Power Breakfast: Metro home prices continue to fall, Atlanta pensions, airlines, hospitals, BP

The median sales price of a home in metro Atlanta dipped by $14,600 to just under $100,000 in March, according to new data from the National Association of Realtors, AJC reporter Rachel Tobin writes.

“We’re back to almost 1997 levels,” Steve Palm, of housing data firm SmartNumbers, told Tobin. “It’s pretty bad and it’s not going to get better either.”

The volume of home sales in the area also dipped — by 6.5 percent compared to the same month a year ago — according to the data released Wednesday.

Palm said getting the housing market in better shape hinges on the economy, which he believes has not turned the corner, Tobin writes.

Also in the AJC:

In other media:

- Henry Unger, The Biz Beat

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11 comments Add your comment

Sam I Am

April 21st, 2011
6:46 am

Just the middle class losing their nestegg.

Rancid meat

April 21st, 2011
7:12 am

It’s not lost until you sell it. Hold on to it and ride the wave back up.

dmb

April 21st, 2011
7:50 am

@Rancid Meat – you must be a real estate agent..lol

Buzz G

April 21st, 2011
8:02 am

All my life liberals have been complaining about the lack of affordable housing. Now they have it and the rest of us will be paying for the Community Reinvestment Act (CRA) for years to come. The CRA forced banks to lend to poor people who could not pay it back. Eventually people figured out that the mortgage bonds were full of these CRA mortgages and would never be repaid. That is when this house of cards came down. And we have not seen the end of it. Federal Government created monsters Fannie Mae and Freddie Mac are now sitting on more than two trillion dollars in bad mortgage loans that the Federal taxpayer is ultimately going to be on the hook for. The press doesn’t like to talk about it because these monsters were the darlings of liberalism and did the bidding of Barney Frank and Chris Dodd.

It’s about time people learned all about Fannie Mae, Freddie Mac, the CRA and the way they destroyed the American economy. It is about time people realized what liberalism has done to them.

Drew

April 21st, 2011
8:14 am

Buzz G, the CRA didn’t do what you claim. All the CRA really does is prohibit redlining. Don’t believe everything Sean Hannity tells you.

always right

April 21st, 2011
8:16 am

Wow…a comment that is actually true. Thanks Buzz G!

Rancid meat

April 21st, 2011
8:21 am

@dmb – Nope, and I hate to say it on a public forum but I think real estate agents are almost worthless. I’m just an average person who didn’t freak out when my 401k tanked a few years back (and now it’s back higher than ever) and don’t price my home in a down market.

ed

April 21st, 2011
8:28 am

No matter whether you blame CRA, Freddie Mac, Fannie Mae, or Frank and Dodd it’s still LIBERALISM FOR NUMB-SKULLS that brought down the nation’s economy. Precisely what the communists intended! We are now a nation down on its knees as a result.

Dwight Scott

April 21st, 2011
10:09 am

Engaging and well written article! This tops anything I have read lately on the subject at hand. I wonder if this’ll be posted on Twenty-First Tycoon. Although the site has awesome political, business, technology and real estate news, they could use more stuff like this. http://www.21Tycoon.com

The Economy

April 21st, 2011
3:17 pm

Housing isnt coming back for a few more yrs, and then it will bounce along bottom for a few yrs.

broke

April 21st, 2011
10:39 pm

get rid of all government pensions—switch these lazy “workers” to a 401k plan—-they should take the same risks as everyone else. Cities,counties and states are broke—the pension gravy train is over.