Dan Forsman President and CEO of Prudential Georgia Realty was the special guest today for “The Local Hour Show” hosted by Katie Highsmith on WDUN 550AM. Dan shared insights on the local real estate market and some insightful forecasts for future trends.
This week has produced some major news for the national and local real estate markets.
- NAR reported that existing home sales dropped 27% to levels not seen since May of 1995.
- The Commerce Department reported that new home sales dropped 12% to the lowest levels on record.
- Trendgraphix reported a 37% year-to-year decline in closings for all FMLS counties in July.
- The Atlanta Journal Constitution reported today that only 5,000 new jobs have been created this year and unemployment is expected to remain above 9%.
Those are some gloomy numbers. Did you know that the atlanta real estate market is about the same for year-to-date closings as last year? The market is not really as bad as it may sound. In fact, the article that was published by the AJC forecasts a major rebound in new jobs for Georgia in the next two years with over 60,000 in 2011 and 78,000 in 2012. Demand for our real estate will be strong. We will work through our inventory of foreclosures and short sales. We will even see a seller’s market in a few years!
So what does all this really mean? Where is all this going? Should consumers be buying now? Dan has some interesting perspective to share. Just click on the audio player below to hear the broadcast.
Audio Podcast Available Below
Listen to the podcast from this articleTags: Atlanta foreclosures, Atlanta homes, Atlanta new homes, Atlanta real estate, atlanta real estate market report, Prudential Georgia Realty
