Norfolk, where are the former Short Sale/Foreclosure owners living? It looks like they are living in apartments. Apartment construction is booming as City Council just approved rezoning for 180 apartments called Meadowood just off North Military Hwy/International Blvd. This would make the 7th apartment complex that has approval or has opened in the last year.
More people who would have bought in the past are now renting. Many military personnel are only here for two or three years and have decided to rent instead of getting into the housing market also. Of course all of this only adds to the glut of homes on the market. Hopefully this will turn around in 2011.
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