BiggerPockets

Prices of Repo Homes and Other Residences Dropped in Atlanta

Saturday, December 31

The prices of repo homes and regular residential properties in Atlanta, Georgia, fell during the fourth quarter of last year compared with year-ago levels. When compared with the 2010 third quarter, prices also posted a drop, but not as much as the yearly decline. Prices at the last quarter of 2010 also reached their lowest level since 2006.

Prices of houses sold at Atlanta home foreclosure auction and at non-foreclosed sales channels declined by 8% during the October-December 2010 period compared with the same quarter of 2009. When held against price data for July-September 2010, the drop was a mere 0.9%. The decline in metro area prices were mirrored at the national level as prices all over the U.S. plummeted in the last quarter of 2010.

Properties sold at home foreclosure auctions in Georgia were not the only ones that posted a decline in prices during the 2010 fourth quarter. Nationwide, house prices dropped by 4.1% last quarter compared with the 2009 fourth quarter. Moreover, nationwide prices have dipped to a level similar to rates recorded in the 2003 first quarter.

According to housing industry analysts, despite an economic improvement, the residential property sector continues to exhibit signs of weakness, with prices of repo homes and non-foreclosed dwellings continuing to decline in most U.S. markets. There is one glaring difference from previous periods though, analysts have stated. According to them, between 2006 and 2009, prices in majority of U.S. metro areas climbed or declined together, with most of them moving in the same direction.

Last year, however, prices of foreclosures in auction and selling rates of non-foreclosed residences vary from one state to another, with some posting massive declines while others recorded big increases. In California, for example, prices have recorded big gains after several years of floor prices. Meanwhile, areas like Phoenix, Miami, Tampa and Las Vegas recorded their lowest price levels in December 2010.

For areas that entered the foreclosure crisis later than other regions, such as Charlotte, Oregon, Seattle and Atlanta, prices of regular houses and repo homes hit new lows during the last month of 2010. Dallas, another market that experienced the foreclosure crisis later than others, was able to maintain prices above its record low posted in February of 2009.

Original Post: Prices of Repo Homes and Other Residences Dropped in Atlanta on Foreclosure-Auction.net.

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