Atlanta home values to fall in next year, report says

Home values in 69 of 157 U.S. markets are expected to rise in the next year, according to the Zillow Home Value Forecast, but Atlanta is not one of the fortunate cities projected to see a gain.

Zillow foresees a 1.6 percent decline in Atlanta home prices to June 2013. Nationally, home values are expected to appreciate by 1.1 percent over the next year, from June 2012 to June 2013.

Some markets are expected to take giant leaps. Phoenix would see a 9.9 percent gain, Miami-Fort Lauderdale 6.1 percent, and Riverside, Calif. 5.6 percent, Zillow said.

Only St. Louis, where a decrease of 2.6 percent is expected, and Baltimore, where a decline of 2.2 percent is projected, would see bigger drops in the next year in home values than Atlanta.

As Zillow notes, “The housing market’s recovery continues to show tremendous variation market by market.”

Zillow also said that home values nationwide increased 2.1 percent from the first to the second quarter of 2012, and that on an annual basis, they rose 0.2 percent from June 2011 levels. That marked the first annual increase in U.S. home values since 2007.

In Atlanta, home prices were down 4.9 percent over the last year, however, the worst of any big city other than Chicago, which was down 5.8 percent. Quarter over quarter, home prices here were flat, although they were up slightly for the month.

9 comments Add your comment

jwc

July 24th, 2012
2:10 pm

Why do Atlanta homes depreciate while other markets appreciate? Don’t people know what Atlanta has to offer…..uh…..never mind.

Facts that hurt

July 24th, 2012
2:11 pm

Zillow is more wrong than right, homes will not be increasing in value anytime soon. The banks are sitting on millions of foreclosed homes, and there not foreclosing on homeowners when they miss payments. There is a bigger wave of homes that will hit the market in the coming years, this will drive down prices. Not to mention incomes aren’t coming back, along with the jobs that have disappeared. The economy is running right off the financial cliff, thanks to Congress, Wall St., this country is about to go into a recession. Locked n loaded.

Facts that hurt

July 24th, 2012
2:12 pm

P.S. Atlanta is a sewer, flush it please.

[...] to see a gain. Zillow foresees a 1.6 percent decline in Atlanta … Full News here – Atlanta – Bing News ← Will ‘Cam Newton Drive’ be intercepted? Cancel [...]

no deal

July 24th, 2012
9:55 pm

my condo is way under water—I’m walking on this mortgage in a few months–the bank will not cut the mortgage—they can have it!

Bob Walters

July 24th, 2012
11:19 pm

The city of Atlanta has some of the highest property tax rates in the country. Taxes have killed demand. Lower taxes and demand will reemerge. Simple.

Actually

July 25th, 2012
4:18 pm

Actually, we just got a contract on our Northern Virginia condo for exactly $20k more than we bought it in 2010. It sold in 3 days and the buyer is paying for all inspections, etc. Some places are seeing an increase in value.

Actually

July 25th, 2012
4:19 pm

And funny enough we’re relocating to Atlanta where I’m originally from. We will be planning to stay in our next home for a very long time…

[...] News here – The Biz Beat ← Sugarland, Robert Spano among Georgia Music Hall of Fame inductees Cancel [...]