From: HUD USER News
HUD USER has posted a Comprehensive
Housing Market
Analysis report for the Chattanooga,
Tennessee-Georgia
housing market area (HMA). Coterminous
with the
Chattanooga, Tennessee-Georgia Metropolitan
Statistical
area, the HMA contains Hamilton, Marion,
and Sequatchie
Counties in southern Tennessee and
Catoosa, Dade, and
Walker Counties in northwest Georgia.
The regional economy is largely based
on the government,
trade, manufacturing, and the education
and health
services sectors. Nonfarm employment
has been slow,
increasing at 0.4 percent a year since
2000. A new $1
billion Volkswagen Group of America,
Inc. assembly plant,
however, scheduled to be completed
in 2011, is expected
to increase employment in this sector
by an average of
1.5 percent annually between January
1, 2009 and January
1, 2012.
Housing sales in the HMA are currently
weak, with an
excess inventory of unsold homes. During
2008, the median
price of a new home fell by 9 percent
(from $145,200 to
$131,900), while the median sales price
of an existing
home increased by 5 percent (from $130,000
to $136,600).
Rentals are also weak, with a vacancy
rate of 8 percent.
Compiled by field economists in HUD's
Office of Policy
Development and Research, this report
presents economic,
demographic, and housing inventory
data that are useful
in foreseeing changes in the housing
market. Our analysis
describes the Chattanooga, Tennessee-Georgia
HMA from
1990 to 2000 and from 2000 through
2008, and projects
anticipated market activity during
the three-year period
from January 1, 2009 to January 1,
2012.
As with previous CHMA reports examining
housing market
areas across the nation, this analysis
is available
at www.huduser.gov/portal/publications/econdev/mkt_analysis.html
and can be downloaded at no cost.
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Please contact us at:
HUD USER
P.O. Box 23268
Washington, DC 20026-3268
1-800-245-2691
1-800-927-7589 (TDD)
202-708-9981 (fax)
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