Click for larger image in new window. Gray areas are Recessions.
In the housing market, it has technically been a "buyer's market" (high inventory) in this area since 2007, but there have been slower sales and accelerating price declines since the expiration of the Federal Homebuyer Tax Credit April 30, 2010.
Of course, other elements besides unemployment contributed to this area's housing bubble bust: the rapid and unsustainable rise in prices, the debunked myth of the "protected market" (the idea there would always be buyers with UVA, defense, and medical as steady employers), no more easy credit, the exploded national belief that 'housing always goes up,' and this area's large and rapid rise in foreclosures at all price points.
Unemployment by City/County:
Image copyright The Daily Progress.
Past coverage of area unemployment:
September 2010: Local Jobs Vanish
Map of Layoffs in VA
Sept. 2009 Recession Unemployment