The Atlanta real estate market continues to suffer as a result of the recession of 2008. Consumer confidence in Atlanta is low, home values are low, and there is a large inventory of new and foreclosed properties on the market. However, the credit crunch in Atlanta seems to be the largest problem for bringing about the recovery of the Atlanta real estate market. Housing is generally affordable now, but people who are interested in buying a new home now are having trouble getting the loans they need because lenders have greatly tightened their approval requirements. Most people now will have trouble seeking the financing they need unless if they can make a relatively large cash down payment or have perfect credit.
The Atlanta Journal Constitution has reported that the Atlanta real estate market continues to suffer, especially due to the credit freeze in Atlanta. To make things worse, many banks in Atlanta are not willing to reduce prices for foreclosed or distressed properties that they own, opting to wait for a more favorable market. Real estate experts believe that regulators will be needed in order to force banks to act accordingly to allow the Atlanta real estate market to begin to make a recovery. However, for private home sellers, the Atlanta Journal Constitution has noted that those homes are selling relatively quickly, primarily due to the willingness of the homeowners to be flexible with the home price. Although there haven’t been many promising signs of recovery in the near future, many real estate experts are optimistic that the Atlanta real estate will be poised for recovery sometime in 2010 or most likely 2011.
The Atlanta Business Chronicle has reported that according to a survey taken in the fourth quarter of 2009 by LoopNet, most people don’t expect a recovery in the Atlanta real estate market until 2011. Consumer confidence is reported to be down, and the number of people expecting a recovery in 2010 as opposed to 2011 is also down. Many people also expect that the Atlanta real estate market will continue to decline by about 11 percent in the coming months before bottoming out sometime around the second quarter of 2010. People also felt confident that the lack of access to debt financing was the number one obstacle to the recovery of the Atlanta real estate.