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said.
Leake’s observations are backed up by those in the Rappahannock real-estate market.
Local real-estate professionals say Rappahannock’s foreclosure rate is holding steady because the county’s buyers are, for the most part, wealthier and more experienced than those in some other parts of the nation.
“Most people [in Rappahannock] have second homes or they’re weekenders,” said Amy Timbers, an associate broker at Armfield, Miller and Ripley Fine Properties in the Town of Washington. “They’re fairly affluent and not going to be doing a lot of creative financing - or if they are, they know what they’re doing.”
More sophisticated buyers also play a part in avoiding foreclosures.
“You don’t have first-time buyers trying to squeeze into a mortgage or a starter home,” said Butch Zindel, a broker at Rappahannock Real Estate Resources in Washington. “People out here just don’t get in trouble like people in the city.”
The average price of a home in Rappahannock prevents most first-time buyers from building or buying in the county, Zindel added.
In 2005-06, the average home in the county was sold for $611,102, according to the Rappahannock Community Housing Partnership.
E-mail the reporter at kallen@timespapers.com
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