From the New York March issue: The Atlanta residential market took a major tumble toward the end of 2010, according to Atlanta Public Broadcasting. Home values in the metro area dropped 15 percent in the final three months of the year. According to data from Zillow.com, that drop in values led to more than half of single-family homeowners being underwater. Indeed, 51 percent of homes sold in December closed for less than the previous owner’s closing price, Zillow found. Stan Humphries, chief economist with Zillow, said that the data doesn’t bode well for the future. “Home values are now pushed back more than a decade to prices that prevailed really in the late 1990s, early 2000[s],” Humphries told the news outlet. “That’s a pretty sobering metric in that homeowners are usually loath to sell at a loss.” Click here for more.
National market report
Commercial and residential real estate news briefs from around the U.S.