Sign of increasing sales activity? Recordation tax revenues grow for second straight month

Buried in the last paragraph of an article about a 4.1% increase in the Commonwealth’s general fund revenues was a potential bit of good news for Virginia’s housing markets. Apparently, Virginia’s recordation tax revenues have grown for two consecutive months, a sign that home sales may be strengthening.<!–break–> According to the Associated Press:

Another encouraging glimmer was in collections of the tax paid to record deeds, wills, contracts and lawsuits, generally a reflection of real estate sales. After months of deep monthly declines, the recordation tax grew by 2.5 percent for September, the second monthly jump in a row. Since the real estate market collapse began in 2006, the recordation tax has shown monthly growth only six times.

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One Response to Sign of increasing sales activity? Recordation tax revenues grow for second straight month

  1. Greg Stiger says:

    Pardon me for taking the other side-but is it possible that this was due to lenders increasingly taking title through foreclosure and flippers flipping? September pendings and I suspect October may show a very different pattern emerging when recorded in October/november….I’m just saying…September recordings may not be a “trend trusted” number…

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