Housing market shows positive signs

The housing market in Central Virginia showed signs of improvement during the third quarter of the year, according to the Richmond Association of Realtors.

Home sales in the region rose 23 percent from the same period in 2010, and pending sales (a strong indicator of final sales) were up 11 percent as compared to the third quarter of 2010.

“The fact that the housing market in 2011 has outperformed the 2010 housing market through the first nine months of the year is amazing, considering that buyers had the inducement of a tax credit to spur their decision making last year and no such inducement exists this year,” said Cheryl Hamm, president of the Richmond Association of Realtors and Central Virginia Regional MLS. “Of course, sales prices continue to lag, but we've known all along that sale price would be the last indicator to turn around."

The main factors dampening the resurgence of home prices are the foreclosure inventory and the economic uncertainty of buyers and sellers, Hamm said.

“The continued presence of foreclosures in the market makes it difficult for sale prices to rebound when the region is viewed as a whole,” she said. “We are seeing some modest price increases in certain neighborhoods; we've even seen some multiple offer situations. In many instances, whether a home is selling and for what price is dependent upon the factors that have always been most important – location, the condition of the home, and the sale price.”

As major banks have resumed with processing foreclosures, an initial foreclosure uptick may be in store, but in the long run this will help promote the movement of foreclosure inventory.

"If positive economic indicators continue to show promise, consumer confidence should also improve, Hamm said.

“Can I predict what the fourth quarter will look like or how 2012 will shake out? No. The fourth quarter is typically seasonally slow, so I would not be surprised if that held true for this year as well," she said. "As for 2012, there are just too many variables abroad and here in the U.S. for me to make a prediction."
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Community

project:HOMES’ ‘Renew Crew’ helps Henrico citizen


The project:HOMES "Renew Crew" (above) recently assisted an elderly member of the Laurel Presbyterian Church in Henrico by clearing brush, trimming hedges and raking leaves in her yard.

The Renew Crew serves low-income, disabled and elderly homeowners in need of small-scale home repairs such as porch, railing and step repairs, exterior painting, clearing overgrown yards, tearing down outbuildings, wheelchair ramps and other critical repairs and accessibility modifications. > Read more.

Alzheimer’s Walk raises $436,000


More than 2,000 people participated in the the Alzheimer’s Association Greater Richmond Chapter's annual Richmond Walk to End Alzheimer’s Nov. 5 at Markel Plaza in Innsbrook. The event raised more than $436,000 for Alzheimer’s care, support programs and research.

The event is one of three walks that benefit the Alzheimer’s Association of Greater Richmond and is held in celebration of National Alzheimer’s Disease Awareness Month and National Family Caregivers Month.

Donations to the Walk to End Alzheimer’s will be accepted through the end of the year and can be made at http://www.alz.org/walk. In total, the three walks this year have raised more than $644,344. > Read more.
Entertainment

Weekend Top 10


The past couple of days haven’t felt like it, but it’s finally December and this weekend is packed with holiday events. Kicking the weekend off is Glorious Christmas Nights’ production of “Finding Christmas” at West End Assembly of God. Gayton Baptist Church’s annual Jazz Nativity starts tonight. Another annual favorite is tomorrow – the tree lighting at The Cultural Arts Center at Glen Allen. In search of Christmas concerts? The Virginians Barbershop Chorus will present its annual Christmas Show tomorrow at the Collegiate School and the Richmond Choral Society will perform Sunday at Trinity Lutheran Church. For all our top picks this weekend, click here! > Read more.

 

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The Hanover Concert Band will perform their annual Christmas Pops concert at 7 p.m. at the Hanover Arts and Activities Center in Ashland. The concert is casual and will feature musical selections of the Christmas season. Complimentary light food and beverages will be provided. Admission is free but guests are invited to bring non-perishable food items for the Central Virginia Food Bank. Family-friendly. For details, visit http://www.hanoverconcertband.org. Full text

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