Metro Atlanta home value in dollars went up through 11 months of 2009

Metro Atlanta home value in dollars went up through 11 months of 2009

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Atlantans, enjoy this breath of encouraging news for those individuals sitting on the fence in relation to selling their homes.   However, buyers you could not be purchasing at a better time.

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Zillow: Atlanta home values rising

Atlanta Business Chronicle

Metro Atlanta home value in dollars went up through 11 months of 2009, according to data published Wednesday by Zillow Real Estate Market Reports.

Atlanta’s total home value was up by $7.6 billion to a total home value of $322.2 billion through November. Atlanta had the fourth-highest gain of any metro area.

U.S. homes lost $489 billion in home values through November, significantly less than the $3.6 trillion lost during 2008, according to Zillow.

Forty-eight of the 154 markets tracked by Zillow showed gains in home values during 2009, with the Boston metro area showing the largest gain of $23.3 billion. The Providence, R.I., area was second on the list, with a gain of $12.4 billion.

The biggest home value losses, in terms of total dollars lost in 2009, were Los Angeles (down $60.8 billion), Chicago (down $49.6 billion) and New York (down $49 billion). The large overall losses were due to a combination of the high number of homes in these metro areas, along with decreases in median home values.

The stabilization in home values led to easing rates of negative equity in the third quarter of 2009, with 21 percent of all single-family homeowners with mortgages underwater, compared to 23 percent in the second quarter, Zillow said.

“Home values stabilized significantly during the second half of 2009, with the total dollar value of U.S. homes increasing since June,” said Dr. Stan Humphries, Zillow chief economist, in a news release. “Most housing markets across the country had a good summer, spurred largely by the government’s tax credits for homebuyers combined with very low mortgage rates. Unfortunately, we believe that demand will come under downward pressure as mortgage rates creep back up after the first quarter and that housing supply will experience upward pressure as the volume of foreclosures continues to remain high.”

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