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Foreclosures drag down Atlanta real estate prices

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Flickr image courtesy of apple.white2010.Metro Atlanta home prices have fallen to the lowest levels in more than a decade, sinking under the weight of distressed properties. The region this spring ranked 15th in the nation in foreclosure filings, with 27,250 properties (1 in 79) in trouble, foreclosure data provider RealtyTrac reported. At the same time, home sales declined 34.1 percent year-over-year in March, to 2,404, but showed steady improvement in the past quarter, according to the Atlanta Board of Realtors. The median sales price of a home in March for the Atlanta metro market fell 12.9 percent, to $99,000, from a year ago, according to the latest report by the National Association of Realtors, while sales declined 6.5 percent year-over-year. Home prices continue to be squeezed by a glut of distressed properties throughout the 11-county region, which has been hit hard by the foreclosure crisis. The result: Home values in the Atlanta area are sitting at the lowest ...