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Pieces of
2012
Virginia Housing Market
Report
V I R G I N I A A S S O C I AT I O N O F R E A LTO R S
A LO OK AT
Thanks for taking a look at Pieces of Home, the Virginia Association of Realtors look at the past year in housing. Here youll find plenty of charts, graphs, and numbers, but those are only the framework for the real story. Housing turned a corner in 2012, and signs of recovery were evident, not only in the numbers but in consumer sentiment. It was a year of improved household balance sheets and increased business investment; it was a year we saw home values rise and foreclosures fall. Houses were selling again a good sign. Yet: Credit availability remained tight as lenders awaited the uncertain effects of new regulation, making it more difficult for many buyers to get a loan; The inventory of homes for sale in Virginia dropped to the lowest levels in years, the result in part of many underwater borrowers who were choosing not to sell their homes if that meant taking a loss; Ongoing uncertainty over our countrys finances, and the effect any deficit reduction deal would have on homeownership tax incentives, kept some buyers on the sidelines. In short, theres good news from 2012 better news than weve seen in five years but theres also concern for the future of this emerging recovery. So check out the numbers here and be hopeful, but also know that this recovery is still fragile, and its sustainability will depend largely on how our federal government deals with the fiscal and regulatory issues it now faces.
TABLE OF CONTENTS
03 07 08 09 11 12
residential home sales annualized 2009-2012 quarter-to-quarter lets keep a good thing going virginia vs. united states changes in foreclosures regional changes in foreclosures
13 15 17 18 19 20
governors letter
the banking and mortgage lending environments zipcars, student loans and generation rent federal reserve bank of richmond speaks real estate mortgage interest rates 30 year commercial real estate in virginia 2012
21 23 24 25
V I R G I N I A A S S O C I AT I O N O F R E A LTO R S
S I N G L E FA M I LY H O M ES , TOW N H O M ES , C O N D O S
2009
2010
2011
2012
10,000
8,000
6,000
number of
sales
4,000
2,000
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
+8% Change of Home Sales // 2011 VS 2012 Looking closer at 2011 and 2012 we note that only March and December showed stronger sales figures in 2011, with all other months in 2012 outperforming their counterparts during 2011.
REGIONAL C HANGES
R EG I O N A L C H A N G ES I N H O M E SA L ES // 2 01 1 VS 2 01 2
CENTRAL +7.55% NORTHERN +8.57% CENTRAL +11.05% HAMPTON ROADS +5.09% CHESAPEAKE BAY VALLEY VIRGINIA VIRGINIA
ROAONOKE LY N C H B U R G BLACKSBURG
2011 2012
6, 24 2 6,6 6 0
+6.70%
2011 2012
1 ,6 23 1,575
SOUTHSIDE VIRGINIA
-2.96%
2011 2012
1,127 1 , 1 17
SOUTHWEST VIRGINIA
-.89%
NORTHERN VIRGINIA
CENTRAL VALLEY
CENTRAL VIRGINIA ROANOKE/LYNCHBURG/BLACKSBURG SOUTHWEST VIRGINIA SOUTHSIDE VIRGINIA HAMPTON ROADS/ CHESAPEAKE BAY
4
H O M E PR I CES
IN VIRGINIA
R EG I O N A L C H A N G ES IN M E D IAN SAL E P R I C ES / / 2 01 1 VS 2 01 2
CENTRAL VALLEY
ROAONOKE LY N C H B U R G BLACKSBURG
SOUTHSIDE VIRGINIA
+0.06%
$240,000
VI RGI NI A M E DI AN SALE PRI CE
2011 2012
$ 1 10,0 0 0
SOUTHWEST VIRGINIA
2012
$240
M E D IA N
SALE PRICE
$ 204
2012 MONTH-TO-MONTH
900
JA N
$210
000
FEB
$225
M AR
000
$ 239
APR
000
$ 249
950
$256
MAY
000
$255
JUL
JUN
190
$ 247
000
AU G
S EP
000
$235
000
$ 245
O CT
000
$240
NOV
DEC
000
V I RG I N I A
PRICE RANGES
2 01 1
2 01 2
111 $2 M+ 150 236 $1 . 5M- $2M 197 990 $1 M- $1 . 5M 819 022 $7 50K- $1M 2,2,215 $500K-$750K $400K-$500K $300K - 400K $200K - 300K $100K - $200K $0-$ 100 K
1,0 00 3, 00 0 2, 00 0 00 00 4, 00 0 00 0 6, 0 5, 0 7, 0
V I R G I N I A A S S O C I AT I O N O F R E A LTO R S
V I R G I N A DAY S O N M AR K E T / / 2 01 2 M O N T H -TO - M O N T H
100 90
days
number of
80 70 60 50
106
JAN
104
FEB
102
MAR
91
APR
83
MAY
79
JUN
80
JUL
82
AUG
87
SEP
88
OCT
86
NOV
89
DEC
V I R G I N IA AN N UA L IZ E D 2 0 0 9 - 2 01 2 // Q UA RT E R -TO - Q UA RT E R
100,000
90,000
sales
80,000
70,000
number of
60,000
89,640 88,127 87,843 91,051 90,703 93,279 87,921 83,630 84,194 81,363 83,560 84,108 85,078 86,694 88,403 90,443
2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4
50,000
No doubt about it, no need to whisper the good news with fingers crossed: The Virginia housing market is in recovery. Officially, the recovery began in 2011; in 2012, it actually felt like a recovery. For instance, for the first time in seven years, the Richmond metropolitan region experienced positive price appreciation. The average sale price for a single family home in 2012 was 2.5% better than the previous year. Now, an increase of 2.5 % may not seem like much. Its not close to the year over year price appreciation we witnessed from 2003 to 2007. But given the pain of the economic hangover that comes with a crash from such heady highs, do any of us really want to return to those days? A steady, sustainable uptick in housing activity is what we experienced in 2012 and it is what we can expect in 2013, as long as we are able to beat back the threats to this nascent, fragile recovery. While local and state regulatory policies can dramatically affect housing costs and thus access to affordable housing opportunities, ongoing policy discussions at the federal level have the potential to affect dramatically not only the housing industry but the nations overall economic health. Any talk of a Qualified Residential Mortgage or drastic reforms at Fannie Mae and Freddie Mac that would effectively eliminate middle-class access to thirty-year, fixed-rate mortgages is completely irresponsible. But the policy decision that could cast a damaging chill over a gradually warming housing market is the modification or elimination of the Mortgage Interest Deduction (MID). The MID has been a vital part of the federal tax code for 100 years. It is one of the givens that home buyers count on when making a purchase decision. The primary beneficiaries of this tax break are middle-class Americans.
V I R G I N I A A S S O C I AT I O N O F R E A LTO R S
8K 7K 6K 5K
50 73
JAN
57 86
FEB
72 16
MAR
77 03
APR
90 68
MAY
97 47
JUN
86 07
JUL
89 55
AUG
71 42
SEP
71 85
OCT
73 05
NOV
66 56
DEC
249 950
MAY
247 240 235 245 240 000 000 000 000 000
AUG SEP OCT NOV DEC
450K 400K
$200K $190K
260 287 360 400 448 463 430 476 372 401 387 000 000 000 000 000 000 000 000 000 000 000
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV
TBD
DEC
154 600
JAN
155 600
FEB
164 800
MAR
173 700
APR
180 300
MAY
184 900
AUG
178 300
SEP
176 900
OCT
180 600
NOV
TBD
DEC
20 09 20 10 20 11 20 12
6.2% 6.7% 6.7% 6.4% 6.9% 7.2% 7.0% 7.0% 6.9% 6.8% 6.8% 7.0% 7.8% 8.2% 8.6% 8.9% 9.4% 9.5% 9.5% 9.7% 9.8% 10.1% 9.9% 9.9% 7.8% 7.7% 7.4% 6.7% 6.8% 7.0% 6.9% 6.9% 6.5% 6.4% 6.5% 6.4% 9.7% 9.7% 9.7% 9.8% 9.6% 9.5% 9.5% 9.6% 9.6% 9.7% 9.8% 9.4% 6.9% 6.6% 6.3% 61% 6.0% 6.0% 6.1% 6.3% 6.5% 6.4% 6.2% 6.1% 9.1% 9.0% 8.9% 9.0% 9.0% 9.1% 9.1% 9.1% 9.0% 8.9% 8.7% 8.5% 5.8% 5.7% 5.6% 5.6% 5.6% 5.7% 5.9% 5.9% 5.9% 5.7% 5.6% TBD 8.3% 8.3% 8.2% 8.1% 8.2% 8.2% 8.2% 8.1% 7.8% 7.9% 7.8% 7.8%
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
VIR G IN I A ECO N O M I CS
Chris Chmura President and Chief Economist, Chmura Economics and Analytics
were still depressed by historical standards. Mounting evidence shows home prices have bottomed out and are finally starting to recover. After being a significant drag on the economic recovery, the housing sector was a positive contributor to GDP growth in each of the first three quarters of 2012. The U.S. stock market rose over the third quarter as central bankers, both at home and abroad, took aggressive actions to stimulate growth. Our most likely forecast assumptions reflect a moderately improving economy with continued tepid job market improvement as sequestration cuts are avoided by Congress. The results are modest GDP and employment growth. Although the labor market continues to heal, job growth will likely remain somewhat slow in 2013. The unemployment rate is likely to average 7.6% in 2013 according to this scenario. The Federal Open Market Committee (FOMC) keeps the federal funds rate target near zero through the second quarter of 2015 under this most likely scenario.
In the third quarter of 2012, GDP grew an annualized 3.1% the fastest pace of growth since the fourth quarter of 2011 after increasing 1.3% in the second quarter of 2012. Although businesses continue to expand payrolls cautiously, non-farm private payroll growth for the third quarter accelerated after lackluster job growth in the second quarter. The national unemployment rate has declined considerably since peaking at 10% in October 2009, but remains uncomfortably high and is likely to remain above 7% through 2013. Through the end of the third quarter of 2012, home sales started to rise though
10
R EG I O N A L C H A N G ES IN FO R EC LO S U R ES / / 2 01 2 Q UA RT E R -TO - Q UA RT E R *
CENTRAL VALLEY
Q1 Q2 Q3 Q4
99 92 94 73
NORTHERN VIRGINIA
Q1 Q2 Q3 Q4
1159 974 818 776
SOUTHWEST VIRGINIA
Q1 Q2 Q3 Q4
21 32 30 35
CENTRAL VIRGINIA
Q1 Q2 Q3 Q4
435 408 412 357
ROANOKE/LYNCHBURG/BLACKSBURG
Q1 Q2 Q3 Q4
107 157 172 94
SOUTHSIDE VIRGINIA
Q1 Q2 Q3 Q4
53 55 63 45
STATE OF VIRGINIA
Q1 Q2 Q3 Q4
2,456 2,269 2,110 1,896
11
R EGI ON A L
C. Theodore Koebel, Ph.D. Professor, Urban Affairs and Planning and Senior Associate, Center for Housing Research, Virginia Tech
For Virginias housing market, distress indicators are down and recovery indicators are up again this past year. The multi-family market has boomed; rents have increased; the stock market has boomed; interest rates remain low; and foreclosures went down. Unemployment has remained stubbornly highbut Northern Virginia is in the best metropolitan employment market in the country and the state as a whole is doing better than most other states. Vacancy rates based on units for sale or for rent are relatively low, particularly for the owner-occupancy market where prospective buyers arent likely to find a lot of houses among which to choose. So after a prolonged trough, why hasnt the owner-occupancy market rebounded more sharply? Are we looking at a new normal, with a tepid recovery of only anemic growth, or should we expect a recovery sometime soon to be made stronger by the long time waiting? And how much of this long time waiting is due to excess inventory? Even though foreclosures are down, this only means that the flow of units into the excess inventory has slowed. Based on my estimate of the normal number of vacant units held off the market, there were an additional 60,000 excess vacant units statewide in 2011 held off the market. Plus there were 30,000 single-family detached or attached units that could shift from temporary rental to the for-sale market. This excess inventory continues to create a drag on the recovery in the sales market,
V I R G I N I A A S S O C I AT I O N O F R E A LTO R S
12
13
15
2010 Q3 2010 Q4 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 NOT SPECIFIED ANNUAL
1 4 9 26 119 37 25
16
42
116 2
0 Finalized 20 40 60 Missed Deadline: Not Proposed 80 100 Future Deadline: Proposed 120 Future Deadline: Not Proposed 140
Refi
Purchase
$1,247 $818
* Source: Mortgage Bankers Association, 12/18/2012 ** Source: Davis, Polk, & Wardwell, LLP Rulemaking counts are based on estimates and require judgement. Number of Required Rulemakings (Joint rules are counted for each applicable agency.)
$1600
$2000
V I R G I N I A A S S O C I AT I O N O F R E A LTO R S
16
Z IPC A R S, ST UD E N T LOA NS
Can we predict how things will change? Will the rental trend continue or will Generation Rent eventually become Generation Finally Settled Down? Cant say. But what we can say is that right now home ownership is out of the question for many of the people who used to fuel the market. And thats going to change the way the market works how severe and for how long is anyones guess.
17
Sonya Ravindranath Waddell and R. Andrew Bauer Regional Economists, Federal Reserve Bank of Richmond
Despite the improvement, conditions still cannot be characterized as strong. We have a ways to go until we have a full recovery in housing and labor markets. According to CoreLogic Information Solutions, house prices are at least 20% below where they were in 2006, and more than 20% of Virginia homeowners owe more on their mortgages than their houses are worth. We have more than three times as many homes in foreclosure than we had in the beginning of 2000, and more than seven times as many as in the first quarter of 2006. In addition, at 5.6% (in November 2012) the Virginia unemployment rate is well below its peak in 2010 but is still 2.3 percentage points higher than where it was prior to the recession. Of course, all housing is local. Therefore, in April 2012, the Federal Reserve Bank of Richmond teamed up with the Virginia Association of Realtors to survey Virginia Realtors. Altogether, 1,449 Realtors from across the state answered 11 questions about the state of the housing market in their areas and how conditions had changed in the first quarter of 2012.
VIRGINIA REALTORS REPORTING THAT MARKET CONDITIONS ARE BETTER (SLIGHTLY OR SIGNIFICANTLY)
VIRGINIA
VIRGINIA REALTORS REPORTING ON IMPROVING MARKET CONDITIONS IN THEIR REGIONS. (SLIGHTLY TO SIGNIFICANTLY)
43.6 48.7 57.1 57.8 58.2 58.2 58.5 63.2
federal reserve bank of richmond virginia realtor survey
NT OF RESPONDENTS
PERCENT OF RESPONDENTS
43.6 48.7 57.1 57.8 58.2 58.2 58.5 63.2
V I R G I N I A A S S O C I AT I O N O F R E A LTO R S
18
M O RTG AG E IN T E R EST R AT ES / / 2 0 0 9 - 2 01 2 ( 3 0 Y E A R)
6%
20 09 20 10 20 11 20 12
5% 4% 3%
5.05%
5.13%
5.00%
4.81%
4.86%
5.42%
5.22%
5.19%
5.06%
4.95%
4.88%
4.93%
6% 5% 4% 3%
5.03%
4.99%
4.97%
5.10%
4.89%
4.74%
4.56%
4.43%
4.35%
4.23%
4.30%
4.71%
6% 5% 4% 3%
4.76%
4.95%
4.86%
4.78%
4.60%
4.51%
4.55%
4.22%
4.01%
4.10%
4.00%
3.95%
6% 5% 4% 3%
3.98%
JAN
3.95%
FEB
3.99%
MAR
3.88%
APR
3.75%
MAY
3.66%
JUN
3.49%
JUL
3.59%
AUG
3.40%
SEP
3.41%
OCT
3.32%
NOV
3.35%
DEC
19
Look for Quarterly Commercial Real Estate Reports from VAR coming this year in partnership with CoStar Group.
V I R G I N I A A S S O C I AT I O N O F R E A LTO R S
20
REGIONAL
SN A PSH OTS
NORTHERN VIRGINIA
major industry driver home sales total median sales price
CENTRAL VALLEY
GOV ER NMENT 41 ,08 9
major industry driver home sales total median sales price
AG RI C U LT U RE 5,074
$ 34 0,000 +1 . 3%
$ 2 0 0,0 0 0 +1 .6%
4. 2 6 %
5. 5 5 %
CENTRAL VIRGINIA
major industry driver home sales total median sales price
M I L I TARY/ TO U RI SM 2 0,70 2
$ 18 0,000 -0. 3%
$ 2 0 0,0 0 0 -1 . 1 %
6.06%
5.7 1%
21
SOUTHSIDE VIRGINIA
major industry driver
SOUTHWEST VIRGINIA
major industry driver
1 ,57 5 $ 8 0,000 +1 .7 %
1 , 1 17
$ 1 10,00 0 0.0. %
7. 22%
5. 9 1%
ROANOKE/LYNCHBURG/BLACKSBURG
major industry driver
UNIVERSITY/HIGHER EDUCATION
home sales total median sales price
6,6 60
$ 1 50,000 +0.7 %
6.02%
*The health of Commercial Real Estate Statistic is based on the percentage of office vacancies for 2012.
This groundbreaking resource is available now for Northern Virginia, and on March 1, 2013, will provide a comprehensive statewide inventory of affordable housing policies and programs. With Playbook, users can locate programs where they live, and model new programs after successful ones that are already at work in Virginia. Playbook answers questions like: + Are there any Affordable Dwelling Unit programs near me that help first-time home buyers? + Who offers pre-purchase counseling or down-payment assistance programs in my area? + How can I find out more about foreclosure prevention and financial literacy classes?
23
3, 5, 7, o r 0
Eli Beracha Assistant Professor, Finance and Real Estate, University of Wyoming College of Business Michael J. Seiler Founder and Director, Institute for Behavioral and Experimental Real Estate, Old Dominion University
It has been argued that due to limited human processing capacity, potential home buyers often use the asking price on a home as a shortcut to estimate its value. So establishing a listing price that is expected to yield the highest settlement price (without prolonging the propertys time on the market) is vitally important. While determining the value of a home involves many subjective factors, there is no reason to expect that the number of homes with a true underlying value of $180,000 would be different from the number of homes with a true value of $181,000 or $180,347. Nevertheless, asking prices tend to be highly clustered. For example, an examination of asking prices quickly reveals that many more houses are listed for $180,000 compared with $181,000 and practically no houses are listed for $180,347. It is not surprising that most sellers will choose not to bother with an asking price that is too precise, such as $180,347. The last three digits (347 in this example) are typically seen as less important. However, even when the third left-most digit is considered (the thousands digit in a typical six-digit price), many more sellers select an asking price that is associated with the figures 0 and 9 compared with 3 or 7; there are more homes priced at 189,000 than at $187,000. What effect does that have? We investigated how the thousands digit of the asking price is related to both the degree to which sellers overprice their homes, and the discount buyers negotiate on homes.
V I R G I N I A A S S O C I AT I O N O F R E A LTO R S
24
THANK YOU
VHDA thanks the VAR for being part of our mission helping Virginians attain quality, affordable housing.
25
V I R G I N I A AS S O C I AT I O N O F R E ALTO R S L E A D E R S H I P T E A M
President Mary Dykstra, ABR, CRS
P U B L I S H E D B Y T H E VI R G I N I A AS S O C IAT IO N O F RE A LTO RS
The Virginia Association of Realtors (VAR) is the business advocate for real estate professionals in Virginia. VAR represents more than 29,000 Realtors active in all phases of real estate brokerage, management, development and appraisal. Our mission is to enhance our memberships ability to achieve business success. All inquiries regarding this report should be directed to: Stacey Ricks, Director of Public Relations Virginia Association of Realtors 10231 Telegraph Road, Glen Allen, VA 23059 (804) 249-5716 Stacey@VARealtor.com VARealtor.com/HomeSales Economic Regions
CENTRAL VALLEY CENTRAL VIRGINIA HAMPTON ROADS/CHESAPEAKE BAY NORTHERN VIRGINIA ROANOKE/LYNCHBURG/BLACKSBURG SOUTHSIDE VIRGINIA SOUTHWEST VIRGINIA
Central Valley:
Albemarle, Augusta, Bath, Buena Vista City, Charlottesville City, Fluvanna, Greene, Harrisonburg City,Highland, Lexington City, Nelson, Rockbridge, Rockingham, Staunton City, Waynesboro City
Central Virginia:
Amelia, Buckingham, Charles City, Chestereld, Colonial Heights City, Cumberland, Dinwiddie, Goochland, Hanover, Henrico, Hopewell City, King and Queen, King William, Louisa, New Kent, Nottoway, Petersburg City, Powhatan,Prince Edward, Prince George, Richmond City, Sussex
Accomack, Chesapeake City, Franklin City, Gloucester, Hampton City, Isle of Wight, James City, Lancaster, Mathews, Middlesex, Newport News City, Norfolk City, Northampton, Northumberland, Poquoson City, Portsmouth City, Southampton, Suffolk City, Surry, Virginia Beach City, Williamsburg City, York
Northern Virginia:
Immediate Past President Trish Szego, CRB, CRS Chief Executive Officer R. Scott Brunner, CAE
Alexandria City, Arlington, Caroline, Clarke, Culpeper, Essex, Fairfax, Fairfax City, Falls Church City, Fauquier, Frederick, Fredericksburg City, King George, Loudoun, Madison, Manassas City, Manassas Park City, Orange, Page, Prince William, Rappahannock, Richmond, Shenandoah, Spotsylvania, Stafford, Warren, Westmoreland, Winchester City
Roanoke/Lynchburg/Blacksburg:
Virginia Association of REALTORS, Glen Allen, VA VAR thanks our Association Partners. Information sourced from multiple listing services across the state with data compiled by R E Stats Inc. All information is deemed reliable but is not guaranteed. Figures might not match those reported elsewhere.
Alleghany, Amherst, Appomattox, Bedford, Bedford City, Botetourt, Campbell, Covington City, Craig, Floyd, Franklin, Giles, Lynchburg City, Montgomery, Pulaski, Radford, Roanoke, Roanoke City, Salem City
Southside Virginia:
Brunswick, Charlotte, Danville City, Emporia City, Galax City, Greensville, Halifax, Henry, Lunenberg, Martinsville City, Mecklenburg, Norton City, Patrick, Pittsylvania
Southwest Virginia:
Bland, Bristol City, Buchanan, Carroll, Dickenson, Grayson, Lee, Russell, Scott, Smyth, Tazewell, Washington, Wise, Wythe
S O UR CES
2012 Month-to-Month Virginia Home Sales // 2009-2012 Scott Rogers, Analyst/Consultant, Virginia Association of Realtors +8% Change of Home Sales // 2011 VS 2012 Scott Rogers, Analyst/Consultant, Virginia Association of Realtors Regional Changes Home Sales // 2011 VS 2012 Scott Rogers, Analyst/Consultant, Virginia Association of Realtors Home Prices in Virginia Scott Rogers, Analyst/Consultant, Virginia Association of Realtors Virginia Price Distribution in Home Sales // 2011 VS 2012 Scott Rogers, Analyst/Consultant, Virginia Association of Realtors Annualized 2009-2012 // Quarter-to-Quarter Scott Rogers, Analyst/Consultant, Virginia Association of Realtors Todays Housing. Lets Keep a Good Thing Going Laura Lafayette, CEO, Richmond Association of Realtors Virginia Economics Chris Chmura President and Chief Economist, Chmura Economics and Analytics Regional Changes in Foreclosures // 2012 Quarter-to Quarter C. Theodore Koebel, Ph.D., Professor, Urban Affairs and Planning and Senior Associate, Center for Housing Research, Virginia Tech Governors Letter Robert F. McDonnell, 71st Governor of Virginia The Banking and Mortgage Lending Environments Richard Owen, Executive Director, Virginia Mortgage Lenders Association Bruce Whitehurst, President and Chief Executive Officer, Virginia Bankers Association Zipcars, Student Loans and Generation Rent Andrew Kantor, Editor and Information Manager, Virginia Association of Realtors Federal Reserve Bank of Richmond Speaks Real Estate Sonya Ravindranath Waddell, Regional Economist, Federal Reserve Bank of Richmond R. Andrew Bauer, Regional Economist, Federal Reserve Bank of Richmond The Advantage Just Below Pricing Eli Beracha, Ph.D., Assistant Professor, Finance and Real Estate, University of Wyoming College of Business Dr. Michael J. Seiler, Director, Institute for Behavioral and Experimental Real Estate, Old Dominion University
V I R G I N I A A S S O C I AT I O N O F R E A LTO R S
26
Thank you to our partners across Virginia who contributed to the Pieces of Home 2012 Virginia Housing Report:
VIRGINIA ASSOCIATION OF REALTORS 10231 TELEGRAPH ROAD GLEN ALLEN, VA 23059 TEL (804) 264-5033 // VAREALTOR.COM
V I R G I N I A A S S O C I AT I O N O F R E A LTO R S