Property values up elsewhere, not in Atlanta

Some good news in the national housing market … and some more bad news on the local scene.

Thirteen of the 20 cities in the latest S&P/Case-Shiller index of property values showed a year-over- year gain, but Atlanta isn’t one of them, Bloomberg reports.

Atlanta had the biggest year-over-year drop, in fact, with prices falling 12 percent.

Home prices in 20 U.S. cities climbed in June from a year earlier, the first gain in almost two years.

The index increased 0.5 percent from June 2011, the first gain since September 2010.

“Rising demand driven by mortgage costs close to a record low has trimmed the glut of unsold houses on the market, giving property values a lift,” Bloomberg said.

65 comments Add your comment

Carl

August 28th, 2012
10:34 am

Thank you Mr. Hope and Change.

GSK

August 28th, 2012
10:40 am

Uh, did you read that prices went up in most other major cities? We live in the Republican Utopia of Georgia – hows that workin’ out for you…

Ghost

August 28th, 2012
10:41 am

Yeah Carl, home prices just started falling 4 years ago. Keep clinging to the idea that all of our economic problems fall on the shoulder of this president if that helps you sleep better at night.

Suggestion

August 28th, 2012
10:42 am

@ Carl

Sounds like most of the country’s doing okay, just not Atlanta/Georgia. Maybe you should redirect your enmity toward Gov. Deal?

Jim Bean

August 28th, 2012
10:45 am

State leadership sucks! We were a solid blue-dog conservative democrat state for our entire history. Our problems are directly related to these free spending, corrupt, “let’s punish people for every little thing,” stinky, up-to-no-good crooks that make up the republican party. We will always be conservative. That is the beauty of Georgia. Having said that, we must restore the conservative blue party in Georgia!!!!

gfan

August 28th, 2012
10:50 am

The secret is getting out that Atlanta homes are built cheaply and this city is just a bad copypaste of LA. Who wants to live in a city of SEC salesmen and Longhorn Steakhouses when there is no water and awful traffic.

Just watch, this place will soon be like Detroit.

kawasaki kid

August 28th, 2012
10:50 am

Hey, Carl, how ’bout some thoughtful insight instead of boring us with blindered, knee-jerk comments from an obviously desperately proud member of the party of “NO!”?

Mary A

August 28th, 2012
10:53 am

My goodness four brain washed people that believe this report that the rest of the economy is doing good..really..I guess you guys don’t talk to anyone but those that live in Georgia. If you are better off than you were four or five years ago, good for you..but I do believe you are not telling the truth if you say that, with the price of gas/food/clothing/any type of services and your pay if you have a job has not increased, and those that did get a job lost so much of their money trying to stay afloat..but Mom always said that there was those that could be easily swayed instead of really looking intothe facts. I don’t care if you are Republican/Democrat or whatever you are not better off right now!!

Idiots above me

August 28th, 2012
10:54 am

Anyone who thinks that Obama or Deal or “R’s” or “D’s” or little purple martians are responsidble for the mess is an idiot. It’s due to oversupply and overly lax lending requirements. Markets are at work, folks.

Timmy

August 28th, 2012
10:56 am

David Martin

August 28th, 2012
10:56 am

Really now, anyone who continues to place the blame for the housing debacle on the current President is a genuine idiot. One can only ignore the facts for so long, and whether you admire Obama’s politics or not, eventually you have to come to the rational conclusion that the housing bubble and subsequent crash are the result of forces that have nothing whatever to do with the present administration.

Narcissist_in_Chief

August 28th, 2012
10:56 am

Carl has it right. This president is the biggest disaster of the century. Just google Frank Marshall Davis and see who he is. Then you’ll get it.

Idiots above me

August 28th, 2012
10:56 am

…except for Mary A. She is dead-on.

YEAH RIGHT

August 28th, 2012
10:56 am

The rest of Georgia is doing just fine, maybe we should direct our attention to Kaseem Reed ?? He did try very hard to pass TSPLOST..

Old South

August 28th, 2012
11:00 am

There are houses for 25k, 50k, etc within the 285 circle.

“Atlanta” is a dying city at the moment.

Timmy

August 28th, 2012
11:01 am

Are you better off today than you were 4 years ago?

Gary

August 28th, 2012
11:02 am

Couldn’t agree more with Carl. Let’s continue to print and spend money we don’t have (comes from the President and his Czars). This will eventually lead to inflation, increased interest rates and the bursting of the debt and dollar bubbles. When this happens housing prices will be half what they are today no matter where you live. How’s this working for you??? It isn’t a revenue problem— its spending. Whether you’re blue or red we need to get this under control. Didn’t someone also say we’re not red or blue— we’re Americans???

Better Off

August 28th, 2012
11:02 am

I’m definitely MUCH better off than I was 4-5 years ago..

Carl

August 28th, 2012
11:02 am

I guess all of you Obama supporters can keep blaming Bush.

Yeah Doggie

August 28th, 2012
11:05 am

I love Obama’s Trickle Up Poverty approach. It works!

Roadrunner

August 28th, 2012
11:06 am

Anyone who believes the Atlanta Metro area is the picture of Republican Utopia is clueless. Our Republican governor serves the entire state. Local Atlanta, Fultion, Dekalb, Clayton, etc. politicians were elected by & represent metro Atlantans. Not too many Republicans in those areas. The more ‘Democrat’ an area gets the lower the property values. Disagree? Don’t spew off at the mouth, prove me wrong with some facts that say otherwise.

Rick

August 28th, 2012
11:07 am

Both parties are responsible, so are lenders and the people who bought more house than they could afford based on the expectation that it would increase in value. They expected to sell it at a profit.

As a Senator, Obama supported the rules that help the problem grow. He is partially responsible.

Cindy

August 28th, 2012
11:08 am

It always makes me laugh to see the name-calling by the “conservatives”. I have an idea…why don’t we stop debating private decisions and ways of life (i.e. abortion, sexual orientation, etc) that should be an individual’s right protected by the Constitution, and actually start coming up with effective new ways to fight the REAL problems like national debt, fiscal policy, major human rights violations, etc. I guess the “holier than thou” conservatives find it more effective to name-call and strip people of their individual rights than to focus on solutions for ACTUAL problems. We need to start actually protecting our God-given rights and stop trying to tell each other how to live. You people are name-calling fools and an embarrassment.

Bacchus

August 28th, 2012
11:10 am

The fact that GA real estate has not risen in 12 months has nothing to do with Gov. Deal and there is nothing he can do to influence it in 2 terms.

Atlanta was overbuilt in the last 30 years. A business-friendly political structure combined with a lending-friendly financial system prodded by Washington – and plenty of subprime borrowers – led to the problems we face here.

Landowners sold their property to builders and made money, builders raced to set up subdivisions and made money, sub-contractors working for the builders made money, and local governments got more tax revenue and made money. When the music stopped in 2007, all of the above got caught with their pants down with more houses on the market than there were buyers.

I’d say that the worst thing about all that was that the growth was totally out of control and was not managed well. The construction quality of many of the homes built is absolutely horrible. Traffic’s a mess. Suburban blight is occuring. People moving to the South, or within the South, are looking at smaller cities like Nashville, Greenville, Asheville, Charlotte, Raleigh, even Chattanooga as attractive alternatives to Atlanta.

And that is why ATL property values have dropped 12%.

Reality guy

August 28th, 2012
11:11 am

The greedy bankers have been going down, one by one thanks to the feds. There is some justice! Hang them high!

MiltonMan

August 28th, 2012
11:13 am

Atlanta is a dump – has been since the democrats have been running it. Why would you expect the houses to increase in value when even APS teachers call APS kids dumb as hades.

@urethrafranklyn

August 28th, 2012
11:17 am

Bacchus, shame on you. You know good and well that politically-devoid, logic-laden objective comments have no place here.

PR

August 28th, 2012
11:18 am

Don’t blame Obama for Georgia’s problems. Blame it on your repugnicant leadership in the state house. The governor and legislature are a joke. GA is full of dirty and corrupt politicians.

ThisThatnTheOther

August 28th, 2012
11:18 am

3 hours a day in your car getting to work and back and a shortage of clean water, its’ no wonder people and businesses don’t want to move here anymore. Unfortunately, Atlanta’s glory days are behind it.

Matt

August 28th, 2012
11:22 am

I lived in Atlanta for two decades, had a house built in 2007 in SW Atlanta for $217,000. In 2010 my company announced it was closing the ATL office and relocating to Chicago. I was forced to sell my home in a short sale for a whopping $80,000. It was incredibly depressing to know my dream home was lost. Now I am home shopping in Chicago, and I’m finding prices are going up month over month. The bubble burst, Chicago hit bottom, and is now turning around. Granted the housing market will not rebound to previous levels for decades to come, but other cities are turning around. Atlanta’s economy was built on the housing market, so when it crashed, it seriously hurt the local economy harder than other cities. It’s called putting all your eggs in one basket. I have dreams of relocating back to Atlanta one day, and I’m playing the market. Buying in Chicago now, in an escalating market, will ensure that when I’m ready to move back to the ATL, I will have more money to invest in a home that might have hit rock bottom by then, say 5 years from now. So if you live in a bubble, I’m sure you think the rest of the country to slowly dying like Atlanta, I’m here to tell you it is not. Other cities have a more diversified economy and can snap back a lot better than Atlanta. So until Atlanta starts to learn that housing can’t power an entire economy, you will never see any improvements. The key is to diversify in all aspects of life, then when one thing fails it doesn’t pull down the whole. Time to wise up Atlanta.

atlfunlver

August 28th, 2012
11:26 am

Lets not forget the real heros of this debacle – Georgia Banks and the legislators that they own. We have the most overbuilt housing market because of lending. GA laws allow any group of bozos to start a bank with the hopes that a national bank will come along and buy it and make them country club members. Thats why we are number one not just in housing market performance, but in bank failures as well. This is the republicans myoptic vision of free markets in GA. See yah Raw Deal and all of your clones.

Reality

August 28th, 2012
11:29 am

Can anyone explain to me why our City officials continue to give building permits????? Are they getting paid ‘under the table’ by these construction companies?”

If housing values are FALLING then there is a GLUT on the market. Building more makes the problem WORSE.

Look around downtown/buckhead Atlanta. There are condo highrises being built…. how stupid is that?

Pointsofvision

August 28th, 2012
11:29 am

This story said that housing market is improving in other states except here and our clowns are blaming the President for local problems. If he is responsible and to be blamed for national problems, how come the state governors can’t be blamed for things that are local to their states?

After all, they are the chief executives of their states. A quick glance at the national unemployment or even deep recession issues will show that the states controlled by GOP are, in general, harder hit by recession, and all of the ailments of our economy than the blue states.

Unemployment is higher than national average in most Red states than blue states. In other words, high national unemployment is actually the result of much higher unemployment in Red rural states. If we can blame the President for high national average unemployment, we should be frying the republican governors in states like South Carolina, Georgia, Alabama, Mississippi etc, etc where unemployment is quite high, throw in the Democratic governor of West Virginia also.

Many of these states are laying off goverment employees to boost unemployment numbers because they don’t have the guts to do what is needed which is raise revenue to keep unemployment down and keep people employed.

Andy

August 28th, 2012
11:32 am

Housing values are pretty simple when you think about it.

With the exception of the few and far between ‘hot’ locales, if the typical family surrounding you can’t afford your house, chances are its over-priced.

glacialspeed

August 28th, 2012
11:33 am

I’m MUCH better off than I was 4-5 years ago, and I did it by busting my tail. I suggest you people complaining about the President not making your life better do the same.

jobs are the problem

August 28th, 2012
11:33 am

Atlanta did overbuild, but If there was an abundance of jobs in Atlanta, people would be moving here and quickly create demand (like happenned for the previous 30 years). Make no mistake, Obama does share some of the blame for that lack of growth. Obama administration’s regulations, Obamacare, increased unemployment costs directly due to Obama policies (99 weeks of unemployment) cost this country lots of jobs. Increased costs make it harder to hire someone, particularly for a small business. No jobs, no influx of people to buy houses. No house sales, lower values.

Obama just about bankrupted Georgia (the government) by mandating 99 weeks of unemployment eligibility. Businesses will be slow to hire as a result of the raised unemployment insurance rates the state enforced to make up the deficit. Look for housing to recover very slowly until the unemployment insurance costs are lowered and/or businesses aren’t scared to hire people based on the uncertainty of Obamacare.

It may be ‘the party of no’ or any other cliche, but vote the current clown out of office if you want unemployment to decrease and your house price to rise.

Bacchus

August 28th, 2012
11:40 am

Despite the aforementioned problems of Atlanta, there is almost NOTHING that would convince me to buy in Chicago. High taxes, cold winters, anti-gun laws, 20 shootings per night and Rahm Emmanuel as my mayor? No thanks, I’d follow Lewis Grizzard’s advice and nail my feet to the ground upon return to Georgia….

scootdog

August 28th, 2012
11:41 am

Sprawl is at least partially responsible.

Obama Supporter

August 28th, 2012
11:42 am

Obama is doing a wonderful job of lower unemployment and increasing property values.

ThisThatnTheOther

August 28th, 2012
11:46 am

Even if the current President didn’t cause the economic disaster we are currently facing that doesn’t excuse him for not coming up with a solution. The “I didn’t cause it” excuse sounds like something you’d hear in elementary school.

Mr. President………you need to fix the problem whether you caused it or not.

Carpetbagger

August 28th, 2012
11:46 am

It is a house of cards ready to implode. Charlotte is now the new king of the south. The terrible educational system, crime, bad transportation and stupid laws don’t help this cause! I’m ready Delta! Can someone reincarnate Gen Sherman?

Hopein' For change

August 28th, 2012
11:47 am

Barney Frank and his significant other who worked for Fannie Mae/Freddie Mac have plenty of responsibility in this one. Everyone should be able to buy a home whether they can pay for it or not!!!!

Facts that hurt

August 28th, 2012
11:50 am

House is being manipulated, just Waite till we go off the financial cliff in 2013. Housing will crash harder, the hyper inflation will kick in. Watch, you ain’t seen nothing yet.

Mitt

August 28th, 2012
11:51 am

I will save our country even though i was not good enough 4 years ago and dropped out the race to my good buddy mccain.

Miss J

August 28th, 2012
11:51 am

@jobs are the problem.

Many of these lost jobs have been shipped overseas for cheap labor….Some of the high tech jobs are being done by foreigners who have the intellect and education to do the high skilled jobs.
We need to:
1. Improve our education system.
2. Change our tax codes (and yeah the rich need to pay their fair share (they have benefitted from the Bush tax cuts for years now (where are the jobs they were supposed to create?))
3. Stop being the world’s police force (get out of Iraq, Afghanistan and Iran (they are next according to Romney) – by the way these wars are being funded by China (have been since Bush’s presidency)).
4. Reduce our entitlement funding.
5. Shore up our borders (give amenity to the illegal’s that are already here (Reagan did it).
6. Pass meaningful financial reform

These things should not be an R or D fix – it needs to be bipartisan and we need to move the country forward together.
Folks don’t want to give President Obama credit for giving the order to capture or kill Osama Bin Laden, but guess what – it happened on his watch so history will be on his side and he will get the credit.

Just like Carter was blamed for the failed hostage rescue attempt during his Presidency.

WAKE UP AMERICA….A DIVIDED HOUSE WILL NOT STAND………

mambo

August 28th, 2012
11:58 am

I forget how stupid the people of Atlanta are until election time rolls around. Openly corrupt or inept people get re-elected because of their race. DeKalb County, Fulton County, Henry County, Clayton County, MARTA, CAP, APS, City of Atlanta are jokes they are because of the people who elect the fools who run the show. The responses on this blog prove me right.

Mike Geigerman

August 28th, 2012
12:04 pm

It’s Clinton’s fault.. He loosened the market . No credentials to buy.. I remember saying mark my words and did some planning . Now I’m in better shape than ever. If it feels wrong it probably is.

Angus

August 28th, 2012
12:06 pm

mambo – http://projects.ajchomefinder.com/atlanta-home-sales-report/countylist/

Fulton’s doing the best at holding values right now, Gwinnett’s the worst.

Try again.

Bill Campbell

August 28th, 2012
12:10 pm

I don’t see a single post that talks about a solution that they can personally accomplish. When are we going to stop pointing fingers and being victims and start working? The gov isn’t going to solve our problem, they rely on problems to justify their huge financial burden on us. Home values are primarily influenced by comparables so that means you need to be personally responsible for your neighborhood. Your home value depends on it. How is your local school ranked? If it isn’t the highest in the state you should be at the school board every day demanding new administration. If crime is a problem start a watch, if homes need painting then pitch in for a community day. Let’s stop posting complaints and start working.

Dave

August 28th, 2012
12:11 pm

Well said Miss J!!!!America needs more thinkers like you…Kudos