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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Henrico Public Library wins Virginia Breast Cancer Foundation grant


The Henrico County Public Library system recently won the Virginia Breast Cancer Foundation's Library Grant Award, which provides funding, materials and programming from VBCF to help educate citizens about breast cancer.

The grant is given to select libraries in Virginia that apply and is intended to further the VBCF mission to educate the public about breast health and breast cancer. > Read more.

Pet Valu to open in Glen Allen Aug. 26


Pet supplies and accessories retailer Pet Valu will open at 5304 Wyndham Forest Drive in Glen Allen Saturday, Aug. 26.

The store will offer free samples, goody bags, refreshments, raffles and prizes and kid- and pet-friendly entertainment during its first day of business from 9 a.m. to 9 p.m. > Read more.

State issues warning about purebred puppy scam


Virginia Attorney General Mark Herring is warning Virginia consumers about an active fraud involving purebred puppies.

Herring's Consumer Protection Section recently has received a number of reports of consumers entering into agreements to buy a pet with a company they found online, later to learn the website and the company are a scam – and that no such puppy ever existed. > Read more.

Kaine, McEachin to host Service Academy Day


Congressman A. Donald McEachin (VA-04) and Senator Tim Kaine (D-VA) will co-host their Service Academy Day to educate high school students about the service academy nominations process, an honor awarded by members of Congress for students interested in attending a service academy after high school.

The event will take place Saturday, Sept. 16, from 10 a.m. to noon, at Matoaca High School, 17700 Longhouse Lane, Chesterfield 23838. It will provide an opportunity for high school students and parents to learn about the nation’s military academies, a career in military service and the nominations process. > Read more.

Red Cross, Sport Clips offer free haircuts to blood donors


The American Red Cross and Sport Clips are partnering to provide free haircuts to anyone who donates blood or platelets to the Red Cross during September.

Blood donors of all blood types, especially type O negative and O positive, are urgently needed to replenish the blood supply following a critical summer blood shortage. > Read more.

Henrico Business Bulletin Board

August 2017
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The Henrico Business Leaders will hold its monthly breakfast meeting on the second Monday of every month from 7:15 a.m. to 8:45 a.m. at The Westin Richmond. The speaker will be Honesty Brackett Liller, CEO of Henrico-based The McShin Foundation. Liller will discuss the opioid epidemic and how she helps others through the Foundation. Cost is $35 to $40 for guests; HBL members are free. To register, call 675-7502 or visit http://www.henricobusinessleaders.com. Full text

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