Decline in Atlanta home prices worst in recorded history (Alpharetta: sales, real estate)

[DunwoodyPanhandle]

US home prices drop for 6th straight month - Yahoo! Finance

Home prices dropped in February in most major U.S. cities for a sixth straight month, a sign that modest sales gains haven't been enough to boost prices.

The Standard & Poor's/Case-Shiller home-price index shows that prices dropped in February from January in 16 of the 20 cities it tracks.

Prices in nine cities fell to their lowest levels since the housing bust. The average price in Atlanta fell 17.3 percent in February compared with a year earlier. That's the biggest annual drop in the history of the index for any city.

I hope this bleak news registers with those who think the decline in Atlanta home prices is simply a "market correction." Home prices in Atlanta are in absolute free fall, threatening to bring the entire local economy down with them.

[MovedfromFL]

What are the boundaries for "Atlanta"? Is this inside the perimetier or does it encompass areas like Kennesaw, Alpharetta, etc?

[NorthStarDelight]

Looking at the bright side, I think this tremendous decline in housing prices will turn Atlanta into the affordable housing mecca of the United States. At some point, prices will cease to fall, and people will realize that we have the cheapest housing anywhere, and they'll be buying houses in droves. Even Detroit, a city far worse off than us, is showing housing price increases as of late - they just beat us to the bottom is all.

Still, the fall in Atlanta's housing prices is nothing short of breathtaking...

[ATLTJL]

But haven't you read what local real estate agents have been talking about?

The market is starting to turn! Things are starting to sell! If you want in on these prices, you better act now!!!!!

That's because they all work in the magical parts of the city that are completely immune from the numbers. Fact, schmacts! Don't try to use data to convince agents.

[ericsonga]

Originally Posted by ATLTJL

But haven't you read what local real estate agents have been talking about?

The market is starting to turn! Things are starting to sell! If you want in on these prices, you better act now!!!!!

That's because they all work in the magical parts of the city that are completely immune from the numbers. Fact, schmacts! Don't try to use data to convince agents.

A lot of areas are in Atlanta are still doing quite well. My best friend and her husband just bought a house in the Silver Lake area off Johnson Ferry. Not only did the lady have multiple offers on her house, she hadn't even yet put it on the market. They have been outbid several times for other homes in the same area. Remember, we can't lump all of the metro together.

[ATLTJL]

There will always be pockets. Just like during the boom, there were certain areas that never experienced huge jumps.

I just like pointing out that most (not all) realtors are snake oil salesmen.

[testa50]

The price declines are nothing short of incredible. Late 2011/2012 has turned out to be by far the worst period in Atlanta housing since before the crisis began.

From my blog:





The above data uses the seasonally-adjusted data, which is a tiny bit different than that which is quoted in the news.

[K-SawDude]

I thought Atlanta, despite these drops, overall hadn't bottomed out as much as a couple of other cities like Las Vegas and Detroit.

My question is, why are these huge drops happening *now*? Is it due to Atlanta's foreclosures relative to other cities' foreclosures?

I really think this has got to be really specific to some submarkets in Atlanta. My own place in West Midtown went *up* 5.4% in value over this same period. And I've heard similar stories of some areas in town doing quite well.

I wish we could get some better mapping of where values are rising and tanking.

[ATLTJL]

I wish we could get some better mapping of where values are rising and tanking.

You mean a map of where they are tanking and where they are tanking less?

Seriously, I don't know if there is a single area in ATL where prices are rising yet. Maybe a very few isolated pockets in VaHi or something, but they would be extremely few and far between.

The map you are talking about would be cool, though.

[neil0311]

I just did a refinance for my home and had an appraisal done. While it has lost plenty of value (about 25% in 4.5 years, which I knew from the reduction in tax assessment), the appraiser said that our area was stabilizing and that inventory was moving faster than it had been.

So...the point is that specific counties, neighborhoods, and even subdivisions may experience more of less fluctuation in value. Our house has been pretty much at the same value for about a year now, with not much drop given the appraisal done two weeks ago compared to my market research and tax appeal about a year ago.