Atlanta Makes List of Highest House Price Declines in the U.S.

Atlanta Makes List of Highest House Price Declines in the U.S.

Atlanta made the top 5.  Unfortunately this was not a top five that Atlanta wanted to make.  The Associated Press is reporting Atlanta has the coldest housing market in the US

Five coldest markets:

1. Atlanta, down 12.1 percent.

The housing market is weighed down by 11 percent unemployment, partly due to heavy reliance on the construction and real estate markets. The market also has about a 12-month supply of unsold homes, which is about twice that of a healthy market.

Other cities in the Five Coldest Markets included New York, Las Vegas, Chicago, LA.  The report blamed the steep declines in home prices on foreclosures which sell well below housing prices of other homes on the market.  Obviously Atlanta still has a lot of foreclosure inventory to work through before the Atlanta housing market will recover.  The above average unemployment in Atlanta is not helping things.

The five hottest markets: Phoenix, Minneapolis, Miami,Denver,Washington.

U.S. home prices rose in June from the same month last year, according to the Standard & Poor’s/Case-Shiller home price index released Tuesday.