With deep price cuts to close deals and slow house sales, it is a buyer's market here, according to Zillow.
New information from the online real estate company shows the number of homes selling in the city has hit a 5-year low.
The value of homes in the city has also tumbled. Nearly nine out of 10 homes sold are valued less then they were in 2008. Figures for the Jefferson Park neighborhood were not available.
And home prices are dropping about 15 percent every 30 days, according to Zillow's statistics.
The percentage of homes selling in East Point hovers around 6 percent, the lowest level since 2003. Sales of homes peaked in early 2007 when 9 percent were sold. In Metro Atlanta and Georgia, the figure is 3 and 4 percent, respectively.
The latest numbers shows close to 70 percent of homes sold in East Point are being bought for less than the previous owner paid. (That figure excludes foreclosures.) The same category for Georgia shows 27 percent.
Desperate for some good news? Try this, the bleeding may have stopped or at least slowed. Home values appear to have hit bottom. The figures form Zillow show values are inching up, ever so slightly.
Zillow is a an free online real estate company. Its figures used listings on its Web site and are based on its July' market reports.
