More than 300 new upscale apartment units could be built along the South Market Street corridor in the next five years with hopes of establishing a vibrant residential community downtown.

None of the half-dozen bargain-hunters knew for sure how many homes would be auctioned off on the steps of Chesterfield County Courthouse last week. Of the nine that were advertised, only one went to bid—and it went back to the bank.

Hopes for the economy to pull out of its nose-dive were bolstered last month with the passing of a $787 billion stimulus package. According to the latest survey from The Conference Board, consumer confidence is at an all-time low, and when combined with mounting job losses, it’s no wonder that personal consumption has fallen off a cliff. Since personal consumption makes up about 70 percent of economic activity, the government is attempting to fill the spending gap through its stimulus initiatives. Put another way, the economy is flat-lining, and Uncle Sam is applying the paddles.

Many years ago, as a freshman at the College of William and Mary determined to receive a well-rounded, liberal arts education, I dutifully enrolled in economics classes—both macro and micro. As a religion major who was far more interested in the works of Karl Barth than the thoughts of John Maynard Keynes, I often wondered if and when macro and micro economics—and specifically the difference between the two—would ever be of use to me. Well, the time has come.

COMMERCIAL MORTGAGES: Last year will go down as the one the financial markets became unhinged. Jolting stories unfolded at a breakneck pace leaving few investors secure. Commercial real estate was far from immune to the car nage.

A real estate market under siege from subprime mortgages and the credit crunch could be hit with another twist. The bankruptcy case in Richmond of LandAmerica 1031 Exchange Services Inc. might harm the market for a key tax shelter used by people who buy investment properties. The consequences could reach far beyond central Virginia and the 450 customers of the now-closed exchange, which is a subsidiary of Henrico County-based LandAmerica Financial Group Inc.

Wes Atiyeh of Long & Foster was named 2008 Realtor of the Year by the Richmond Association of Realtors. “I am very humbled and very honored,“ Atiyeh said. The annual award is given to an agent who provides superior service, participated in member associations at the local, state and national levels; and adheres to the code of ethics established by the National Association of Realtors.

Keough Challa People are unsure about job prospects and income growth. They’re worried about declines in house prices. But housing sales may have bottomed out. That could mean stability in home prices and be a sign of a turnaround, said Ray Owens, a senior economist with the Federal Reserve Bank of Richmond. Owens was one of eight speakers last night at the 2009 Virginia Economic Outlook Forum at SunTrust Bank in downtown Richmond. The event was presented by the Virginia Asian Chamber of Commerce.

Are you deciding whether to buy a live or artificial tree to decorate for the holidays? Here are some pros and cons to consider:

Scott Ukrop and Jay Hugo have an ambitious plan. They want to shorten the amount of time it takes to complete a home addition. The co-owners of Grace Street Home Additions hope their plan can be carried out initially in 40 days.

SALES Thalhimer/Cushman & Wakefield reports the sale of 1710 E. Franklin St. in Richmond for $1.15 million to The Democratic Party of Virginia.

NEW FACES Long & Foster Realtors: Caron Nightengale and Chris Pandel are agents for the Harbour Pointe office.

Economic uncertainty continues to weigh on the housing market, bringing down prices and sales. The National Association of Realtors reported yesterday that sales of previously owned homes fell 3.1 percent in October from a strong gain in September, and down 1.6 percent from the same month a year ago. The national median sales price dropped 11.3 percent from a year ago to $183,000, marking the largest year-over-year decline since 1968 and the lowest median sales price since March 2004.

Stock in Henrico-County-based LandAmerica Financial Group Inc., the third-largest U.S. title insurer, plunged yesterday after its planned sale to rival Fidelity National Financial Inc. was terminated Friday night. LandAmerica shares dropped $3.83 to 51 cents. The company has lost 98 percent of its market value this year. Shares in Fidelity advanced 13 percent to $8.35.

Q:We contracted with a well-known Realtor to sell our home. After the fully executed sales contract was signed, we asked the agent to remove the lawn sign, which we found embarrassing and distasteful. She refused. Additionally, she sent a mass mailing with our home address, which contained interior pictures, describing her great success in selling the home. This mass mailing was sent despite our still living in the home. What can be done to prevent these Realtors who behave as if the property belongs to them?—M.