Some parts of Georgia have successfully managed to handle the financial crisis. During the real estate heydays, the state only had a minimal appreciation in home values unlike other locales that had rates spurting in unprecedented levels. With the expected revitalized credit market, the state is poised to recover from the current property fiasco.

In fact, Albany’s home values appreciated slightly last year which is not dire at all given today’s drastic prices in other cities. RealtyOutlook.com expects home values to even appreciate by 1.8 percent due to low unemployment rates in the area.

However, some cities have failed to move together with Albany. Atlanta’s home prices are falling faster than other locations. Its financial centers have been beaten down by the credit crunch so the city is trying to restore values by encouraging more sales on its high inventory of houses. Both north and south areas are offering bargain properties amidst low buyer turnout. For this year, Atlanta’s home values are plummeting by 13.5 percent.

Augusta’s real estate situation is as sluggish as its nearby cities. Sales have already gone down prior to the bust so housing supply gradually rose. Today, home values are in a freefall with a forecasted 9 percent drop later in the year.

Savannah’s unemployment situation is worse that sent mortgage holders filing for foreclosure. The port city’s economy will be drowning in financial mess this year as companies try to avoid more losses by downsizing their workforce. Home prices are expected to drop by 8.5 percent in 2009.

Columbus is another wretched property market. More job cuts are expected to follow throughout the year which could affect home sales. Residents remain positive on foreclosure sales and short sales to keep home values from falling drastically. RealtyOutlook.com predicts an 8 percent drop in prices this year.