
                         THE VIRGINIAN-PILOT
                 Copyright (c) 1994, Landmark Communications, Inc.

DATE: MONDAY, June 20, 1994                    TAG: 9406200211 
SECTION: BUSINESS WEEKLY                     PAGE: 23    EDITION: FINAL  
SOURCE: Short 
DATELINE: 940620                                 LENGTH:

REAL ESTATE: THE COMMERICAL, RESIDENTIAL RECOVERY CONTINUES

{LEAD} Optimism has crept into real estate circles.

Consider this: Despite increases in interest rates, the number of residential units sold through May rose 13.5 percent in South Hampton Roads from the previous year. That comes after two solid years of recovery.

{REST} Commercial real estate also has been gaining strength over the last nine months, particularly in retail space. Stable rents, declining vacancies, tenants moving to larger spaces and expansion of existing space have spurred most of the rebound.

What can we expect down the road? Experts say interested home buyers - after putting it off for a couple of years - will try to buy now. Look for little impact from interest rates on the housing market for the rest of the year.

{KEYWORDS} ALMANAC HOME SALES

by CNB