GA: Atlanta Home Values Dropped to 1999 Levels in 2010

Home values in metro Atlanta fell 15 percent in the final three months of 2010. That’s according to real estate company Zillow, which tracks home prices nationwide. By comparison, homes values only fell 6 percent nationally.

More than 54 percent of single-family homes in Atlanta are worth less than their owners owe on them. What’s more, 51 percent of the single-family homes sold here in December sold for less than the owners had originally paid.

Stan Humphries, chief economist for Zillow, said the numbers speak for themselves. “That’s a pretty sobering metric in that homeowners are usually loathe to sell at a loss,” he said.

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