The Examiner reported that home values in Loudoun County dropped $4 billion in 2007.
Although the plunge has been alleviated by a strong commercial real estate market and continued homebuilding, the county faces an estimated $250 million deficit for this year’s budget, the newspaper reported.
The average home value in the county has dropped 10 percent, but home prices plummeted primarily in the eastern part of the county.
Many Northern Virginia counties are expecting to face significant budget shortfalls this year.
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