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Hampton Roads area Chesapeake - Hampton - Newport News - Norfolk - Portsmouth - Suffolk - Virginia Beach
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Old 07-14-2012, 04:03 PM
 
Location: That Damn Beach
7 posts, read 18,813 times
Reputation: 16

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Came across this article. It says we're number 4 on the "Sickest Housing Markets in America" list.

Is the housing market in Hampton Roads THAT bad?
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Old 07-14-2012, 04:14 PM
Status: "Finally in Durham!" (set 27 days ago)
 
Location: Durham, NC
24,964 posts, read 35,638,248 times
Reputation: 35246
Quote:
Originally Posted by 2up2dwn View Post
Came across this article. It says we're number 4 on the "Sickest Housing Markets in America" list.

Is the housing market in Hampton Roads THAT bad?
It is likely a byproduct of the big pre-2005 jump in home prices. Housing prices should have never jumped as much as they did in HR when you consider the wage scale there. People simply can't afford to buy in HR with the type of jobs there. Basically what HR is seeing is a correction that will be painful but hopefully puts more people in position to buy.
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Old 07-14-2012, 08:02 PM
 
3,849 posts, read 8,301,406 times
Reputation: 2010
Actually, yes.

This explains a lot of it:

Quote:
but a disconnect between potential buyer incomes and housing prices in the Virginia Beach area seems to still exist. The metropolitan area has a median list price that is almost 25% higher than the national average, while median incomes there are only about 13% higher than the national median
I have seen some home prices come down but there is still a major glut of overpriced homes.
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Old 07-16-2012, 11:47 AM
 
1,210 posts, read 2,332,224 times
Reputation: 1188
Quote:
Originally Posted by 2up2dwn View Post
Came across this article. It says we're number 4 on the "Sickest Housing Markets in America" list.

Is the housing market in Hampton Roads THAT bad?
It would be very interesting to see if Military housing allowance is considered in these calculations for median income. There are a lot of folks around here with a tax free $1500+ a month to spend on housing that can skew those numbers quite a bit depending on how they are accounted for. We are also a coastal community which tends add a premium to real estate costs.

That said, housing basically doubled locally from about 1999 to 2005 (as the Dissenter alluded to), so it certainly could stand to come down a bit more in order to come in line with the historical averages.
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Old 07-16-2012, 02:35 PM
 
Location: Coastal South Carolina
6,104 posts, read 280,754 times
Reputation: 4603
I am hoping they come down so I can move back and afford something. Here in Charleston it is the same thing ...People still trying to sell houses for way too much. Housing is continue to fall, and has not bottomed out yet....
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Old 07-16-2012, 05:54 PM
 
1,713 posts, read 5,899,996 times
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Well, according to this article, the median price of homes sold in June in South Hampton Roads jumped 12.6 percent from the same month last year – the biggest annual increase in at least four years, according to a report released Thursday.
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Old 07-17-2012, 08:09 PM
 
Location: Virginia Beach, VA
91 posts, read 252,001 times
Reputation: 46
its terrible, you dont get any bang for your buck. better to go further south.
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Old 07-18-2012, 02:06 PM
 
1,477 posts, read 5,405,851 times
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We haven't even seen the worst of the housing market crash yet.... Sales are still flat even with unheard of low interest rates.... When the rates do increase we will see another major hit.
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Old 07-19-2012, 01:25 PM
 
Location: Virginia Beach, VA
5,517 posts, read 9,346,711 times
Reputation: 2542
They still havent came remotely close to my ballpark.
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Old 07-24-2012, 09:25 PM
 
3,849 posts, read 8,301,406 times
Reputation: 2010
Jennifer, my dear, spamming the forum with your website is not cool.
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