Wheeeeeeee!

The falling housing market is pushing Fairfax County into a $220 million budget shortfall.

The crunch on government spending is expected to be worse in other communities, including Loudoun and Prince William, where housing values are slumping more dramatically and foreclosure rates are higher. But the news that Fairfax, an inner suburb with more stable property values and a robust job market, is suddenly feeling such profound consequences of the housing bust suggests that the effects on the regional economy are just beginning to be felt and could last for years, county budget analysts said.

Foreclosures in Fairfax have jumped from just under 200 to nearly 4,000 this year, and housing prices are falling:

The average price of a house in Fairfax County was down 4 percent, to $500,462, last month, compared with the previous year, Long said. And the numbers will probably worsen next year.

As your friendly neighborhood Realtor(tm) will tell you, that means this is an excellent time to go bargain hunting, like this Lake Anne waterfront condo, now on the market for a scant $219,000:

BANK SAYS GET THIS SOLD. BRING ALL REASONABLE OFFERS!!!!

What are you waiting for? Sell your "average" Fairfax County house and buy two, and you'll still have enough leftover change for tapas at the Plaza!