It is easy to see why Richmond is in the midst of one of the worst housing market crashes in the United States.
The number of new homes built fell by 5.2 percent in the last three months of 2016, and the price of new condos in the city fell an astonishing 6.2 percentage points.
But even with a dip in sales, there has been little sign of recovery, with new condos now selling for more than twice what they were five years ago.
And Richmond is not alone.
In other cities, such as Miami, the housing market has returned to prerecession levels, and they are now seeing some modest gains in the new homes market.
But RVA is the exception.
According to a new report by Real Estate Analytics, a research and consulting firm, Richmond’s condo market is suffering from a fundamental weakness that is only getting worse.
This weakness, known as “rentality,” is due to the fact that new condo construction in Richmond has been slow.
According the study, the average condo project in the region is now less than two years old.
That means that almost all of the new condos built in Richmond were completed before the start of the recession in 2008.
This is a significant problem for Richmond, because the city has been one of its fastest-growing markets in the country.
And in the years since the recession, many of its largest cities, including Los Angeles and New York, have been seeing a massive increase in condo construction.
As more and more people move out of the region, the number of condos built and the prices they are selling for have continued to fall.
However, while many of the condo towers and developments are now built with low-income housing, the trend has not been mirrored in other parts of the city.
According a study by the Virginia Tech Housing Institute, just 6.4 percent of the nearly 500 condo towers that were completed in 2016 were located in areas where more than half of residents earn less than 40 percent of area median income.
In some areas, that number is even higher.
The study found that in areas that have seen condo construction surge over the past decade, like Richmond, more than a third of new units have been built in areas with a median income below the poverty level.
But in other cities where condo development has slowed down, such like Atlanta, the new housing stock has not recovered to the prerecovery levels.
What is causing this?
According to Real Estate Analysts, the lack of affordable housing in the area has been a key factor in the condo collapse in Richmond.
This has led to a housing crisis in many parts of Richmond.
For example, the median income of the residents of a census tract with 1,600 homes is only $29,000, according to the Virginia Housing Data.
And the median value of condos on those properties is about $700,000.
That is an even starker statistic.
In Richmond, the majority of residents live in poverty, with an average income of less than $20,000 per year, according the Virginia Poverty Report 2016.
This means that nearly all of Richmond’s new condos were built before the economic crisis.
And as the rental market has dried up, many residents have taken out loans to pay the rent.
The problem with this is that many of those loans have not been repaid.
Because the condo market in Richmond is so expensive, the condo owners are not able to fully repay their mortgages and instead have to pay off the loans over time.
This, in turn, has forced many of them to sell their homes.
As a result, more and less people are living in their homes and many of these condos have been demolished.
Meanwhile, as the condos have continued being demolished, new ones are being built in the nearby area.
In the most recent census tract, about 3,000 units of condos are now being built.
While this is a dramatic increase, this is not the whole story.
According RVA Real Estate, the city of Richmond has experienced a lot of building activity, particularly in areas near the University of Richmond, which is the largest campus of the University.
These new condos have largely been built on land previously used as a parking lot.
These condos, along with the condos that have been constructed in the surrounding area, are a result of the fact these are often vacant land, which can be converted to apartments or condos for as little as $500 per square foot.
This allows condo developers to get out of debt, which has led them to build condos on land that was previously occupied by apartments.
But the city is not solely responsible for this housing crunch in Richmond, according Real Estate.
As much as 10 percent of new construction in the City of Richmond is located in vacant lots, which means that even though the condo industry has been able to get more condos built, there are still too many empty condos to go around.
This explains why the condo construction has slowed in the Richmond area.
The city also has not seen a large