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Report offers detailed look at economy in Hampton Roads

A new Hampton Roads Planning District Commission report says that local employment and retail activity is improving, but notes that the real estate market continues to underperform.

Underlying causes for the slump in home sales include high sales inventory (made worse by the number homes in foreclosure) and a still-shaky job market that is sapping the confidence of would-be home buyers, according to the report.

Pentagon advisory board recommends cutting Joint Forces Command

A Pentagon advisory board tasked with finding ways to cut defense spending has recommended eliminating the Joint Forces Command, which is located in Norfolk.

The military installation has a significant economic impact on Hampton Roads, underpinning the area's high-tech industry. That segment of the local economy provided almost 4,500 high-paying jobs and contributed about $365 million to the local economy in 2007, according to a 2007 Old Dominion University Report.

State courts bidders for new U.S. 460

VDOT is hoping to coax private developers to bid on the chance to build and operate a new multibillion-dollar U.S. 460 as a toll road. To drum up interest, the state is offering cash and other incentives.

Without an offer of public funds, the project has gone nowhere. Officials hope the promise of a public partnership will stimulate interest.

The new U.S. 460 will be a 55-mile, four-lane, divided highway between Suffolk and Petersburg.

Conservation group tries to block development of Chesapeake's Stumpy Lake

The Virginia Court of Appeals will allow the Chesapeake Bay Foundation to challenge a state permit for construction of a residential and commercial development in Chesapeake. At issue is a Virginia State Water Control Board permit for development at Stumpy Lake.

A Richmond judge had ruled that the group lacked standing to appeal the permit decision because none of its individual members participated in the public comment process. The appeals court said Tuesday that no such showing is required. The case will now be heard by the the lower court.

Homeowners will generally benefit from development, which spurs economic growth. A robust economy translates to a healthy real estate market and rising home values.

Hampton Roads travel troubles expected to worsen

Rush hours in Hampton Roads currently see 12% of the region's primary routes severely clogged, according to the Hampton Roads Transportation Planning Organization. Officials say 29% will be jammed by 2030 -- and that's assuming that major projects now on the drawing board are completed.

"The numbers don't surprise me at all," said Commonwealth Transportation Board member Aubrey Layne of Virginia Beach. "In Hampton Roads, we have $19 billion in needs... and just $2.3 billion to spend" in the next 30 years.

Officials: 36 hours needed to evacuate Hampton Roads

Local transportation officials say 36 hours would be needed to evacuate residents if a major hurricane hit Hampton Roads, because the state's evacuation plan isn't up to the task.

Virginia's Hurricane Emergency Response Plan estimates that 300,000 vehicles would hit the roads during an evacuation. Officials say it would take 36 hours to evacuate at-risk residents in South Hampton Roads.

"Thirty-six hours is not reasonable," said Rob Case, principal transportation engineer for the Hampton Roads Transportation Planning Organization.

Hampton Roads home buyers taking their time

Prospective home buyers in Hampton Roads are lingering over decisions, taking time to do their research, and not worrying too much if low offers are rejected. They may feel that the current market is on their side -- the number of homes on the local market has climbed to previously unseen levels. In June, 15,494 homes were listed for sale in Hampton Roads, the highest number in at least 15 years. Local experts say that number translates to about nine months' of inventory.

Officials looking at wind farms for Virginia

Virginia officials are working to lay the groundwork for the state to become a national hub for wind technology. If they are successful, it could mean an estimated $80 billion to the Commonwealth and more than 5,000 long-term jobs.

"We have the potential for not only wind turbines off the coast of Virginia, but for Hampton Roads to become the silicon valley of wind development for the entire east coast," said Bob Matthias, assistant to the Virginia Beach city manager.

Learn more at WAVY-TV 10....

Posted on Friday, July 16, 2010 - 6:34pm

Four Virginia cities make Money Magazine's top 100 best places to live

Four Virginia cities are listed in Money Magazine's top 100 small cities in America. Centreville was ranked 30th, Alexandria 47th, Chesapeake 85th, and Suffolk 91st on the list.

Researchers compiling the list took into account median family incomes, education, housing prices, community amenities, and more.

Inclusion in a list such as this one may boost a city's popularity, possibly impacting property values in a positive way.

Foreclosures slowing in Hampton Roads

Foreclosure activity in Hampton Roads is down from April, but still higher than it was in May 2009, according to online foreclosure tracker RealtyTrac.

Banks and lenders repossessed and auctioned off 1,563 area homes last month -- 10% fewer than in April, but up 66 percent from a year ago.

Foreclosure rates dropped across most of Hampton Roads, but went up a bit in Virginia Beach. Of the seven major cities in the area, May foreclosures were most prevalent in Portsmouth and Chesapeake, and least common in Newport News and Hampton.

Read more in The Virginian-Pilot....
See information about Virginia foreclosures by locality here....

Posted on Friday, June 18, 2010 - 2:45pm