- The Charlottesville Albemarle Area is highly transient--roughly 30% of the population leaves every year.
- Developers know many folks don't want to--or can't--buy and are responding to the need.
- The Short Term Buyer -- 0 to 5 years -- has exited the market, which means there are fewer "First Timers" and "Move Up" buyers than ever.
- This area has seen median prices drop significantly.
- And, since the area hit its peak years after the rest of the country in Summer '06, the drops aren't over.
- Now, nearly 1/3 of all Virginia homeowners are in negative equity.
Thursday, September 29, 2011
VIDEO: Is Owning a Home Still Part of the "American Dream?" Or Is Renting a Home A Cheaper, Faster Way to Achieve That Dream?
Nationwide, homeowners have lost 28% of their wealth since 2005 due to the burst of the housing bubble. In this area, folks have lost millions on foreclosures and negative equity. Makes renting seem attractive...especially when you consider: