As I’ve mentioned before, the outlying Atlanta suburbs have really been hit hard by the housing slowdown. The subdivisions that seemed to sprout-up overnight in Forsyth and Fayette county, are now being referred to as “zombie” subdivisions, where only a few homeowners sit among acres of vacant, bank-owned lots. Hopefully, the bankd won’t be changing any of the subdivision names to “Dawn of the Dead.”
While there might be small examples of the “zombie” phenomena in the immediate Atlanta suburbs, like Dunwoody and Sandy Springs, it’s more common in the fast-growth counties. Here is an excerpt from an article in the AJC on the huge volume of vacant subdivisions in metro Atlanta.
To say the market has been sluggish would be an understatement. The main problem is sheer volume – a staggering 150,000 vacant housing lots across metro Atlanta are available, more than a decade’s supply at current absorption rates.
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