Atlanta Property Tax Assessment News
Realtor.com recently reported that the number of housing units listed for sale is 20% lower than last year and is at the lowest level they have recorded since starting in 2007. At first this may seem like a positive development. If the number of listings is down, then demand must be increasing relative to supply. But it ain't necessarily so.
Many realtors report that their clients are pulling their houses off of the market because they are unwilling to lower their price to a level that generates interest. In addition, the number of foreclosures is down. This is temporary because the foreclosure processing debacle has slowed the foreclosure process. The banks and attorneys general are trying to negotiate a settlement in the tens of billions of dollars and when this is settled the pace of foreclosures should increase.
The foreclosure "shadow inventory" is estimated to be a million or more houses, nationwide. I am doubting that the residential real estate market has legs from here. Continued value pressure from distressed properties will plague the market for a couple more years. The Atlanta real estate market is bouncing along the bottom, at best, and is at risk for another decline if the economy slips back into recession next year.
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