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Bill Freehling is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Bill Freehling.

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October 22nd, 2008, 10:53 am

Housing data

The Virginia Association of Realtors held a conference call this morning to discuss third-quarter housing data statewide. You can read the full report here. Statewide the housing market is holding up fairly well. Median sales prices statewide rose slightly in Virginia compared with the third quarter of 2007. But it’s a different story in Northern Virginia, where 80 percent of the state’s foreclosure activity is occurring. In the Fredericksburg area and throughout Northern Virginia, there were double-digit percentage drops in median sales prices last quarter as well as double-digit gains in sales. The trend was most extreme in Prince William County, where home sales rose 144.6 percent last quarter while median sales prices fell 42.4 percent. It seems falling prices are bringing out buyers. For more on this story, see tomorrow’s Free Lance-Star.

Permalink: http://news.fredericksburg.com/businessbrowser/2008/10/22/housing-data/

  • markofzorro

    The house-values need to drop another 50 percent before they are fair. All those prices that went up during the housing-bubble need to come down to right where they were before the big bubble.

  • lulu0202

    Tell that to people who bought a house here during the bubble. Why is it fair for them to lose a fortune on their houses?

  • pooh

    A house to me is a place to live. It’s not a piggy bank. My house has dropped in value but I still have a home I love to live in. If you can’t afford it ……don’t buy it.

  • jaeshuan

    Oh well.. thats what a combination of greed and stupidity get you.

  • jaeshuan

    Oh well.. thats what a combination of greed and stupidity get you.

  • lulu0202

    No, it’s not greed or stupidity. Greed came from people who sold their houses at astronomical profits. A home should at least hold it’s value, if not appreciate at a reasonable amount. I don’t think anyone wants another housing bubble or huge run-up on prices, but prices should not go down further. That doesn’t help anyone – homeowners, local government, etc… Use some common sense, the economy will never recover if housing prices keep falling.

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