Monday, July 9, 2007

NYTimes on Atlanta's slumping real estate market

Posted By on Mon, Jul 9, 2007 at 8:01 PM

Today's New York Times features an illuminating look at Atlanta's slumping housing market.

I knew that Atlanta's market was slumping, but I didn't realize just how badly. Apparently, local homeowners have taken an even bigger equity hit than people in the notoriously volatile California market:

And the equity that Atlanta residents have in their homes — the value of their house minus what they owe — has dropped 14 percent since peaking in late 2005.

By comparison, in California — the state where mortgage lending was most aggressive, real estate prices climbed fastest and homeowners have the highest debt burdens — home equity values have dropped about 10 percent from their peak in 2005.

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