Ga. States Rajeev Dhawan provided a forecast that in 2009 the Atlanta area is predicted to create 4,000 new jobs and then add 44,000 new jobs in 2010. He also notes a couple of items: 1. oil needs to come down in price and 2. the housing market needs to improve. (From the Forsyth County Herald, 9/10/08 edition)
As long as the Atlanta area produces jobs, I do think the real estate market will improve - as long as interest rates remain relativly tame. It certainly looks like oil is coming down, it appears China's damand for oil has decrased after the Olympics.
I think when gas is close to $4.00 per gallon and the stock market is down, unemployement is up and interest rates were going that it is no wonder consumer confidence is down - people feel like they do not have as much money. Now it looks like interest rates have droped in the last two days, gas seems to be coming down and hopefully the stock market is coming back - hopefully all of this leads to a better housing market.
So far in 2008 housing starts in the Atlanta area are down over 50%, which follows a 35% decrease the year before. I think once buyers starting buying homes at a stronger pace I think it will take a while for the builders to start building and it could work out well for sellers.
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