{"id":283,"date":"2012-12-07T16:17:38","date_gmt":"2012-12-07T21:17:38","guid":{"rendered":"http:\/\/www.l-a-k-e.org\/blog\/2012\/12\/valdosta-housing-prices-still-dropping-forbes.html"},"modified":"2012-12-07T16:17:38","modified_gmt":"2012-12-07T21:17:38","slug":"valdosta-housing-prices-still-dropping-forbes","status":"publish","type":"post","link":"http:\/\/www.l-a-k-e.org\/blog\/2012\/12\/valdosta-housing-prices-still-dropping-forbes.html","title":{"rendered":"Valdosta housing prices still dropping —Forbes"},"content":{"rendered":"

\nHouse prices in the Valdosta Metropolitan Statistical Area (MSA)\ncontinue to drop, and housing sales are still half what they were in 2007,\nsays Forbes.\nWhy do we need to build more subdivisions now?\n<\/p>\n

\nMorgan Brennan wrote for Forbes yesterday,\n\nCities Where Home Prices Are Still Getting Hammered<\/a>,\n<\/p>\n

\n

\nIn 2007 when the housing bubble first began to burst across the Sun\nBelt, Valdosta, like other Georgia cities, seemed somewhat immune.\n\u201cWe didn’t see decreases in our market until around\n2009,\u201d says Missy Sherwood, an associate broker for Coldwell\nBanker Premier Real Estate in Valdosta, a metropolitan area of\n140,000 about halfway between Atlanta and Orlando. Once the housing\ndownturn did take root in the area, though, prices began a 13%\ndownward march, as the jobs market contracted, the foreclosure rate\nballooned and buyer demand waned.\n<\/p>\n

\nToday Valdosta homes are still losing value: prices dropped 7% from\n\n<\/a>\nOctober 2011 through September 2012 and they are projected to shed\nanother 4% over the next 12 months. The area has an unemployment\nrate of 8.3% \u2014 higher than the national 7.9% average.\nScheduled defense spending cuts wrapped in the looming fiscal cliff\ncould have a negative impact on the local economy as well. \u201cWe\nstill have more houses on the market than buyers right now. It’s\ndefinitely a buyer’s market,\u201d concedes Sherwood, even as she\nclings to hopes that the market will begin to balance itself out in\n2013.\n<\/p>\n

\nValdosta is one of four Georgia metro areas\n<\/blockquote>\n\n\n

\n\u2014 along with\nGainesville, Atlanta, and Columbus \u2014 where home prices have\nnot only fallen this year but are likely to continue to drop\nthroughout the next 12 months.\n<\/p>\n

\n\u201cNationally we have been hearing that the housing recovery is\nunder way and prices are rising, but there are very few places where\nthat’s actually true,\u201d says Ingo Winzer, founder and president\nof Local Market Monitor, a Cary,N.C.-based real estate research\ncompany. Of the 316 housing markets Local Market Monitor tracks,\nonly 120 welcomed positive price appreciation this year (and most,\nby a tiny 1-2%). \u201cThere are a lot [of places] that are still\nvery near the bottom and some where prices are still falling.\u201d\n<\/p>\n

\n\n<\/a>\nMost of the major housing reports peg their price indexes to the\nlargest U.S. cities in terms of population. Looking at major hubs\nlike San Francisco, Washington, D.C., Miami, Phoenix and Dallas,\nit’s easy to see why economists trumpet rosy recovery projections\nand laud price appreciation. But real estate is incredibly local and\nwhile many major cities have begun to show signs of life, that\nnascent rebound has yet to manifest in many smaller markets \u2014\nlike Valdosta….\n<\/p>\n

\nIn Valdosta the number of foreclosure filings increased 21% in\nOctober versus the same time last year; in Gainesville activity\njumped 28%. Lenders in Georgia have saturated the marketplace with a\ntremendous amount of foreclosure inventory this year, causing a\ndramatic drop in prices across the state.\n<\/p>\n<\/blockquote>\n

\nKind of makes you wonder why there’s any urgency in even considering\n\nrezoning or changing the zoning code to put a subdivision near Moody AFB.<\/a>\n<\/p>\n

\n-jsq\n<\/p>\n","protected":false},"excerpt":{"rendered":"House prices in the Valdosta Metropolitan Statistical Area (MSA) continue to drop, and housing sales are still half what they were in 2007, says Forbes. Why do we need to build more subdivisions now? Morgan Brennan wrote for Forbes yesterday, Cities Where Home Prices Are Still Getting Hammered, In 2007 when the housing bubble first […]","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_links_to":"","_links_to_target":""},"categories":[14,8,19,21,22],"tags":[8704,8701,8709,1224,8702,12,7,244,245,8711,8712,1225,6],"class_list":["post-283","post","type-post","status-publish","format-standard","hentry","category-economy","category-georgia","category-history","category-planning","category-politics","tag-economy","tag-georgia","tag-history","tag-housing-bubble","tag-lake","tag-lowndes-area-knowledge-exchange","tag-lowndes-county","tag-metropolitan-statistical-area","tag-msa","tag-planning","tag-politics","tag-sun-belt","tag-valdosta"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p585fK-4z","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/comments?post=283"}],"version-history":[{"count":0,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/283\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/media?parent=283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/categories?post=283"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/tags?post=283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}