Atlanta housing bust
Writer, The PaperEconomy Blog
'SoldAtTheTop' is not a pessimist by nature but a true skeptic and realist who prefers solid and sustained evidence of fundamental economic recovery to 'Goldilocks,' 'Green Shoots,' 'Mustard Seeds,' and wholesale speculation.
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The spring and early summer of 2009 was an optimistic period for home buyers in Atlanta… The weather was described by some to be “fantastic”, the worst of the economic/housing decline was said to be over and the Feds were doling out cash for first time home “buyers” like casino bucks.
Home prices boomed increasing 14% between just April and late July but little did these unwitting “buyers” know that the government’s tax-carrot was dangled over an abyss of asset price deflation.
The trend topped out in early August and slid back to the lows by mid-September.
Worse yet, even the first expiration of the first time home buyer tax gimmick couldn’t prevent a further decline as home prices continued to slide to where they sit today at a low for the series (lower than at any point in over 10 years) some 36.66% below the peak level seen in June 2007 and 21% below the level seen at the mini-peak of the summer of 2009.
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