I recently went to Douglasville to attend a meeting of the West Georgia Board of Realtors, which draws real estate professionals from an area that has experienced dizzying growth in recent years.

I shared my thoughts with them and listened to what was on their minds. They acknowledge that activity has dipped in some sectors, particularly higher-end new construction, but they seemed to have an underlying sense of confidence. One reason is the inherent value of atlanta real estate.

As long as people keep moving to the Atlanta area, we will need more housing. I think the demand for clean, decent, affordable housing will be strong as we move into the second decade of this century.

Unlike the stock market, most buyers don't jump in and out of Atlanta real estate. Because there are relatively high transaction costs, most buy with the intention of holding their property for at least several years.

Most owners don't sell because of an indication that prices may be fluctuating. Instead, most move only when their family needs change. This lends stability to the Atlanta real estate market. It is best to think of real estate as a slow, steady performer.

I believe that the current slowdown in the nation's housing market, including that of metro Atlanta, was necessary. I also believe it will be temporary. And I expect a rebound in most parts of the country next year. Some of the most overheated areas may take longer to experience recoveries.

One of the great benefits of being a long-term owner of any Atlanta real estate is that you can take advantage of interest-rate cycles. And you can do it more than once. This is good because you can refinance when rates are low.

For example, if you bought a home in December 1994, the rate on your 30-year loan would likely have been 9.2 percent or more. But since then, you would have had multiple opportunities to refinance at rates as low as 5.2 percent, thus substantially lowering the cost of ownership. And that rate advantage stays with the owner as long as he chooses to keep the house.

This opportunity to "reset" the interest rate at advantageous times is a powerful benefit not available with most other investments. Because rates still are low, now is an excellent time to make that move.

The tax benefits of real estate will continue to make it extremely attractive as a long-term investment. Where else can you borrow money at a low interest rate to make an investment, get a good tax deduction, work hard to improve its value, live in it for two years, then sell it for a nice profit and pay no income tax on the profit?

If we agree that the greatest expense most working Americans will ever have in their lifetimes is taxes, then owning a home is almost needed to enter the middle class.

Ownership often translates into strong- er neighborhoods and families, better schools and better outcomes for students. In addition, neighborhoods with higher rates of ownership tend to have lower crime rates.

For most Americans, owning a home is the best investment they have ever made. According to studies by the Federal Reserve, about $11 trillion of the $50 trillion in U.S. net worth is home equity. Yet for most home-owning families, it is more than half of their net worth. In addition, home equity wealth in America is far more widely distributed by income than, for example, stock market wealth.

Our much looked for soft landing of the housing market is here, though it's probably going to be a bit rough for the next few months. But I believe that the fundamental strengths of real estate are still the same as they have been for the past three decades and that metro Atlanta is relatively well-positioned to rebound next year.

I think it's interesting that Atlanta's winters have traditionally been a season for agents to take off and spend time with family as home buyers typically waited until the dogwoods bloomed in spring to make housing decisions. But that hasn't been the case in recent years, when year-round frenzy has become the rule.

The slowdown we are seeing today is a good thing when viewed in the long run. The rise in prices seen in some parts of the country was simply unsustainable. This correction will allow incomes an opportunity to somewhat catch up with prices.

But anyone looking for a popping bubble may need to look in other markets. Atlanta will likely survive and emerge a stronger, leaner and wiser housing market.