Federal report details Atlanta housing decline

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ATLANTA — A new federal report shows the Atlanta area's housing market continued to decline during the first quarter of 2009.

Data gathered by the U.S. Department of Housing and Urban Development examined housing construction in the 28-county Atlanta-Sandy Springs-Marietta metropolitan area.

The U.S. Housing Market Conditions report shows that during the 12 months ending February 2009, permits were issued to build 10,100 single-family homes, a decrease of 64 percent from the same period last year.

New and existing single-family home sales totaled approximately 48,700 units, down 14 percent from the previous 12-month period.

Rising inventories of unsold condominium units and vacant apartment units led to a sharp decline in multifamily construction.

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