Looking at the data a little bit differently: Charlottesville MSA for this post is comprised of Charlottesville, Albemarle, Fluvanna, Greene, Nelson. Update 10 September 2009 … I’m still working on this … (w/ help from…
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Higher Loan Limits for the Charlottesville MSA
The national loan limits for Freddie and Fannie remain at $417,000, but because we are in a “high cost†area, our limits have been expanded to $437,000. … Now, the very good news is that FHA has raised their limits to $417,000 nationwide and $437,000 locally ( Charlottesville, Albemarle, Greene, Fluvanna, Nelson (excel file).
Quick market update for Charlottesville MSA
I have argued that we in the real estate world track the real estate market too closely, parsing short-term data and drawing immediate conclusions in a world that demands long-term analysis. With that caveat, this is some interesting data:From 1 January 2003 to 17 January 2003:120 properties went under contract and195 were listed *From 1 January 2004 to 17 January 2004:133 properties went under contract in and193 were listedFrom 1 January 2005 to 17 January 2005105 properties went under contract in and202 were listedFrom 1 January 2006 to 17 January 2006129 properties went under contract in and389 were listedFrom 1 January 2007 to 17 January 2007109 properties went under contract and351 were listedA quick look shows that supply is up, and demand is about the same. The first quarter market report is going to be interesting.*Albemarle, Charlottesville, Fluvanna, Greene, Nelson**I intend to include Louisa, Augusta and Waynesboro in the data this year, but … for historical data I need to exclude them, as they have only recently become part of our market and MLS.
Charlottesville MSA apparently is a risky place to get a loan if you’re a minority
Feel free to use a pseudonym.Pull the files from the top three local banks (or more), and compare apples to apples on applications – credit scores, income, debt ratios, the whole thing, and report those findings…. Now.More at Inman (paid subscription required after tomorrow) – interestingly,The study found greater racial disparities in high-cost loans made to middle- to upper-income minorities than to low- to moderate-income borrowers.Are the disparities found more at the huge national banks, or the small, private ones? I don’t want to speculate on which ones, but I’d say that the problems are likely the function of systemic breakdowns and the people involved rather than companies directing their lenders to discriminate.Hopefully this story won’t go away.If possible, I’d like to see a greater breakdown, by locality, of the numbers. The Charlottesville MSA comprises Charlottesville, Albemarle, Fluvanna, Greene and Nelson (and Louisa, although it’s not included in the numbers).Update 7/13/07: The Daily Progress has an article today that shows that raises three interesting points:1) Out-of-state lenders specifically targeting black borrowers may be the primary culprits.
Charlottesville MSA real estate still appreciating
Albeit slowly.
Vacancies in Charlottesville MSA
Taking inspiration from Inman’s article on housing vacancies …There are currently 1894 properties on the market in Charlottesville, Albemarle, Fluvanna and Greene. 583 of these are listed as vacant – right around 30%!Macro analysis at CR.
Charlottesville MSA is number 50!
In the whole country (282 total)Today’s release of the OFHEO’s data is interesting.Regarding the Charlottesville MSA*: Housing prices rose in the past 12 month period 9.73%; 1.25% over the past quarter and a whopping 80.35% over the past 5 year period. The 5-year increase is higher than our 2 closest MSAs – Richmond and Harrisonburg.