May 2009

The most recent S&P/Case-Shiller Index (April) indicates a 19.1 percent decline in the average homes prices nationwide versus the same time last year.  Statistics led Standard and Poor's to report:

We see no evidence that a recovery in home prices has begun.

The Case-Shiller report included a survey of the 20 major metropolitan areas and show that Phoenix, Las Vegas and San Francisco suffered the most significant declines in housing prices over the past year —all posting losses over 30 percent in the last 12 months.

How's Altanta Real Estate Holding Up?

Well...there's good news and there's bad news. Bad news first: Atlanta experienced a 15.7% decline in average real estate prices since April 2008. The good news? On Tuesday I had the pleasure of…

Though year over year national home prices show a 12% decline - the month to month report shows a more promising outlook of the current market.

DeKalb County homes and real estate have lost $1,000,000,000 in value (yes...that's a lot of zeros) since April 2009.  A Thursday meeting of county assessors revealed the taxable value of land and buildings in unincorporated DeKalb currently stands at $16.7 billion.  That number represents a 5% decline since the last report released just a month ago.

The reason for such dramatic changes?  The AJC reports the falling values are the result of consideration given to the impact of foreclosures on the current real estate market.

Buying Your First Atlanta Home?

Well...if you're not...maybe you should be. Not only are mortgage rates at an all time low...homes are, in many cases, being sold for 2002/2003 prices.  Oh...and let's not forget about FREE MONEY....up to $8,000 from the Federal Government and up to an additional $1,800 from the recently signed Georgia House Bill 261.

That's a tax credit up to $9,800 if you're an Atlanta first time buyer.  Just might be the smartest move you make this year...or any year for that matter.

There's been a lot of speculation about when the housing sector will recover from what has proven to be one largest year over year value declines in the history of the U.S. economy.  A recent article from Bloomberg.com suggests that many analysists are suffering from misguided optimism about the housing market.