Is the Recession Slowing? Good News for Richmond, Virginia

Here are two articles which suggest that a slow, steady economic recovery may be in the not-too-distant future for Richmond. For the ultimate impact of the recession, one article puts Richmond in the middle of the Top 100 largest metropolitan areas in the United States. That means the recession has been milder here compared to about 50% of the other major metropolitan areas in the United States. For example, with respect to a decline in home prices year-over-year, the Greater Richmond Metropolitan area, which will include the surrounding counties, has seen only a 2.2% drop in 1Q 2009 compared to 1Q 2008. All in all, that's pretty small, especially compared to the figures for the LAST area on the list, Stockton, California, with a drop of 30.6% in home prices 1Q 2009 to 1Q 2008. OUCH.

The other article details a national increase in housing starts - new construction - and stabilization in wholesale prices. That data is good news, although any good news on the broader economy should be met with cautious optimism. One month's positive numbers do not necessarily a sustained recovery make.

But for those of us hoping and praying for a turnaround in the real estate markets specifically, and the overall economic markets generally, any little glimmer of hope is cause for celebration. Fingers crossed, keep it comin'.