Tuesday, March 6, 2012

Once Again, Virginia Makes List of States Drowning in Negative Equity--Owing More Than House Is Worth

With Charlottesville's average prices dropping much faster than the national pace-- -29% v. -4%,--it's no wonder.  Though you wouldn't know anything about declining "home values" based on Tax Assessments.  Underwater details from Business Insider.  C'ville Bubble Blog post from November 2011.  This is an ongoing, significant problem for Charlottesville Albemarle sellers.


oulous said...

I have been looking at cville property in the last few months. My family might be moving there. I am disturbed to see that home prices are so high. In addition I have noticed that some houses are actually on the market at prices higher than the bubble peak. Are there really that many high paying jobs in the area to justify such high home prices?

downtownenvy said...

Oulous, Statistics would answer "no" to your question. We have lived here for close to 8 years, and we still rent. The market is creeping a bit closer to where we want it, and we've realized that lowballing and sticking with our price is going to be the key for us. This blog, and Jim Duncan's www.realcentralva.com will be a huge help to you in this market!! Good luck!!