The Atlanta real estate market was by far one of the hardest hit upon the advent of the nationwide economic recession precipitated by the collapse of the sub prime mortgage crisis. Atlanta ranks up there along with other fast growing communities such as Las Vegas and Miami that relied heavily on new construction and houses prior to the bursting of the real estate bubble. Once the bubble popped, the Atlanta real estate market took a nosedive. New houses and condos were literally abandoned mid-construction as demand dropped precipitously, indicating the lack of disposable income and difficulty making ends meet on the part of numerous Atlanta residents. The good news is that some signs seem to indicate that the Atlanta real estate market has bottomed out, leaving no where to go but back up to pre-recession levels and maybe even beyond.
Realtors Becky Veal and Wade Mor wrote on July 26, 2009 in the Realty Times that “We feel we have hit the bottom of the Atlanta Real Estate market. We still have foreclosures and short sales in the market place. Now is the time to be buying as there is $8000 from the Federal Government for anyone who has not owned a home in the last three years and the State of Georgia has another $1800.” Simply put, Atlanta remains a strong buyers market, although it is difficult to see a scenario in which home prices drop to more opportune levels than they currently are.
Way back in January of 2009, Michael Kanell wrote in the Atlanta Journal-Constitution that “Metro Atlanta's economic fate tied to real estate.” He continued to say that “as new home sales go, so goes hiring in metro Atlanta. It's a link that's all too clear to Cameron Smith. Smith sold houses on Atlanta's south side, earning a pretty good living until she was laid off last month.” Although Atlanta real estate is starting to show some potential for recovery, it will be a great while longer until all of the foreclosed and short-sold properties make way for more 'normal' properties in Atlanta.