Atlanta: On the Brink?

Standard and Poor’s September Case-Shiller home price numbers are out, and once again they reflect a sharp decline in prices nationwide. Third-quarter prices have dropped 1.7% from second-quarter levels, and the year-to-year decline is at 4.5%.

Overall, this reflects the largest drop in the 21-year history of the index.

There is mixed news for Atlanta. While Atlanta is only one of five cities in which prices have risen year-over-year (at a whopping 0.4% from Q3, 2006), prices have fallen 0.6 percent from their August levels. In other words: Atlanta is precipitously close to joining the rest of the country in seeing a decline in average home values.