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.