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.
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65 comments Add your comment
Carlos
August 28th, 2012
12:12 pm
Over-investment in real estate had been a characteristic of the greater Atlanta region for 50 years, so the issue is systemic rather than a political party issue.
Apparently more builders got money to build houses and shopping centers than banks in other areas would have permitted and mortgage originators lent out more money to people who didn’t have the cash reserves to weather a recession.
Why?
Andy
August 28th, 2012
12:17 pm
Atlanta is a has been. If you are looking for the future of the south, hop on I-85 north and head into SC and NC.
Miss J
August 28th, 2012
12:21 pm
Thanks DAVE….we all LOVE this country and we ALL need to work together to improve things for ALL of US!!!!!!!!!!!!!!!!!!!!!!
Ivory
August 28th, 2012
12:29 pm
Detroit is still moving in!
Latrina
August 28th, 2012
12:34 pm
According to the county tax assessor’s latest valuation the FMV of my abode is $6,000 more than I paid for it 15 years ago. Fortunately I view my house more as shelter than an investment, but still it’s disheartening to see years of steady incremental gains wiped out in such a short period of time.
2cynical
August 28th, 2012
12:37 pm
This story is a prime example of how AJC skews the story to fit a predetermined narrative that the economy continues to be in shambles. That same report also shows that for the second month in a row, Atlanta had a home price increase, from May 2012 to June 2012. In fact, a little research indicates that Atlanta’s home prices were up 4.4% according to the Standard & Poor’s/Case-Shiller home price index, and tied for the fourth largest increase among the 20 cities surveyed, and is the same report cited by the writer. That relatively important bit of information was somehow deemed not worthy and left out of the story. Again, that information did not fit the predetermined narrative. Plenty of bad news does exist regarding the economy, but today’s report is actually good news for metro Atlanta, and readers have to ask why did AJC intentionally misrepresented the story and focused entirely on the negative aspects of the report?
Don Abernethy
August 28th, 2012
12:45 pm
I suspect that Atlanta over built more than the rest of the country and the number of resales on the market that banks are almost giving away is causing all the other home to decrease in value. In my neighborhood banks are selling homes that were bought 5 years ago for $120,000 for $60,000 so I think the banks are as much to blame for our low appraisals as anyone. I do not know how we can stop the banks from doing this.
Trigg Palin's Missing Chromosome
August 28th, 2012
12:46 pm
How’s that “Real Deal” workin’ out for ya?
Ivory
August 28th, 2012
12:53 pm
Think this has anything to do with it?
City Crime Risk Index
1. St. Louis 530
2. Atlanta 484
3. Birmingham Alabama (tie) 380
3. Orlando (tie) 380
5. Detroit 369
6. Memphis 361
7. Miami 346
8. Baltimore 339
9. Kansas City, Missouri 337
10. Minneapolis (tie) 331
10. Cleveland (tie) 331
KRap
August 28th, 2012
12:55 pm
Homes prices were UP in Fayette County by 6.1% in July. It’s not all gloom and doom in the housing market locally. Days on market for July was DOWN a whopping 24.2%. In Peachtree City we have less than a four months supply of homes.
Andy
August 28th, 2012
1:01 pm
Fayette County, a close-in county which doesn’t have public transportation, was up for July?
I imagine that.
Facts that hurt
August 28th, 2012
2:54 pm
lol, now there is an article on the front
Age of AJC saying Atlanta home prices UP slightly???? WTF, complete idiots!!!
Matt
August 28th, 2012
3:43 pm
Bacchus…yup it’s cold in Chicago, but it’s just as cold living under a bridge in Atlanta when I lost my job and my home. Now I would like to comment on the recent string of shootings in “Chicago.” The reality is EVERY city has a bad area. That bad area of Chicago is on the southside, much like it is in Atlanta. I read the news in ATL everyday…and while the numbers don’t add up to the shootings in the southside of Chicago, crime is rampant in that area of Atlanta. I don’t live in the southside of Chicago. My neighborhood is safe, hasn’t had a shooting since I moved there 2 years ago. It’s amazing how one area of any city ends up in the news on a regular basis and taints the entire city. Buckhead is considered a part of Atlanta, and since the all night clubs were run out of the area, crime has been reduced substantially. However, years back Buckhead was the scene of constant shootings outside of clubs. So while I completely understand your desire to place blame on an entire city, the fact remains that all cities have bad areas and a substantial amount of crime. When I told people in Chicago that I had moved from Atlanta, they all asked me how I could stand the crime in Atlanta? The fact is that it is all a matter of perspective, and where you reside within a city. Now I will agree that low crime doesn’t really make up for frigid winters, but I did what I had to do to keep my job. Otherwise I would have been one of the thousands in GA on unemployment and in foreclosure. My idea is simple, go where the job is, you can always go back home when the economy turns around. So I made a compromise by moving to Chicago, but I have a roof over my head, great health insurance, food in my belly, and a little bit of security. Most likely I wouldn’t have that if I stayed in ATL. So don’t knock it until you are forced to make a similar decision.
MarmaladeSkyt
August 28th, 2012
8:53 pm
my condo in midtown has gone down 40% since I bought it in 2007–it’s way underwater. If the bank doesn’t cut the mortgage way down soon, I’m walking on this bad deal. the crooked bank can have it!
Nan
August 29th, 2012
2:31 pm
I’m curious how many foreclosures are still in the pipeline? My guess is A LOT!