The Richmond Times Dispatch, Nov 19, 2008 Reports in

Housing Prices decline 8%

House prices in four out of five metropolitan areas in the nation — including the Richmond area — fell in the third quarter from the same period a year ago, according to the National Association of Realtors.

The median price in the Richmond region, with half the houses selling for more and half for less, was $217,900 in the quarter, down 8.8 percent from a year ago, according to a report released yesterday by the industry group. The real estate report covers a broad portion of the 20 localities in the Richmond metropolitan area.. . . .

Foreclosures are having a bearing on the local market, but only in some neighborhoods, said Brian Liggan, principal broker and owner of Virginia Capital Realty in Richmond, which deals exclusively with foreclosures.

Foreclosures in Church Hill and Highland Park, for example, are pushing prices down in those neighborhoods. “But they are having virtually no effect in Henrico County’s West End. Nor are they affecting Glen Allen.”