…thanks to the mortgage crisis.

A report created for the U.S. Conference of Mayors shows that Atlanta’s GMP (Gross Metropolitan Product) will decline 0.6 points to 3% (a loss of $954 million) thanks to the current correction taking place in the real estate market.  As bad as this massive number may sound, Atlanta (thankfully!) does not to come close to appearing in the top 10 metro areas with the largest loss of GMP.  That honor belongs to New York City ($10 billion), L.A. ($8.3 billion) Dallas ($4 Billion) , Washington ($4 Billion) and Chicago ($4 Billion).

This shouldn’t be a huge shock to anyone, in Atlanta or elsewhere.  The real estate market continues to see the largest declines in areas that just a couple years ago, were producing the largest profits for investors.  While Atlantans used to shake their heads as valuations in Florida, California and other metro regions returned mind-blowing profits for investors, we should now be thrilled that Atlanta has seen a more modest correction (even if foreclosures are some of the highest in the country).

Thanks to all the mortgage lenders and people that over-extended themselves with mortgages they couldn’t afford.  This massive correction couldn’t have been possible without your support.