Oct 14, 2010
Sign of increasing sales activity? Recordation tax revenues grow for second straight month
14 Oct 2010
Posted by VAR
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.