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Building permits trend upward in Fredericksburg area Date published: 6/13/2009
BY BILL FREEHLING The residential building market is showing some signs of life in the Fredericksburg area, though remaining far from the boom years of the mid-2000s. There were 94 permits filed in May to build single-family detached houses in the Fredericksburg area, according to the Fredericksburg Area Builders Association. That's the most since this past August and the first year-over-year increase since at least the end of 2006. There were 83 permits filed in May 2008. The increases were fueled by activity in Stafford County (37 permits this year, 24 last year) and Spotsylvania County (33 permits this year, 20 last year). The numbers don't come close to rivaling the amount of area building activity a few years back. There were 334 such permits filed in May 2006 in the Fredericksburg area, for example. Year-to-date permits are still down from last year. The area is defined here as the city and Spotsylvania, Stafford, Caroline, Orange and King George counties. The slowdown in building permits, while painful for home builders, is helping to bring down the inventory of area homes to healthier levels. There were 2,525 homes listed on the market in the Fredericksburg area as of the end of May, the lowest total since February 2006. Home sales also have showed signs of improving. There was about a six-month supply of homes on the market at May's sales pace. Housing experts generally consider four to six months to be a healthy supply. Area home builders have slashed their staffs to skeleton levels to survive the downturn. The building decline has also affected myriad industries dependent on the housing market. Some officials are also reporting recent increases in the number of major renovation projects at area homes, including along Washington Avenue in Fredericksburg. Bill Freehling: 540/374-5405
Date published: 6/13/2009
on exactly how many people are buying into a cheaper home before walking away from the mortgage on the one they bid up to 3x its actual value when they bought it.
no teachers laid off, no inspectors/planners laid off. In spotsy, Doug Walker and Hap Connors raised our taxes to offset their shortage (in the biggest economic downturn since WWII.
Hmmmm....how has the housing market affected local govt's?
Answer anyone?
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