More than Half of Atlanta Homes are Still Underwater (Avera: transplants, sale)

[belleislerunner]

As a relative newcomer to the city (renting) - I was somewhat surprised to read today that over 50% of homeowners in the Atlanta area are still underwater five years after the peak of the market crash. Pretty indicative that new home buyers/transplants time is better spent on the sidelines than diving in the morgage pool. (i.e. as future underwater homes default driving down prices).

The Geography of Underwater Homes - Housing - The Atlantic Cities

[researchnerd]

Looks like it's the entire metro area too, not just Atlanta. I am not in the least bit surprised, even though mortgage rates are rising. I heard a radio report yesterday that said it will be 2014 before we see any bounce back, and even then it will be slow.

[BobKovacs]

I'm not surprised at all. Remember- you had tons of people buying houses with little to no money down, so the slightest drop in value immediately put them upside down.

[sofjwp]

The chamber of commerce put out new marketing

Atlanta- It's like Florida or California but without the beach.

[RoslynHolcomb]

Wow. That's so scary. We've lost some value and I'm bummed about that, though it wasn't unexpected, but we'd have to lose another 80k to be underwater.

[lorilove]

Originally Posted by belleislerunner

...Pretty indicative that new home buyers/transplants time is better spent on the sidelines than diving in the morgage pool. (i.e. as future underwater homes default driving down prices).

It depends on where you want to buy. While the Metro Atlanta may AVERAGE 50% of homeowners underwater, that is not consistent throughout the entire area.

Condos/Townhomes are likely to to be more than 50% and certain areas of the metro area especially where there was predatory lending are also over 50%

But there are several desirable areas that are well below 50% if not almost back to traditional levels. So if your goal is to live in one of these areas. You best jump on the mortgage bandwagon now and take advantage of the low rates.

[tonygeorgia]

It's a flood in Atlanta?

[Onthemove2014]

This explains why the rent for the even sh@$tiest apartments are going up. People need to buy homes or contractors need to build more apartments.

[cittic10]

No wonder why most of the country doesn't understand why they should rent first before buying here and why the real estate is so cheap.

[arjay57]

Real estate is hyper local. One neighborhood may be rocking and rolling, while another one nearby is struggling.

A Dramatic Rise In List Price to Sale Price Ratio For Home Sellers