Experts Say Atlanta Is In A Housing Depression
Reading the local paper, or at least their website, made it hard to sleep tonight. According to hearings at the Georgia State House the housing industry has passed recession and Atlanta is in a full fledged housing depression.
According to the speakers, nearly every small builder are behind on their bank loans and could be shut down tomorrow in the Atlanta metro area. The ones I know that have been unflappable are starting to sweat.
But to hear the depression word is a bit unnerving.
Likewise, Eugene James, head of the Atlanta division of the research company Metrostudy, said the 22 metro counties it covers “are in a housing depression right now.”
James said sales closings were down 44 percent for the third quarter, compared to the same period last year, and housing starts had plunged 67 percent. The metro area also has about 148,000 lots with infrastructure but no homes — a 117-month supply, he said.
Legislators are trying to figure out what they can do to encourage home buying and rescue residential builders. The General Assembly convenes next month, and new bills might be introduced calling for tax incentives, expanded down payment assistance or reductions in home building regulations. ajc.com.
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Comment by Doug Quance on 11 December 2008:
It’s true. We have been witnessing a softening in 2005 followed by a turn downward in 2006 – hard times in 2007 followed by disaster in 2008.
In an hour, I will be attending an inspection for a new home that was constructed a year and a half ago that my client is purchasing. The purchase price is two thirds of the original asking price. Yes, it’s a loser for the builder… but that’s today’s market.
Buckle up, boys and girls. This ride is just getting started.
Comment by myrtle beach apartments on 13 December 2008:
I think a lot of the country is in a housing depression that is going to get worse. We will see a lot worse next year when option arms start to peak
Comment by Real Estate MaestroTM on 20 December 2008:
Or, an opportunity to rebuild an investment portfolio – section 8, rental payments by uncle Sam. lease options – not to risky if your buying, your in control. Cities want to work with investors to get rid of the condemned and vacant real estate.