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Record lows for new home prices Atlanta, GA

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Record lows for new home prices

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Earlier this year, the number of new home sales sank to a record low, with overall home prices dropping to their weakest levels in the past decade.

According to a report by the U.S. Department of Commerce, the sales of new single-family homes have decreased by nearly 17 percent. There are two main factors behind the drop: the recent oversupply of new homes for sale and the continuing increase in the number of older homes falling into foreclosure. As a result, economists predict that the housing market may be even slower to recover than was previously predicted.

February marked the biggest decline in housing starts in almost 30 years, according to market reports. Only 186,000 new homes were available for sale last month, which is the smallest number of new homes on the market since the late 1960s.

In addition, the National Association of Realtors reports that last month, the price of new homes was about 45 percent higher than the price of older homes. Traditionally, the price of new homes has only been about 15 percent higher than formerly occupied homes, proving that homeowners and banks are selling pre-owned properties for much less than new construction.

Homebuilders are facing fierce competition as more homes fall into foreclosure in Georgia and throughout the country. Because foreclosures are generally available for purchase at well below market value, builders have been forced to halt all new construction plans and projects.

While analysts are predicting that overall home sales will increase later in 2011, they also believe that the large price gap between new and pre-owned homes will remain until there are fewer foreclosures for sale. The current home pricing declines may ultimately stall the recovery of the housing market.

Source: Reuters, “New home sales plumb record lows, prices stumble“, Lucia Mutikani, 23 March 2011

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1718 Peachtree St NW, #385
Atlanta, GA 30309

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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