According to Forbes Magazine, Virginia Beach and the surrounding area (called Hampton Roads; even though no one outside of this area would ever be able to mark "Hampton Roads" on a map) is the #6 "Best Place to Ride Out the Recession" and 1 of only 2 resort areas to make the list (Honolulu, HI was the other).
In the article, Joshua Zumbrun explains how coastal areas saw some of the worst booms of the housing bubble. This was probably due in part to the explosion of the 2nd home market and the "affordability" of these areas with interest only and adjustable rate mortgages.
According to Zumbrun, "In hindsight, if you couldn't live without the ocean, Virginia Beach may have been the place to buy. Home values have only dipped 4% in the past year".
In addition, he relays the following regarding the housing market in Virginia Beach:
Just 7.7% of the homes are "upside-down"
Median home equity is a healthy $70,031
Unemployment is 4.8% and jobs in the area are still plentiful.
Median income is: $36,692
On the other side of the country and the other side of the housing market, in cities such as Bakersfield, San Diego and Riverside, California - over 50% of the homeowners owe more than their houses are worth. Over 40% of the sales Las Vegas, Nevada and Fresno, California are foreclosures.
So, it looks like we are faring better than many other areas in the United States. Virginia Beach really is a great place to live and a smart financial decision too.
Tina in Virginia
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Tina Merritt and her Associates. can be reached at email: tina@nestrealtygroup.com or 757-287-6338.
Our Network consists of both buyer and listing specialists helping buyers and sellers in Southeast Virginia, Hampton Roads, Virginia Beach, Chesapeake, Norfolk, Portsmouth, Suffolk, Isle of Wight County, Hampton, Newport News and Poquoson, Virginia. In Southwest Virginia, the New River Valley, Blacksburg, Christiansburg, Radford, Pulaski, Dublin, Floyd, Narrows, Pembroke, Pearisburg, Glen Lyn, Rich Creek, Check, Hiwassee, Indian Valley, Parrott, Newport, Shawsville, Pilot, McCoy, Long Shop, Fairlawn, Wythe, Draper, Willis, Sowers, Elliston, Eggleston, Ironto, Riner, Auburn, Rogers, Giles County, Montgomery County, Floyd County, Pulaski County.
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Great subject line. 4% in the last year is really good.
Tina,
Great info about your market. Good And Postive Is What I Love To Here!
Steve - yes, we are very fortunate here.
Marcie - too bad our local media still hasn't picked up on this positive information!
Tina in Virginia
Tina Our market here in Prince William, but a high % of our listings are short sales or bank owned, Karen