No quick recovery for metro housing market

A for sale sign is shown out from of Jeff and Amy Kassen's three-bedroom home in the Brookhaven neighborhood Thursday afternoon in Atlanta, Ga., Nov. 10, 2011. They have lived in this house for five years and have outgrown it. The Kassens are willing to take a beating on their sale, hoping to make it up in the value they gain when they buy another house at a bargain price.

Values have fallen so far that many potential sellers have pulled homes off the market. Fewer than 38,000 homes were for sale in the 28-county area in July, the lowest total in nearly seven years. Distress sales will likely continue to make up a big part of the inventory for some time to come.

If monthly averages hold in November and December, nearly 110,000 metro homeowners will have received foreclosure notices in 2011, and most of those homes have not yet hit the market.

Those are some of the broader trends derived from key numbers that real-estate tracking firms spit out weekly, monthly and quarterly — along with construction permits issued, new homes started, numbers of foreclosures, existing homes sold and mortgages applied for. These metrics give consumers a brief snapshot of the market but leave them scanning the horizon for some larger sign of improvement or stability.

The Atlanta-Journal Constitution read multiple forecasts and studies from banks and industry groups, talked to local and national experts and metro home owners to sort through the deluge of information and gain insights into where the region is and what its future is.

Though Barclays Capital’s recent U.S. home market study cited metro Atlanta as one of the best bets for future housing growth, it also said the region must work through a market flooded with foreclosures and achieve a larger economic rebound for housing to recover.

Jim Grissett, an Emory University real estate professor and founding member of real 
estate investment company, The Parthenon Group, put it simply.

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Iowa firms default on job-creation pledge after receiving tax credits
Iowa firms default on job-creation pledge after receiving tax credits

The company expanded production, also receiving $350000 in forgivable loans. No jobs were created by June 2010. Des Moines: Meredith Corp. promised to relocate 70 jobs in Des Moines in 2005 as part of a $483018 tax credit contract.



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No quick recovery for metro housing market
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