A recent report finds there are more than 300,000 vacant homes and apartments across Virginia, and rural areas may have it the worst. More from WFIR’s Evan Jones.
[audio:http://wfirnews.com/wp-content/uploads/2011/10/10-19-Vacant-Homes-Wrap1-WEB.mp3|titles=10-19 Vacant Homes Wrap1-WEB] The report comes from Housing Opportunities Made Equal — or HOME — of Virgina. It finds the highest foreclosure rates in urban areas of the state, mostly from Hampton Roads up to suburban Washington, but it is rural areas that have the highest vacancy rates. Ali Faruk co-authored the report and says rural Virginia’s problems started before the recent economic downturn as people and businesses steadily moved out. The report finds northern Virginia has experienced the most significant decreases in median home prices.
