Home values down, but Atlanta enjoying steady relocation

Home prices in Atlanta will likely continue to be repressed because of foreclosures, but the area has enjoyed a steady stream of people relocating there for work.

A handful of local real estate experts made their predictions for the future of the Atlanta real estate market at a meeting of area brokers, reported the Atlanta Business Chronicle. Most agreed that high regional unemployment will lead to more foreclosures and lower home prices, but they were encouraged with the level of workers they've seen relocating to the area.

"Demand from the relocation buyer is starting to pick up, as their house in the trailing city is starting to sell," said Kevin Levent, president and CEO of Better Homes and Gardens Real Estate Metro Brokers. "We're seeing the willingness of the corporations to transfer people, and that is a very expensive proposition, especially if you can't sell the house [in the original market]. Companies would have to buy that house."

Experts also expressed concerns that the youngest generation of homebuyers have largely soured on homeownership. Moving into a new home is not as high a priority to Generation Y, said the report.

That's a sentiment also being felt by many of the nation's renters. A recent Trulia.com report found that nearly a quarter of today's renters never plan on purchasing a home.
 

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