According to the Virginian-Pilot, average home values have fallen by 6.35 percent, with some high-end neighborhoods in central and southern Chesapeake experiencing the biggest decreases in real estate assessments.

Overall assessments, including commercial and industrial properties, are about 5.5 percent lower than last year, according to figures released by Chesapeake Real Estate Assessor William Rice.

The average decline in home values in Chesapeake is larger than figures released by both Norfolk and Virginia Beach.

It is only the second time since 1990 that Chesapeake has reported a decrease in overall assessments. Last year, the average decrease in assessments was about 1.79 percent.

Read the full story...