Forbes Magazine made some great predictions for Atlanta Home Builders and residents in September. Some markets like Las Vegas and Phoenix are expected to decrease by 50%. Atlanta is predicted to see significant increases in 2009. This reiterates that now is a great time to buy real estate in and around Atlanta. Discounts on new homes are incredible at this time too. I know of several upscale subdivisions where they are selling for more $125,000 than they were a year ago. They won't last forever!
Although Forbes does list the number of foreclosures in Atlanta in early 2008, our continued steady job growth rates promise to to end our housing slump. In fact, next years prices are predicted to increase by 32.5% for single family homes around the metro Atlanta area. Multi-family home prices are expected to rise by 18.4% and the job growth will remain around the steady 2% yearly increase that has kept Atlanta afloat and the envy of the nation. We are placed at number 9 in a list of 10 "lucky Cities" that are predicted to experience long term recovery that will begin next year. Other cities that home prices are expected to rise are Oklahoma City, Minneapolis, Colorado Springs, Salt Lake City, Austin, Portland, San Antonio, Charlotte and Albuquerque. So while times may seem tough now, if we can just hold out for a little while longer, things should be looking up for the economy and the metro Atlanta housing market once again.
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