Barriers to entry in homebuilding are low in Atlanta. All you have to do to build a spec house is buy the lot, take the plans down to the county, get a permit and build.
Because the process is so simple and because land is relatively cheap there are several thousand small builders in the area who all build a few houses. In addition, the large builders are there too.
In short, Atlanta just overbuilt. It does it every 15-20 years or so. It overbuild in the late 1980’s, and once before in the early 70’s.
