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Old 05-12-2009, 09:45 PM
 
Location: West Cobb County, GA (Atlanta metro)
9,191 posts, read 33,904,511 times
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A very interesting article in the AJC today. Good news for home buyers - not so good for others. But we're apparently doing much better than some other places.

ARTICLE (http://www.ajc.com/business/content/business/stories/2009/05/12/atlanta_home_prices.html?cxntlid=homepage_tab_news tab - broken link)
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Old 05-12-2009, 10:04 PM
 
67 posts, read 272,849 times
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Second quarter might be a whole lot better if you believe this graph...

ATLANTA, GA Real Estate Report for May 10 2009
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Old 05-13-2009, 04:59 AM
 
Location: Norman, OK
3,478 posts, read 7,260,783 times
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Quote:
Originally Posted by straighttalker75 View Post
Second quarter might be a whole lot better if you believe this graph...

ATLANTA, GA Real Estate Report for May 10 2009
Those must be for only the city of Atlanta. I believe the other reports are for the metro area as a whole.
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Old 05-13-2009, 05:08 AM
 
3,972 posts, read 12,669,243 times
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I also wonder if that second report considers foreclosures. Some realtors (and DeKalb County ) are trying to avoid factoring them into average home price sales....
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Old 05-13-2009, 05:42 AM
 
Location: Odessa, FL
2,218 posts, read 4,375,432 times
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As is typical, the headline is an oversensationalized hook to get you to pick up the paper.

“It is a true stat, but it doesn’t mean as much to the people who are selling their homes that are not foreclosures (http://g.ajc.com/r/DC/ - broken link) or short sales.”

"But distressed homes are selling for 20 percent less than traditional homes, according to the association."

"In metro Atlanta, Fischer said sale prices will bounce back when the foreclosures (http://g.ajc.com/r/DC/ - broken link) and short sales slow down and home-sellers no longer have to compete with such low prices."
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Old 05-13-2009, 08:33 AM
 
235 posts, read 838,984 times
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Even within metro Atlanta, location is key. Without going to the AJC Home Finder of recent sales to research, I know from people I know that some newer homes over in Vinings have had small gains recently (my cousin recently reinfanced his 2005-built home) while any home in Clayton county is probably devalued by about 50-60% due to high foreclosure rates and on top of that the school accreditation loss. So even within metro Atlanta, the ranges of losses are quite varied. So I think the 25% loss is probably accurate for a fair number of areas within the entire metro area.

Consider this also, are they counting the exurban areas like Jackson, Spalding or Butts counties? I would guess that sales are down significantly in most of the very far outlying areas.
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Old 05-13-2009, 03:21 PM
 
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In my neighborhood, homes are selling. The prices may be down 5 or 10%, at most.
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Old 05-13-2009, 03:28 PM
Status: "Pickleball-Free American" (set 10 days ago)
 
Location: St Simons Island, GA
23,483 posts, read 44,141,494 times
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Quote:
Originally Posted by mmenomen View Post
Even within metro Atlanta, location is key. Without going to the AJC Home Finder of recent sales to research, I know from people I know that some newer homes over in Vinings have had small gains recently (my cousin recently reinfanced his 2005-built home) while any home in Clayton county is probably devalued by about 50-60% due to high foreclosure rates and on top of that the school accreditation loss. So even within metro Atlanta, the ranges of losses are quite varied. So I think the 25% loss is probably accurate for a fair number of areas within the entire metro area.

Consider this also, are they counting the exurban areas like Jackson, Spalding or Butts counties? I would guess that sales are down significantly in most of the very far outlying areas.
I agree: citing an aggregate number like that is pretty meaningless and in the context of a newspaper headline, sensational.
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Old 05-13-2009, 08:25 PM
 
235 posts, read 838,984 times
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Quote:
In my neighborhood, homes are selling. The prices may be down 5 or 10%, at most.
I am curious, what general area do you live in? Don't have to be precise about the neighborhood.
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Old 05-13-2009, 08:59 PM
 
1,655 posts, read 3,249,197 times
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Quote:
Originally Posted by straighttalker75 View Post
Second quarter might be a whole lot better if you believe this graph...

ATLANTA, GA Real Estate Report for May 10 2009
Dunno why you would believe any predictions nowadays... everyone has turned out to be wrong thus far.
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