Atlanta is fourth sickest housing market
Atlanta has the nation’s fourth sickest housing market among the country’s largest 75 metro areas, according to a new analysis.
Tucson had the worst market, followed by Indianapolis and Memphis, according to the 24/7 Wall St. website. It pulled Census data on the 75 largest metro areas and ranked the cities with the highest overall vacancy rates for both homeowner vacancy and rental vacancy for the second quarter of 2011.
Atlanta had a homeowner vacancy rate of 5.4 percent and a rental vacancy rate of 11.8 percent, the website said.
“The city, which had a significant influx of new residents, particularly from the northeast, has been hit hard,” the website said, citing our higher than average unemployment rate.
Ten Sickest Housing Markets
1. Tucson
2. Indianapolis
3. Memphis
4. Atlanta
5. Baton Rouge
6. Dayton
7. Detroit
8. Kansas City
9. St Louis
10. Oklahoma City
- Henry Unger, The Biz Beat
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98 comments Add your comment
janet livingston
August 4th, 2011
1:59 pm
Does it seem like this HOTATL is now cold and worn?. We are the only top city as far as population rates in this 10 worst list. I can understand Detroit and Dayton ( well heck Wendy’s is even leaving to go back to Ohio) but what is the problem in this state? We relocated here in 1985 and it was fabulous with low cost housing, utilities, food and medical care and plenty of jobs. What has happened?
JohnF
August 4th, 2011
2:00 pm
to correct my previous post:
Rentals that sat vacant for months a year ago, are now getting leased in the first week..that is, when they become available.
HadIt
August 4th, 2011
2:07 pm
So Barney Frank did it. If so, he is unquestionably the greatest political and economic genius of all time. According to the Fox News and Rush Limbaugh tale of wonder, the Republican party tried with all of its might, for seven years, to keep this MINORITY congressman from singlehandedly destroying the American economy–but the evil genius beat back all their attempts to save us. The Wall Street bonus boys had nothing to do with the financial crisis. The Republican controlled SEC had nothing to do with it. The blind credit rating agencies had nothing to do with it. It was all Barney, the minority congressman (not even a Senator, mind you), that dictated economic policy for the nation.
I don’t normally say nasty things about people. I try to respect other opinions. But anyone who believes this canard about Barney is a brainwashed fool.
Angus
August 4th, 2011
2:10 pm
Georgia, not coincidentally, leads the nation in bank failures.
Tc
August 4th, 2011
2:19 pm
All you people that live in the area that claim to hate Atlanta, please get the hell out of here.
Tc
August 4th, 2011
2:21 pm
Somebody please explain to me how Atlanta’s housing market is sicker than Detroits. I am in the real estate business and think the study is BS
add14jazz
August 4th, 2011
2:31 pm
The problem stem from racists like Smarty.
Hasta luego ATL
August 4th, 2011
2:38 pm
Yes it is so easy to point fingers and blame politicians but the reality is we have generally poor leadership in the city and state. A few shine yes but one wouldn’t think that would be the case and that ATL would attract a few great leaders. And the Atlanta vs Georgia (rural) is a huge liability.
@ Evan 11:22 am: No it isn’t Indy but I think that is a good stable city. I am going more west and south.
@Midtowner 12 pm: You hit the nail on the head. Salient points.
@Rick 1:52 pm: Same thing here, Moved based on the fact that Atlanta snagged the Olympics. I was impressed. The games were exciting but the atmosphere in Atlanta was mediocre at best. Rode on the coattails of the Olympics for a few years but now 15 years later Atlanta has sunk farther than it was before the Olympics. Crime, quality of life, dirty city, an outdated transit system, poor infrastructure, corruption, bad planning for upgrade to sewer system and now we have highest water bills in the country. Not to mention an income tax and a car tax….won’t miss those!
So where I am going to is hinted in my poster name…..
Ray7182770
August 4th, 2011
2:51 pm
The issue in Atlanta could be seen for at least the last ten years. Without zoning regulations, developers were free to run wild building far many more properties than people. EVERYONE wanted a “new” house, nothing over five years old. Hence the reason you see abandoned sub divisions now… that has nothing to do with a “minority” or “gangbanger” that couldn’t pay and decided to walk away. These are white collar otherwise well respected individuals who did this to the housing market! The narrow-mindedness is appalling but I really don’t expect much more from you “majorities” other than your blind blanketed answers that you spew in every comment section of every story. Get a clue!
sim
August 4th, 2011
2:58 pm
obama….failure
Jessica
August 4th, 2011
3:10 pm
How accurate is this information ? Because I dont see Las Vegas on this list I am shocked! I on the other hand believe placing the blame on poor people is an ignorant way of thinking. I used to work at bank and I was surprised to find out that many people that where supposedly “educated” people do not read Contracts! We could play the blame game,but what good would that do?
NoWay
August 4th, 2011
3:14 pm
Ok, be honest, who is the HELL would feel safe to live downtwon, or on the outskirts of Atlanta? Seriously? The stupid people in charge vote to place a DAMN trolley in town thinking it will help grow tourism and the economy? Really? No one wants to go downtown. Remember Underground Atlanta was going to be the big thing? Yeah until the gang bangers started hanging out and robbing everyone. Why? Because they deserve to have what others have! When that transportation bill goes to vote next year, it will fail because NO ONE WANTS MARTA extended to their area!
NoWay
August 4th, 2011
3:15 pm
Barney Frank in 2006 said Fannie Mae and Freddie Mac were running wonderfully and there wasn’t a need to investigate them while the DEMO’s were in control in the house? I wonder if anyone called him on that one!
DarkBrown
August 4th, 2011
3:17 pm
We were able to buy an in-town foreclosure and our mortgage is 40% less than what we were paying for rent. I now live within walking distance of a MARTA station and less than two miles from the center of downtown. I rarely move my vehicle during the week. Almost all of my expenses have decreased.
RGB
August 4th, 2011
3:20 pm
“Every Day’s an Opening Day.”
oh really
August 4th, 2011
3:23 pm
Atlanta was a great place til everyone found out about it…
over developement, over growth, prices run up
NOLALady
August 4th, 2011
3:27 pm
I left ATL after 14 miserable years of pretentiousness in people and a city that were always trying to be something they were not. GET REAL, Atlanta. That may be your only hope.
R
August 4th, 2011
3:30 pm
I wonder what is so wonderful about Atlanta? Nothing. There are better, cleaner, safer, cheaper places to live in America. I can’t wait to move out of here as soon as I can!!
Truth Squad
August 4th, 2011
3:31 pm
If we were being honest, the seeds for Atlanta’s downturn were sown when we were awarded the 96 Olympics. In this city, it was pure ol’ fashion greed that drove up home prices, rent, and planted the idea to try and turn the city proper into a suburb. Yes, our bubble preceded the nation’s.
I remember how the Olympics were sold as an opportunity for everyone to fix up, or buy a home and rent it (them) out at exorbitant rates to the masses who descended upon Atlanta before and during the games. T-shirt vendors geared up to get rich. Restaurants everywhere hired extra staffing. The anticipation was intense. The reality however, wasn’t what was promised.
Luckily, the nation’s housing bubble helped saved the day and drive up process and rent even more. Atlanta city officials decided to make it so ordinary folk, like the people who worked in restaurants, students, and others could no longer afford to live in the city. Clubs were closed and the city lost much of it artistic class and flavor.
So, I don’t feel too sorry for folks, and there is blame to go around. Didn’t something like this happen before to the city? Seems like my parents told me that the city use to have a bunch of hippies, and then they got pushed out for “better” people. Only the economy went to heck and ordinary people were once again able to live in Atlanta. That seems to be what is happening now. How long will it be until the condos are chopped up into apartments and clubs reappear, and the city stops trying to be another boring suburb and becomes interesting again? Being all foo-foo chi-chi is nice, but at the end of the day, a trend is going to fade.
Seems the safe money isn’t in indulging the Pretty People, but finding a balance that includes keeping a solid base of working folks, students, artists, teachers, cops,blue-collar types around after all.
FedUp
August 4th, 2011
3:35 pm
The problem with Atlanta? Gang bangers, crime, dirty, and stupidity within the leadership.
Nicole
August 4th, 2011
3:38 pm
@ Rick. You speak the truth! I was born and raised in Atlanta. Often times Often, I have thought about moving to another state such as NY,CA etc. Family and Friends were totally against it; because of the “higher” cost of living in these areas. But like you, I am in search of a “quality job” and you are right there are cities across the United States that are promising and full of opportunity besides Atlanta!
A Reader
August 4th, 2011
3:38 pm
the full report states that Atlanta has more than 2 million housing units available
A Reader
August 4th, 2011
3:43 pm
Total housing units: 2,165,495
Homeowner vacancy rates: 5.4% (4th)
Rental vacancy rates: 11.8% (17th)
Read more: America’s Ten Sickest Housing Markets – 24/7 Wall St. http://247wallst.com/2011/08/03/americas-ten-sickest-housing-markets/#ixzz1U5i2u7s5
Atlanta’s homeowner vacancy rate of 5.4% is the fourth highest among major U.S. cities. The city, which had a significant influx of new residents, particularly from the northeast, has been hit hard. Atlanta’s unemployment rate of 9.7% is well above the national average of 9.2%. According to the Atlanta Journal-Constitution, the city had lost nearly 25,000 jobs between June of 2010 and June of this year. Between 2008 and the first quarter of this year, homes have lost more than a third of their value, dropping in price by nearly $50,000.
Atlanta Named to Nationwide Top 10 List | A is for Atlanta
August 4th, 2011
4:02 pm
[...] rates and 9.7% unemployment. But before we start panicking that world is coming to an end (like many of the commentors seem to be doing on the AJC’s reporting of the article), let’s take all take a deep breath and look for a more measured [...]
Nicole
August 4th, 2011
4:07 pm
@ Realist- I am a native Atlantan (Black Woman) So True!!!!
Native ATL Chick
August 4th, 2011
4:22 pm
100% agree with Realist and Rick
Oreo
August 4th, 2011
4:50 pm
@ Realist, you sho’ nuff sayin sumthin and sayin it rite. I’m not mad at ya and am one of you too. Proud of who and what I am but not proud of a lot of my own folk. The Bible says ‘(My) people are destroyed because of lack of knowledge…
TheLazyComic
August 4th, 2011
5:03 pm
I’m not surprised. I live in Stone Mountain, (Gwinnett section), and the empty homes, and homes that have never been completed is incredible. It almost gives you the feeling that you’re in an episode of The Twilight Zone. Here’s the best part. It has been like this for years. I even did video on YouTube called Gwinnett County Business Closings to show how bad things were getting, and that was in 2009. Don’t know if a link will work here, but here’s the link if you want to check it out.
http://www.youtube.com/watch?v=6uPrvG8vehA
It will show you how grim things have been… and for so long.
Optimist Club
August 4th, 2011
5:22 pm
ATL was the destination for many people that believed this was the place they could make it. It really did attract MANY of the WRONG kind of the people. People that thought if they looked like they had money (bought expensive cars, homes and run around the metro all day with a bluetooth earpiece) then obviously they could make money. I heard a quote the other day regarding ATL’s unemployed: Unemployed is the new Entreprenuer. People are still running around this metro like that have money, but all they have is a nasty attitude and are piss poor broke!
Our big boom is now bust! What did we expected to happen? My glass is half full of the future of ATL as I see when you hit rock bottom the only place to go is up.
People will still flock to the South’s largest city. Lets just hope that we start attracting the right people and not try to become The Mecca, part II. I pray that our leaders have learned from their past mistakes. it is our job to remind them of the error of their ways!
A.S.Mathew
August 4th, 2011
6:37 pm
Don Abernetty:
Prophet: I do agree with you both. No human brain can solve this problem,
only the ALMIGHTY GOD can solve it. There is a fear in the hearts of
the rich and poor; we lost our confidence in hiring-buying goods-so less
jobs; and the fear is slowing the already messed up economy farther.
Prophet
August 4th, 2011
6:56 pm
gotta get the Word out… situation is crucial
read the ‘handwriting on the wall’:
MENE, MENE, TEKEL, UPHARSIN
Daniel 5:25-27
peace
GaNative
August 4th, 2011
7:40 pm
@Realist, I too am a native of Atlanta. All of my 59 years have been here. It wasn’t just Black People that came here, people from all walks of life moved here because Atlanta was a thriving city. In fact I remember most times I met someone new they were surprised to learn that I was a native because most people migrated here. I think our area has just ran it’s course and now it’s time for some adjustments. People are now flocking to Indy, and pretty soon they will saturate it and the same thing will happen there.
zambu
August 4th, 2011
8:57 pm
@smarty thanks for the enlightenment Smarty. Glad to hear your diagnosis of Bill Clinton, Barney Frank and some poor Black people buying more home than they could afford was the cause of the economic meltdown. All the time I thought it was Wall Street investment bankers over-leveraging themselves on worthless CDO that were given investment grade ratings by crooked “for sale” credit rating agencies. Now may you can explain why $1.5B in subprime mortgages necessitated a $14B+ bailout of Wall Street. Idiot!!!
S
August 5th, 2011
12:40 am
No Florida cities in this list and Las Vegas not on the list either..um mm. We live here mostly because property taxes are reasonable and the Winters are mild compared to the North. The price of homes were quite good when we bought in the 80’s and we are still happy with where we live. There are very few homes for sale in our immediate older area and most of our neighborhood has the same people who have lived here for 30 years or more. So it is a stable area. Housing prices have dropped somewhat but nothing close to other areas. If we decide to get out of dodge city for awhile the airport is less than an hour away. 4 hours to the beach, coast..so Georgia and Atlanta area still is a nice place to live for us and for millions. If the people elect excellent qualified people to run this state instead of the same old, stale, good ole boys, then maybe this state can get on the up and up again, Job wise and every other wise. These republicans in office now and for the last almost 10 years have run this state into the ground. Vote smart next election. We need people in office who care about this state and not those who just want to line their own pockets.
Friichikenisha
August 5th, 2011
1:13 am
“The city, which had a significant influx of new residents, particularly from the northeast, has been hit hard,…”
Wow, if I was one of those Yankees I might be insulted by the suggestion that my moving here made Atlanta a sick city.
leonarollins127
August 5th, 2011
5:51 am
It pays to shop around for a mortgage refinance. Mortgage rates have gone down like anything. My brother in law just got a 30-year fixed loan at 3.76% He told me search online for “123 Refinance” for the lowest rate.
waterboard
August 5th, 2011
7:26 am
my condo in midtown is way under water. Thanks obama!!!! hope and change, yes we can.
Liz
August 5th, 2011
9:42 am
Soon we won’t know our neighbors!!!
raja
August 5th, 2011
10:14 am
Realist ,
I agree with you 100% . i”m an AA native . I was just telling someone recently that before the housing boom and Atlanta became the black meeca, more educated AA moved her because they came to the AUC for college and never left. So they where preparing to make it.
Now all these new folks do is complain about what GA don’t do for them and talk about all the free stuff they got back home. I know the job market is bad, but some these folks won’t make anywhere they go.They think somebody owe them something and they haven’t prepared for themselves for better so changing cities won’t change their situation.
Hasta luego ATL
August 5th, 2011
10:45 am
@raja & Realistist – Such a refreshing and logical POVs…I do know several AA who despise what they see but have no answer. Who does? It is sub-culture of victimization even though these people are so removed from any connection to slavery they still their owed something. Maybe are products of drug and prostitution. I do believe a national apology for slavery is needed and embracing of all people in US. I lived in SW Atlanta in what was an “up and coming” neighborhood that has crashed. So you know I know cuz I have seen it and yes I a white guy, victim of several crimes while here. I fear that when these public services are cut further or eliminated, crime will escalate even more and ATL could be a very high crime city…again. I truly cry for Atlanta…and hope she can pick herself up and get back on the forward track.
Richard
August 5th, 2011
4:27 pm
To refugee and midtown, among others…Lewis Grizzard had some good advice years ago that fits you like a “T.” I-75 runs north out of Atlanta and Delta is ready when you are.
mecca
August 5th, 2011
6:21 pm
atlanta–black mecca! hopefully, a lot more African-Americans move here–I’m tired of all these racist white people around here.
LARD BUCKET
August 6th, 2011
6:29 am
Beverly Harvard
really helped Atlanta’s schools and real estate values with her honest dedication.
Moochie
August 6th, 2011
3:41 pm
This is an odd list. I’d never heard ot a “sickest” index before.. Proof is that Indianapolis is actually doing very well, and has one of the most affordable housing markets in the nation. I’m sure that the reported numbers are correct, but adding up those particular variables to come to that conclusion is a flawed exercise.
down under
August 7th, 2011
8:43 pm
my condo in buckhead is $60,000 under water. Should I walk away, do a short sale or file bankruptcy? the market’s terrible and is never coming back to the obscene price I paid for this place.
Reader
August 8th, 2011
2:06 pm
I blame the developers their financial backers. They made a lot of money by overbuilding in the glory days with little consideration to Atlanta’s future need or well-being. With those profits, they bought nice vacation homes out of town and then cried “unforseen bad economic luck” when the money dried up. Their businesses may be down or even out, but on a hot and smoggy Atlanta weekend, you can bet they have escaped to their multi-million dollar homes by the lake or sea. Meanwhile, we regular Atlantans are stuck with the mess on a daily basis: treeless, rotting construction sites, traffic, pollution and declining property values.
gasteeler
August 9th, 2011
9:28 am
Worked in GA for 30 years, got laid off for 2, sound very familiar. Now woring in PA, GA’s leadership is so terrible I will never come back. The USA needs to stop of of the “Give Me Programs” and make people actually go to work, oh no another 4 letter word (work).
Strive for the Top!
August 9th, 2011
11:06 am
Atlanta—#4 now, but with more effort and teamwork, the city can be #1!!!! It just takes commitment!