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REAL ESTATE

MARKET
Home sales “Housing prices have fallen, mortgage
rates are modest and regional incomes
Old Dominion University
published its

are on the rise.


10th Annual State of the
have been rising, albeit not by a lot. Region Report
October 13, 2009.
The bottom line? The data tell us this is We’re pleased to share
excerpts from this
% INCREASE IN PENDING SALES one of the best times in recent decades year’s report.
REAL ESTATE
2009 OVER 2008 to purchase a home.”

MARKET
50% - Old Dominion University’s 10th Annual State of the Region Report
45.46%
45%

“While many factors


HOUSING AFFORDABILITY IN HAMPTON ROADS
40% MONTHLY PAYMENT FOR A MEDIAN PRICE RESALE HOUSE

determine whether one


AS A PERCENTAGE OF MEDIAN HOUSEHOLD MONTHLY INCOME
45%

35%
chooses to own or rent... 40%

the general economics


35.5%
30% 35% 33.4%
31.9%
of owning a home are
30.8%
30%
25% 22.85%
about as favorable in 25% 24.9%

2009 as in 2001...”
21.5%
20% 20%

15% 15%

10%
10%
5%

5% 4.89% 0%
1979 1989 1999 2006 2008 2009
Source: Old Dominion University Economic Forecasting Project
0%
“The data tell us this is one of the
JUL ‘09 AUG’09 SEP ‘09

best times in recent decades to


Source: REAL ESTATE INFORMATION NETWORK, INC.

purchase a home.”
“The increased
“Since 2006, median
affordability of housing household income needed
enhances the pool of to pay the principle and
interest on a mortgage for the
buyers eligible to purchase of the median-priced
purchase homes in home in Hampton Roads has
Hampton Roads...” fallen by one-third. Indeed,
regional housing is at its most
and is not very far away from
its most affordable scenario in
affordable level in 10 years the past 30 years.”
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