The National Association of Home Builders reported last month that housing starts were down all across the nation -- in every region. But the South saw a hefty decline of 12.6 percent.

NAHB President Sandy Dunn, reported that: “Builders are dramatically limiting starts of new homes in an environment of weak sales and heavy supply, ratcheting down production of single-family units to its slowest pace in 17 years."

So what are the local experts seeing in the region? Is the market down as a whole in the South?

Real estate expert Michael Sahlman says in Key Biscayne, Florida, -- buyers are seeing the market heavily weighted in their favor.

10 homes and condos sold in February, he says, with a sales price just 86 percent of the asking price -- though that asking price was a steep $1.4 million.

The market in Alexandria, Virginia, has been relatively unchanged in terms of pricing. This comes to us from Realtor Cheryl Shier. She says, "The good news is that a bill was just signed by the President that will increase the conventional loan amount in VA to $600,000. It is only a "Temporary Measure" to boost the housing market until the end of 2008."

She goes on to say that they can expect a surge of buyers in the late Spring time frame until the end of 2008. With interest rates still extremely low and with the increase in the conventional loan amount -- this should be a good year for buyers and sellers of real estate!"

That's all for the Souther region today. Be sure to check back often to see what is happening in your area.

Published: May 7, 2008

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