Sunday, October 10, 2010

The Daily Progress Reports On Why Charlottesville Albemarle Home Prices Will Continue Declining For Years - "The New Normal" - Part V

The local newspaper has an article about the 225% YoY foreclosure increase, plummeting home prices, and the shadow inventory. 

The article locates the Charlottesville Albemarle real estate market in "reality"
  • many short sales 
  • increasing foreclosures
  • the growing "shadow inventory"
  • huge inventory overhang - every day more properties listed
  • few qualified buyers
  • vanishing private employment
--all of which mean declining home values.   And there's no way to predict the bottom, or the end.  Read.

 In the past, The DP has presented  the Charlottesville Area Association of Realtors quarterly reports that show plummeting home sales, glossed over the number of short sales and foreclosures, and simultaneously quoted local Realtors' hopes for a "recovery" or "rebound" that could always be "just around the corner."  The optimism seems to have been based on something other than the local or national housing markets and economies.

Related:
The New Normal in Charlottesville / Albemarle Real Estate - Multi-Part Series

1 comment:

Anonymous said...

Charlottesville Sales Down in September

http://www.nestrealtygroup.com/nest_report/charlottesville-area-real-estate-sales-down-again-in-september/