Charlottesville's Real Estate Blog. Buyer &/or Seller Representation, Real Estate News
today from four fifteen to five o’clock pm – please feel free to let me know in advance if there are any topics or questions you would like us to discuss or call in – 434-977-1070.
…Since 2006 there have been more than 1.5 million layoffs from home builders – that’s more than 3x the total number of UAW members (and that 1.5 million figure doesn’t include suppliers).
My definition of Shadow Inventory, specific to the Charlottesville market – Homes that are still for sale but have been withdrawn from the market for any number of reasons – to make the home appear less “stale,” to take a break for the holidays, or most likely – because the seller was unable to sell the home and was able to rent it, even though that rent may or may not pay the monthly mortgage … … I’m working on finding how many housing units we have in the Charlottesville area … as I noted earlier this year , Albemarle County and the City of Charlottesville had .03% and .02% respectively of housing inventory as being in foreclosure … if that were to triple (and I suspect this might be likely), we’d have a real shadow inventory issue to deal with.