AgentMarkets & Economy

Atlanta suffers triple economic whammy

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Earlier in the year, I had to be in Atlanta for a conference, and the venue was one of the grand hotels in the downtown area. Taking a break from all the talk, I took a walk toward the midtown area eventually stopping in front of Bank of America Plaza, which, at 55 stories, is the tallest building in Georgia. "Nice building," I thought to myself and then moved on. The next day, I scanned the news on the Internet and read that the tower had entered into default. I don't really follow the Atlanta market very much although I had read snippets of news about the tough economy there, and as far as the housing market was concerned, it always seemed to skip under the radar while almost all the focus was on the "sand states": Florida, Arizona, Nevada and California. Yet, the Bank of America folly was on the commercial side of real estate symptomatic of the general economy and the deflation of Atlanta's housing market. To get an understanding of what was happening i...