All real estate is local. Here is a snippet from the May 20, 2009 Richmond Times Dispatch. News on building permits and what new housing starts are happening.
RICHMOND VA Housing Market
In the Richmond area, there has been an increase in home sales but not much in home construction.
“Inventory levels are getting eaten up a little bit,” said Christopher Corrada, president of the Home Building Association of Richmond and vice president of East West Partners of Virginia Inc., a development firm in Midlothian.
“Even if the market is getting better, the biggest issue builders and developers face is they cannot get loans from banks. Banks are not lending on construction and development,” he said.
In Richmond area, 367 building permits were issued in the first quarter compared with 960 in the year-earlier period, a 62 percent year-over-year decline, according to Integra Realty Resources Richmond, a real estate research firm.
“We are still experiencing a continuing slowdown in the market,” said Tom Tyler, a senior analyst with Integra Realty.
Source: Housing slump could be near bottom | Richmond Times-Dispatch.