Housing
- Submitted by: kalona0529
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- Category: Politics: Economics
- Date Submitted: 11/04/2012 05:18 PM
- Pages: 3
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RESIDENTAL HOUSING
RESIDENTAL HOUSING
Real estate industry has experienced a serious drop in the state of Georgia in residential housing which it has decreased property value and increased foreclosure rate.
Everything is affected by the by real estate industry just not the housing, job market in my opinion that starts the domino effect with the economy. According to Southeast Real Estate Business Metropolitan Atlanta’s economy has experienced the effects of a prolonged national recession that struck at the core of the area’s diversified economy. (Lynn Leonard, 2004)
With the increase in jobs come the increases in demand. With job lay-offs and unemployment at the lowest that starts the trend of foreclosure on housing with a decrease in property value.
Foreclosures were on the rise because of the lay-offs, payments that was not being paid on time or not being paid at all. Low interest rates and demand have turned consumers to renters instead of buyers. Consumers are looking at special deals such as free utilities or anything that will give them a benefit. Instead of buying houses consumers are turning to leasing or renting with the option to buy. This is partial due to their credit rating. Along with the rise of foreclosures comes the decrease in credit scores, interest rates drop during this time to help out with the economy. Sellers during this time try to develop incentives or specials to bring consumer to purchase or rent. The change and make different strategies in order to entice the consumers
Atlanta remained the top growth area nationwide for population with 108,000 new residents, new housing permits and income levels that grew 10 percent over the national average in the last 5 years. The number of new business relocations and expansions remained stable with 170 new operations, which created 4,690 new jobs and absorbed 4.8 million square feet of space. (Lynn Leonard, 2004) The supply and demand of the economy is not one...
RESIDENTAL HOUSING
Real estate industry has experienced a serious drop in the state of Georgia in residential housing which it has decreased property value and increased foreclosure rate.
Everything is affected by the by real estate industry just not the housing, job market in my opinion that starts the domino effect with the economy. According to Southeast Real Estate Business Metropolitan Atlanta’s economy has experienced the effects of a prolonged national recession that struck at the core of the area’s diversified economy. (Lynn Leonard, 2004)
With the increase in jobs come the increases in demand. With job lay-offs and unemployment at the lowest that starts the trend of foreclosure on housing with a decrease in property value.
Foreclosures were on the rise because of the lay-offs, payments that was not being paid on time or not being paid at all. Low interest rates and demand have turned consumers to renters instead of buyers. Consumers are looking at special deals such as free utilities or anything that will give them a benefit. Instead of buying houses consumers are turning to leasing or renting with the option to buy. This is partial due to their credit rating. Along with the rise of foreclosures comes the decrease in credit scores, interest rates drop during this time to help out with the economy. Sellers during this time try to develop incentives or specials to bring consumer to purchase or rent. The change and make different strategies in order to entice the consumers
Atlanta remained the top growth area nationwide for population with 108,000 new residents, new housing permits and income levels that grew 10 percent over the national average in the last 5 years. The number of new business relocations and expansions remained stable with 170 new operations, which created 4,690 new jobs and absorbed 4.8 million square feet of space. (Lynn Leonard, 2004) The supply and demand of the economy is not one...