RealEstateJournal | Sales Trends:
Investors are helping to drive the hot housing market, according to a recent report from the Federal Deposit Insurance Corp. Though 9% of U.S. mortgages last year were taken out by investors, in some booming markets investors accounted for 19% of new mortgage applications. The federal bank-insurance agency defines boom as an area where home prices increased at least 30% from three years earlier.
The Central Virginia/Charlottesville area is not technically a “boom” area, but the market remains extraordinarily strong.