WASHINGTON – When the housing bubble burst, Prince William County was hit hard by the resulting foreclosure crisis. That’s because the county had a housing boom right before the housing bust.
But now, things could be turning around.
The housing market is showing a strong comeback, according to a county news release. A preliminary report shows that home values shot up 7.5 percent and commercial real estate shot up 2.5 percent from last year.
Corey Stewart, chairman of the Board of County Supervisors, says in the statement that it’s “great news.” He adds, “It shows what we have been saying all along, that Prince William County is a community people want to live in and businesses want to locate. It shows we have a very strong economy and that we are emerging from the recession far better than most.”