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I am the Broker/Owner of Harper Real Estate and have been in the Atlanta Real Estate Market for 15 years. This is the worse market that I have seen in that time. What does this mean and what caused it, well there are a lot of factors. Yes, the mortgage market helped. Too many buyers were sold a dream of owning their own home and were tricked into how they could buy them and afford them. The mortgage companies are largely to blame for this by coming up with ARM loans that allow someone to qualify for a rate that was only good for one year or two and then with a rate adjustment after that period. The funny thing is the buyer could never qualify for the adjusted rate and the loan would have not been underwritten if that was the original rate in the first place. Our local foreclosure market has doubled and mostly from these types of loans. There are other factors that have contributed to the housing market conditions like over building and investors committing mortgage fraud, then you also have the usual home owner who lost their job, bad times and what ever else we have seen for the previous 100 years. I will be writing more about the current market and how it might be changing and what to expect as we get into this election year. Please post your questions and comments and I look forward to speaking soon!