At first glance, the latest housing numbers for the metro Atlanta market look as lousy as ever. Home values here sunk 4.9 percent from June 2011 to June 2012, according to the Zillow Home Value Index. They’re expected to fall 1.6 percent more by June 2013.
Relatively speaking, though, metro Atlanta housing appears to be on a significant upswing. From June 2010 to June 2011, home values were down 16.2 percent, so the 4.9 percent drop in the past year and the projected 1.6 percent decrease in the next year represent a positive turnaround. “It’s still falling, but not as badly. It’s getting better,” said Svenja Gudell, Zillow senior economist.
By comparison, home values across America rose on an annual basis for the first time since 2007, turning up 0.2 percent in the past year. Home values in the U.S. are expected to increase another 1.1 percent in the next year. The most recent home value figures for metro Atlanta look even better than the yearly figures for the market. Values here were flat from the first quarter of 2012 to the second quarter, and they actually rose 0.5 percent in June from May.
Still, Atlanta lags many other cities. Nearly a third — 53 of 167 markets measured by Zillow — showed an increase in their home values in the past year. Metro Atlanta home values have been hit hard by a combination of an oversupply of housing and a large number of foreclosures.
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