Bloomberg just released an article with information from Barclays Capital stating that housing markets such as Phoenix and Atlanta. where foreclosures have been plentiful and home prices have sharply declined since the housing bubble burst, are the best potential markets for the sale of new homes. In fact, they report that Atlanta has the potential to build 47,317 new houses a year, followed by Phoenix with 46,485 and Dallas with 33,997.
“Regions that have pushed foreclosures through the pipeline quickly should see demand for new homes earlier than those that have allowed their backlog to grow,” says Meli, Fole of Morris and Tayon.
This is great news for Atlanta homebuilders and others involved in the residential construction industry as at present the possibly of building and selling 40,000 home a year seems to be a bit out of reach. The Bloomberg story did not disclose when they anticipate Atlanta would reach this level of building again. If you have any ideas or further information, please comment!