Trends in the Virginia Housing Market 2008 Report By Lisa A. Fowler, PhD And John C. McClain, AICP Senior Fellow, Center for Regional Analysis
Highlights •
Virginia’s economy and housing market continued to perform reasonably well in light of the national recession and housing market declines as 2008 came to a close.
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Very positive signs in the housing market in the 3rd quarter were tempered somewhat in the 4th quarter, but sales were down only moderately.
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On an annual basis, prices were essentially flat in 2008 compared to 2007, a performance far exceeding most parts of the country. State-wide the median price was down by a modest 1.2 percent
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Performance of the housing market varied across the state, with the severest problems in the Northern Virginia suburbs of Washington. It is in the Northern Virginia area where the foreclosure problem is the worst.
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Many efforts are underway at the national and state policy levels to intervene in the market situation, and these efforts are expected to gain traction as 2009 progresses.
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