With 30% of this area's population transient, the 1-5 yr short term buyer was a market mover in condos, townhouses, and "starter homes." Now buyers have to plan to stay put 6-10 years.
The math just doesn't work when you know home prices are going to continue declining.
Just a small drop in price wipes out years of mortgage payments.
Helps explain the healthy single-family-home rental market in Charlottesville Albemarle.
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