chart to illuminate the data:


Atlanta’s House Prices in Free Fall; Worst in Country During 2011 « The Atlanta Monitor

There was a dip in late 2011 that was particularly brutal.

Thanks for the chart. I also think your readers will be appreciative of the headline, which is in keeping with the downright dismal data.

[rerty]

Originally Posted by DunwoodyPanhandle

Case-Shiller just released the January numbers, and Atlanta home prices declined by 2.1% in January, among the worst in the country. Year-to-year, Atlanta again posted the biggest drop in the country at a whopping 15%. Atlanta home values now average $85,000, second-worst among major metropolitan areas, coming in just behind Detroit.

Atlanta home prices plunged 15% in January - Atlanta Business Chronicle

Home Prices Fall Again - WSJ.com

A Look at Case-Shiller by Metro Area - Real Time Economics - WSJ

I'd like to see how many people making 50k plus are moving out of Atlanta and metro. I bet it would explain some of this.

[adio]

any ideas on particular areas that are being hit the hardest?

[cittic10]

And they're still cranking out new subdivision homes.

Our elected officials do nothing to curb the surplus of inventory.

[ATLTJL]

Don't tell a realtor!

A friend of mine is looking at purchasing a home and his realtor keeps trying to tell him that Atlanta is starting to recover swiftly.

What a laugh!

Never, ever, EVER trust a realtor!

[robertpolyglot]

Originally Posted by ATLTJL

Never, ever, EVER trust a realtor!

That's a whole other thread. The phrase "real estate professional" is a joke.

The two times I've bought, including once in Atlanta, I just drove and drove around until I found a place I liked and called on the listing. I really got a good sense of the neighborhoods. True, the agent is working for the seller and they can be somewhat jerky to the buyer, but they have a "dual agency" role and it would be illegal for them to do anything to the contrary. Ditto for my parents. The bought their last home "list and sell." She was jerk, too.

Right, realtors know nothing about the economy and seldom do they know much about home construction. Sometimes, they are not much more than a photogenic face that looks good on flyers. To me, they are not professionals.

I think that, if Atlanta keeps on building new inventory, it will be a while before home prices recover. But then, those averages factor in a huge metro area. Stuff OTP and south of the airport has always been a bargain, but most people don't want to live there. Prime properties ITP and in the "Golden Triangle" have largely maintained their value.