UPS AND DOWNS POINT TO STABILIZING ECONOMY

Posted by Lee Crawford at 1/22/2010 03:24:00 PM

The Roanoke Region’s economy is showing signs of stabilizing and improving. Home prices are up from a year ago and so are wages. Unemployment rates are down from the highs this summer, as is foreclosure activity.

The average home price, according to the Roanoke Valley Association of REALTORS®, ended the year higher than January and much higher than December 2008. This December’s $197,748 was 3.7 percent higher than January and 15.4% higher than a year ago.



On the flip side, foreclosure filings reported by RealtyTrac have stabilized over the past few months. The number of filings dropped dramatically (33.6%) from October to November after rising for four months. November’s 93 filings remained fairly stable in December at 95. The region has stayed well below the national average.

Unemployment also has leveled out. The rate began falling in July from June’s high of 7.8 percent. The November rate of 7.1 is just a tick up from 7.0 in October. Wages in the region for the second quarter of 2009 (most recent available) are higher than they were a year before ($705 versus $$692) and up from the previous quarter. Virginia, on the other hand, saw wages drop from $920 in the first quarter to $899.

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