virginia beach pictureAccording to Forbes Magazine, Virginia Beach and the surrounding area (called Hampton Roads; even though no one outside of this area would ever be able to mark "Hampton Roads" on a map) is the #6 "Best Place to Ride Out the Recession" and 1 of only 2 resort areas to make the list (Honolulu, HI was the other).

In the article, Joshua Zumbrun explains how coastal areas saw some of the worst booms of the housing bubble.  This was probably due in part to the explosion of the 2nd home market and the "affordability" of these areas with interest only and adjustable rate mortgages.

According to Zumbrun, "In hindsight, if you couldn't live without the ocean, Virginia Beach may have been the place to buy. Home values have only dipped 4% in the past year".

In addition, he relays the following regarding the housing market in Virginia Beach:

Just 7.7% of the homes are "upside-down"

Median home equity is a healthy $70,031

Unemployment is 4.8% and jobs in the area are still plentiful.

Median income is:  $36,692

On the other side of the country and the other side of the housing market, in cities such as Bakersfield, San Diego and Riverside, California - over 50% of the homeowners owe more than their houses are worth.  Over 40% of the sales Las Vegas, Nevada and Fresno, California are foreclosures.

So, it looks like we are faring better than many other areas in the United States.  Virginia Beach really is a great place to live and a smart financial decision too.

 

Tina in Virginia

 

 

 
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4 Comments on Virginia Beach - One of the Best Places in the U.S. to Ride Out the Recession!

NOV
15
9 Featured Posts

Great subject line.  4% in the last year is really good. 

1:45pm • #1
NOV
16
1 Featured Post Localism Sponsor

Tina,

Great info about your market. Good And Postive Is What I Love To Here!

2:08pm • #2
NOV
17
119,933 Points 11 Featured Posts Localism Sponsor Outside Blog

Steve - yes, we are very fortunate here.

Marcie - too bad our local media still hasn't picked up on this positive information!

Tina in Virginia

6:52am • #3
NOV
18
271,058 Points 1 Featured Post Outside Blog

Tina  Our market here in Prince William, but a high % of our listings are short sales or bank owned,  Karen

6:40pm • #4

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Tina Merritt - Virginia Beach Real Estate

Virginia Beach, VA

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Long & Foster Oceanfront - Virginia Tech Hokie

Address: 317 30th Street, Virginia Beach, VA, 23451

Office Phone: (757) 428-4600

Cell Phone: (757) 287-6338

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Tina In Virg…, Real Estate Professional in Virginia Beach, VA

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October 8th, 2009

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