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He said he sold "an $800,000 house in Culpeper that had been foreclosed on for $400,000 with the end result that neighbors all saw their housing values drop to the $400,000 level.”
Monica Worth, president of the Rappahannock League for Environmental Protection, put a house on the market in February 2007 on Fodderstack Road at the appraised price of $530,000 which had a new roof, modern kitchen and a building for use as an office with a computer hookup. It has been on the market ever since and the price has been reduced to $430,000.
Though there has not been a glut of foreclosures in Rappahannock (records show there have been three a year over the past three years), Worth said she knows homeowners who have put their house up for rent at low market prices, to keep their payments up and avoid foreclosure.
Phil Irwin, who is the proprietor of an historic bed and breakfast. Caledonia Farm near Flint Hill, said he too put a house on the
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