Foreclosed listing home prices have been slowly rising in Atlanta, despite the continued rise in foreclosure filings in the Atlanta, Marietta and Sandy Springs area.
According to a Seattle-based real estate research firm that monitors home prices nationwide, home prices in Atlanta rose by 2.6 percent in the July to September quarter compared to the previous three-month period. Prices though dropped when compared to the same three-month period in 2008, but the decrease rate is low at 2.8 percent.
Economists say that home price levels in the coming months will be crucial because they will indicate whether the market is really recovering or still in stagnation.
The best performing market in Atlanta during the quarter was Oxford, where home prices increased by a significant 25 percent over the past 12 months. Next was Walton County, where home prices rose by 20 percent.
Other areas of metro Atlanta however are still struggling. In Jonesboro, Lake City and Forest Park, house prices dropped by over 37 percent.
Compared to other metro areas, the Atlanta metro area ranked 53rd in a home price improvement chart for 156 large metropolitan areas tracked by the real estate firm.
Meanwhile, another real estate research firm reported that around 2.6 percent of houses in the Atlanta metro area are in default or in foreclosure and that many of these ultimately go into foreclosed listing home inventories. But the foreclosure rate in the area is still below the national average rate.
The increase in home prices was also observed by Standard & Poor’s and Case-Shiller. Their 20-city home price index for August showed an annualized increase of nearly 7 percent, marking the third consecutive month of continued recovery. The index reading increased by one percent from the previous month to 144.5.
While home prices dropped by 11.4 percent compared to August 2008, the rate of annual declines have been slowing down since February. The home price index by Standard & Poor’s for metro Atlanta rose by one percent from the previous month of July to 111.19.
It will be seen in the coming months how the rise in foreclosure filings in the July to September quarter will affect foreclosed listing home price levels in metro Atlanta. During this quarter, nearly 25,000 houses in the Atlanta metro area were notified of defaults or foreclosures, representing 1.2 percent of all residential units in the area.
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