The Valley may be seeing a housing market recovery of its own.

Local Realtors say new home construction is up after a year that saw many foreclosures around the nation and a slow down of home construction in this region.

Harrisonburg-based Funkhouser Realtors is investing in construction of townhouses on Taylor Spring Lane in Rockingham County.

Associate Broker Jim Sipe says the demand for townhouses is increasing, in large part because of the first-time homebuyer tax credit offered by the federal government.

Sipe says townhouses in general are more affordable than new homes, so many young homebuyers are interested in purchasing them.

"There are a lot of new construction units available, and probably from a price standpoint, it's probably one of the better times to buy because developers are anxious to sell and are out there making reasonable deals with the consumer," says Sipe.

Aside from the tax credit, Sipe says the consumer is more confident in home investment as the financial crisis is slowly improving.