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Fredericksburg-area home sales show solid growth in second quarter Date published: 7/24/2009
BY BILL FREEHLING
Fredericksburg-area home sales had the best year-over-year growth rate in Virginia during the second quarter, according to the Virginia Association of Realtors. Fredericksburg-area home sales rose 25.2 percent to 1,222 in the three months ending June 30 compared with the same period the year before, according to a VAR report out yesterday. That bested sales growth in all other areas of Virginia. Median sales prices fell 24.2 percent in the area during the second quarter, however. Foreclosures and short sales comprised about half the total sales and dragged prices lower. The Fredericksburg area includes the city and Caroline, King George, Spotsylvania and Stafford counties. The rebound in sales accelerated in the Fredericksburg area as the quarter went on. June sales were 35 percent higher than in June 2008. The U.S. housing market had similar results in June, according to a report out yesterday that appeared to drive stock prices higher. Sales of previously occupied homes in the U.S. rose for the third month in a row in June, the National Association of Realtors reported yesterday. That hasn't happened since early 2004, during the boom. "The turnaround in the housing market appears finally to be here and indeed may be gaining some speed," wrote Joel Naroff, president of Naroff Economic Advisors Inc. U.S. home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Sales were up in all four regions of the country. It was the highest level of sales since last October and beat economists' expectations. About one of three U.S. homes sold in June was foreclosure-related, down from nearly half earlier this year. The glut of homes for sale dwindled to 3.8 million, a 9.4-month supply at the current sales pace and an important sign of recovery. There was about a five-month supply of homes in the Fredericksburg area at the end of June. --The Associated Press contributed to this report. Bill Freehling: 540/374-5405
except, of course, those Americans without health care -- but who cares right? Wall Street is making money Hurrah!
the poor performance of Obama in his news conference and
the possibility that his ridiculous health care bill would fail. It
made everyone very happy.
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