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Newton County Home Prices Fall Again

Home Prices Fall

 

The results are in, and they’re not good…

Home prices fell sharply last year, according to Standard and Poor’s Case Schiller national home prices index released this week.  And a turn-around this year is not likely.

The industry suspected that housing prices were stabilizing about mid year last year, but that didn’t happen.  Neither the economy nor consumer confidence were strong enough to move the market in a positive direction.

Why won’t things get better during 2012?  It’s still terribly hard to get a home loan.  Unemployment is still high, at over 9.3 percent in Georgia.  Gasoline prices are rising, and the current administration is doing nothing to make things better. So those factors will continue to hold back both home buyers and sellers, and subsequently the price of homes.

Home prices are now nearly 34% below their peak of 2006, and are now back to what average home prices were in 2002.  And in metro Atlanta, home prices in December of 2011 – compared to December, 2010 – were down 12.8%.

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