The Atlanta metro area has suffered though a long period of rising foreclosures. In 2010 filings increased 22% after jumping more than 40% the year before.
Home prices were dragged down about 6% in the last six months of 2010, and sellers followed suit, dropping their prices an average of 9%. Homes in Atlanta normally spend an average of 65 days on the market before getting a price cut, according to Trulia.
At least one real estate broker, Patti Junger with Coldwell Banker Atlanta, believes the market may be stabilizing now. She said sales were up by about a third in March, though prices are still soft. "Properly priced, homes are flying off the market," she said.
This listing didn't sell at $575,000 or $525,000 but went into contract almost immediately after its price was cut to $475,000, a 17% discount from its original list.
Any market recovery in Atlanta will be very modest, in Junger's opinion. She does not expect much more than 1% or 2% price gains over the next few years.
For more information: Coldwell Banker
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