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Since the 2006 housing bubble burst, the country has seen a decline in homes prices. Though dropping home values are bad for homeowners, an economist expressed in an op-ed for the New York Times this dip in prices might yield a unique opportunity to get a better home for less.
Home prices are declining because millions of homeowners have been foreclosed.
"Nearly 15 million homeowners owe more than their homes are worth; in this group, about half the mortgages exceed the home value by more than 30 percent," said Feldstein.
One area where many foreclosures have taken place since the housing crisis began is Atlanta. The Atlanta Business Chronicle reports average home price during August was valued at $121,700 – down 10 percent from the same time last year.
These low home prices, paired with historically low interest rates, could lead to extensive purchases of Atlanta homes for sale.
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