Recovery stalls for Atlanta housing market
When the economic recession hit in 2008, home prices in the Atlanta metro area bottomed out, causing thousands of area homeowners to be saddled with underwater mortgages and forcing many into default or foreclosure. And while the housing markets of many other cities and metro areas have significantly improved in the years since the recession, that has not been the case in Atlanta, where home prices have remained low and mortgages have remained underwater.
This year, however, it appeared that the situation was turning around, with the Atlanta housing market posting slow but steady gains throughout 2012. Unfortunately, that forward progress seems to have stalled, with home prices dipping once again in October. Hopefully, this is only a temporary setback for Atlanta and all of its struggling homeowners.
According to a new report released this week by the Case-Shiller Home Price Index, Atlanta home prices dipped by about 0.4 percent in October, the most recent month for which information was available. Atlanta was one of just a few cities which saw a housing market decline during that month, and it remains one of only two metro areas with average home prices below the January 2000 levels. Las Vegas, which has been side-by-side with Atlanta on “most-battered” lists, shed that dubious honor in October.
Certainly, the home price drop is not a significant one, and it does not appear to indicate major trouble for the recovering Atlanta housing market. But after steady price gains throughout the year, it is disheartening to receive negative news like this. Hopefully, October was just a fluke and recovery continues in Atlanta in the coming months.
Source: Atlanta Journal-Constitution, “Atlanta home prices decline in October in discouraging sign for local market,” Greg Bluestein, Dec. 26, 2012
At our Fulton County law firm, we help people who are unable to make their mortgage payments and who are at risk of losing their homes as a result. To learn more, please see our foreclosure page.