brpinion

Home Prices May Be Nearing Bottom, Bank Equities to Follow?

One big reason loans will continue to default in mass is that no one can afford to sell their home. I live in a booming area of atlanta where a hugely successful residential/retail/hot... development broke ground 4 years ago. At that time condos sold by lottery (because there were so many willing buyers) for $430,000 to $490,000 are now being sold in foreclosure between $199,000 and $235,000!

Therefore, no one can afford to sell at a quarter million dollar loss. People can't move for new jobs or if their family expands. I have watched this disaster unfold and wonder if this is happening elsewhere. If you don't believe me look up "Atlantic Station" and the condo/hotel "Twelve" in Atlanta. Check out the prices on realtor.com