Not necessarily in order of importance:
1 – Gas Prices
2 – Foreclosures (What if Virginia becomes a judicial foreclosure state)?
3 – Short sales, continuing decline of market value (I think we’re looking at ~ 5% – 7% decline this year)
4 – Realtor Competency
5 – Confidence.
6 – Federal Governments’ interference
7 – Employment rates – at UVA, NGIC, DIA, State Farm, etc. and all of Charlottesville areas’ small businesses.
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You think there is another 5-7% decline in Charlottesville’s residential prices in store for 2011? Here in Minneapolis, we are seeing some signs of inventory absorption (maybe artificial?), and I was assuming that the greater D.C. area was a year “ahead” of us in regards to leading the nation out of the housing slump.