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Old 08-28-2012, 05:50 PM
 
9,008 posts, read 14,067,750 times
Reputation: 7643

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According to Standard & Poor's, Atlanta home values are down 12.1% for the year.

The next worse performing market was New York, which was only down 2.1%. So not only are we the worst, we are more than 5 times worse than the second to worst market.

Other historically poor performers like Phoenix and Miami are in recovery. Even the other poor performers seem to have slowed down their bleeding dramatically.

What does this say about Atlanta? Well, I'll tell you one thing it says....something I already knew....Atlanta realtors are complete and total liars. All they do is tell you it's time to buy, we are at a low, it isn't going to get any lower and it's already starting to pick up. WRONG! Who are going to believe, a local realtor with an agenda, or Standard & Poor's?

Another thing I think it says is another thing I always say....Atlanta is a lagging indicator. When the rest of the country went into the crapper, Atlanta held out as long as it could before values fell. When the economy went south, Atlanta stayed competitive for a tad longer. Now that housing is starting to stabilize, is it any wonder that Atlanta is once again a lagging indicator? I suppose the good news is that we will probably catch up next year. We seem to always be about a year behind.

Hottest and coldest US housing markets *| ajc.com
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Old 08-28-2012, 06:29 PM
 
Location: Atlanta, GA
1,050 posts, read 1,692,412 times
Reputation: 498
What do they include in "Atlanta?" Is it the five core counties, the city, or the whole metro?
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Old 08-28-2012, 06:36 PM
Status: "Pickleball-Free American" (set 9 days ago)
 
Location: St Simons Island, GA
23,475 posts, read 44,128,490 times
Reputation: 16881
The situation is not monolithic. There are segments of the Atlanta RE market that are performing pretty well. In particular, the intown neighborhoods are turning pretty fast if priced right. My DH and I sold our homes (in Sagamore Hills and Decatur) last year within a couple of months and for a good price.
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Old 08-28-2012, 06:57 PM
 
3,451 posts, read 3,914,527 times
Reputation: 1675
Theres a housing market thread every week as if no one knows the housing situation
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Old 08-28-2012, 07:25 PM
 
3,712 posts, read 5,993,068 times
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This thread is a lagging indicator. Our YoY change was sitting at -17% a couple months ago (the worst EVER recorded for ANYONE). The reason it went down to only -12% was because May and June have actually been months of unprecedented growth in housing prices--up 4% two months in a row according to the non-seasonally-adjusted data. What all of this means is basically anyone's guess, but Atlanta is well in uncharted territory right now so I guess just buckle up and see what happens.

I wrote an extensive article on it earlier today, but the long and short of it is that if you're annoyed by the realtors right now, just wait until spring. As the months of terrible decline (Fall 2011) move out of the 12-month YoY window, it's likely Atlanta's house prices will be showing appreciation again (from a ridiculously low bottom). There's even potential the YoY numbers will be among the "best" in the country, simply because their levels in Spring 2012 were so unthinkably horrible.

Interesting times indeed.
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Old 08-28-2012, 08:03 PM
 
2,685 posts, read 6,050,490 times
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You forgot to include the fact that Atlanta was one of the top increasing markets over the last month. Small sample but the market appears to be picking up, even if later then many other markets.

Atlanta home prices continue slow climb from deep bottom | www.ajc.com

Top gains

Detroit 6 percent

Minneapolis 4.8 percent

Chicago 4.6 percent

Atlanta 4.4 percent


Lowest gains

Las Vegas 1.5 percent

San Diego 1.1 percent

Dallas 1.3 percent

Charlotte 1 percent

Quote:
Originally Posted by ATLTJL View Post
According to Standard & Poor's, Atlanta home values are down 12.1% for the year.

The next worse performing market was New York, which was only down 2.1%. So not only are we the worst, we are more than 5 times worse than the second to worst market.

Other historically poor performers like Phoenix and Miami are in recovery. Even the other poor performers seem to have slowed down their bleeding dramatically.

What does this say about Atlanta? Well, I'll tell you one thing it says....something I already knew....Atlanta realtors are complete and total liars. All they do is tell you it's time to buy, we are at a low, it isn't going to get any lower and it's already starting to pick up. WRONG! Who are going to believe, a local realtor with an agenda, or Standard & Poor's?

Another thing I think it says is another thing I always say....Atlanta is a lagging indicator. When the rest of the country went into the crapper, Atlanta held out as long as it could before values fell. When the economy went south, Atlanta stayed competitive for a tad longer. Now that housing is starting to stabilize, is it any wonder that Atlanta is once again a lagging indicator? I suppose the good news is that we will probably catch up next year. We seem to always be about a year behind.

Hottest and coldest US housing markets *| ajc.com
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Old 08-28-2012, 08:26 PM
 
Location: ๏̯͡๏﴿ Gwinnett-That's a Civil Matter-County
2,118 posts, read 6,380,474 times
Reputation: 3547
I just had my house re-appraised. Again! Second time in the last 12 months.

Before I know it, the county's going to be paying me to live here. LOL MUHA HAH AHA HAHAH
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Old 08-28-2012, 09:06 PM
 
9,008 posts, read 14,067,750 times
Reputation: 7643
Quote:
if you're annoyed by the realtors right now, just wait until spring
I'm always annoyed by realtors. They're like lawyers, except maybe even worse. The good news is most lawyers have been to law school, which means they have a baseline intelligence and are a little tougher to outsmart. Realtors, not generally so tough to outsmart. Not to say there aren't some really good ones out there, there just seem to be about 100 awful ones for every good one.

Anyway, yeah, I'm kind of curious to know what realtors do when the values go up. I've only been interested in real estate since about 2003. At that time, values were going up, so realtors generally relied on "historically low interest rates" as the call to action to "buy now before they go back up!!!!" When values and interest rates go up, what do they do? Do they continue to say buy now before they go up even more, or do they switch gears and go after owners and tell them that now is the best time to sell, so sell now? When values go up, will I start receiving flyers and business cards of local listing agents in my mailbox all the time?

I've always wanted to go into real estate because I love it. And looking at the people who do it, it's not like it would even be a challenge to outshine most of them. But as terrible as I think they are, I bet they think potential buyers and sellers are just as terrible, and they are probably right 99% of the time.
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Old 08-28-2012, 11:05 PM
 
37,893 posts, read 42,008,814 times
Reputation: 27280
Hard to believe that real estate/construction was as big of a driver of the economy pre-recession as it was especially since there's real industry here.
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Old 08-29-2012, 04:28 AM
 
3,972 posts, read 12,667,318 times
Reputation: 1470
I talked to a realtor the other day, who is concerned that sales of foreclosures have slowed for a variety of reasons, but she is concerned that if some of those barriers are removed that there will be another flood of foreclosures to hit the market and erase upward mobility in prices, not just here but across the country. Does this ring true with anyone else?
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