My City Talk column today is about the slight year-over-year increase in Savannah metro area home prices and the likelihood that we could see prices change relatively little for an extended period of time. I cite Zillow’s latest estimates for…
Americans are driving less — a trend that started in 2005, before the recession. We’re increasingly seeing young American adults opt for living in places that provide a variety of transportation options, especially cities with significant infrastructure for bicycling and walking.
So what happens over the next decade or two, as aging suburbanites need to sell their homes? Will younger middle-class and upper middle-class Americans buy those homes in the numbers that will be necessary?
From the AJC’s More than 40 percent of Georgia homes are underwater: “The nationwide data, complied by Zillow at the end of last year, identified the worst 1 percent of ZIP codes in terms of the percentage of mortgage holders who owe more than their homes are worth. Georgia has nearly a quarter of those ZIP codes, most of them arrayed in a crescent around Atlanta’s southern flank. Michigan, the next hardest-hit state, has only half as many ZIP codes in the worst 1 percent.”
There’s a really interesting post by James Hamilton at Econbrowser that explores a central question of the housing bust: did those who were primarily responsible for making bad loans realize that they were making bad loans? In other words, did…
“Foreclosure sales in Georgia accounted for 38 percent of all residential sales in the state during the third quarter, according to a report released Thursday by RealtyTrac, the real estate research firm. Even though that’s a slight dip from the previous quarter, it’s still the highest percentage in the nation.”
A little over 10 years ago, I was flying back from London and had a long, long conversation with the man seated next to me. I had been to London to interview actor Jonathan Rhys Meyers for a now defunct Savannah-based magazine, and my neighbor had been there to pick up a cache of rare Emerson, Lake, & Palmer albums. Some interesting conversation ensued.