Real Estate

Atlanta home prices drop 12 percent

From the Atlanta Business Chronicle:

The average Metro Atlanta home value was down 11.6 percent year-over-year in June, according to the second-quarter Zillow Real Estate Market Reports.

The report, published Tuesday, shows the average value of a home in metro Atlanta was $149,300 in June, compared with a U.S. average of $186,500.

Metro Atlanta’s average home value for June was down 0.1 percent from May and was down 0.5 percent when compared with the second quarter of 2008.

Atlanta has been spared much of the beating that property values have taken in other cities, such as Miami, Las Vegas, and Phoenix. Down only a dozen percent looks mild in comparison.

Given the state’s quick foreclosure laws, it is more likely than not that Atlanta will see a recover in prices sooner than elsewhere as those foreclosure properties work through the system.

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