Wonder how the real estate market is doing in Atlanta? The most recent numbers from the Case Shiller Price Index show that the real estate market continues to be pressed downward by foreclosures and an increase in short sales. According to a Bloomberg report, "residential real estate prices fell more than forecast in November, showing distressed properties are hampering improvement in the U.S. housing market."
In the past year, the S&P/Case-Shiller index of property values in 20 cities declined 3.7 percent. Unfortunately, 18 of the 20 cities in the index showed a year-over-year decline. The biggest decline was in Atlanta with an 11.8 percent fall in home values.
Yes, you read that right. Atlanta led the nation in year over year declines with a 11.8 percent drop in home values. I have been saying that the market is continuing to be pressed downward and there are still loads of deals out there for buyers. Foreclosures will continue to press prices lower and unfortunately the "Traditional" seller is in for a long road ahead before values start to increase. The one fact that remains though is that homes ARE selling. Price and condition continue to be the biggest factor in buyer's eyes so price it right and make it shine.
Do you or someone you know want or need to sell? If so give me a call. I am a certified distressed property expert and handle short sales for clients that need to sell. Probably the worst thing you can do is to do nothing and let your home get foreclosed on. If you do not know the ramifications of a short sale versus foreclosure please get in touch with me and I will forward a very informative sheet to you that explains the difference.
Here is a link to the story: Home Price Index Story