The presentation in the link below comes from Mr. Barry Merchant from VHDA who spoke to the Charlottesville Area Association of Realtors today.  Mr. Merchant reports:

  • The Charlottesville area market is likely to remain weak in 2010 and into 2011.
  • Home sales, while rising, are likely to remain below the pre-boom levels of the first half of this decade.
  • Prices will remain depressed until inventories are further reduced and the foreclosure rate declines.
  • The ongoing severity of loan defaults will depend on how much further unemployment rises, how long before jobs growth returns and the magnitude of further price declines. 

To view the presentation:
http://share.caar.com/Market%20Reports/Barry%20Merchant%2004Feb10%20Presentation.ppt