According to the Census Bureau, Fairfax County, VA (the location of my own humble abode), is the wealthiest county in the U.S. (by median household income). But despite our healthy bank account balances, Fairfax County has hardly been immune to the housing slump, with median prices dipping more than 10% since 2006. Check out these figures:
Median Sold Price (2/06): $469,900
Median Sold Price (2/08): $405,000
The number of houses sold also plummeted by more than 30%, from 1009 to 704. 7,491 homes are actively listed right now, giving Fairfax an unsold inventory of more than ten months at the 2/08 sales pace.
And remember, these alarming figures are for the wealthiest locale in the country. I can't imagine what is happening in California and Florida.
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