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 Poquoson cityReport offers detailed look at economy in Hampton RoadsA 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. Read more in the Daily Press.... Posted on Tuesday, July 27, 2010 - 6:02pm
State courts bidders for new U.S. 460VDOT 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. Read more from The Virginian-Pilot.... Posted on Thursday, July 22, 2010 - 6:59pm
Hampton Roads travel troubles expected to worsen
"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. Read more in The Virginian-Pilot.... Posted on Tuesday, July 20, 2010 - 8:40pm
Officials: 36 hours needed to evacuate Hampton RoadsLocal 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. Read more from The Associated Press.... Posted on Tuesday, July 20, 2010 - 7:05pm
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. Read more in The Virginian-Pilot.... Posted on Monday, July 19, 2010 - 8:01pm
Officials looking at wind farms for VirginiaVirginia 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
Foreclosures slowing in Hampton Roads
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.
Posted on Friday, June 18, 2010 - 2:45pm
Hampton Roads officials decry lack of local hearings on rail proposal
Eight hearings will be held in July along the 162-mile rail corridor. The closest to Hampton Roads are in Petersburg and Richmond. The line is expected to cost $2.1 billion to $2.3 billion. "This is our moment to stand up and demand to be heard on rail issues," said Norfolk Mayor Paul Fraim, who has championed regional high speed rail efforts. "We're just not going to have some bureaucracy back-burner the Hampton Roads issues." Major transportation initiatives can have a big impact on local economies, and by extension local property values. Homes near transportation corridors that serve metropolitan areas are attractive to commuters. Read more in The Virginian-Pilot.... Posted on Monday, June 7, 2010 - 6:36am
State negotiating to keep tolls low for Midtown Tunnel driversState officials are negotiating for lower proposed tolls with Elizabeth River Crossings, a private group that wants to expand the Midtown Tunnel. Officials put the cost of adding a second tube to the Midtown Tunnel, refurbishing the Downtown Tunnel and extending the Martin Luther King Freeway at an estimated cost of $1.9 billion. Transportation officials say the proposed construction would fix two of the region's worst traffic bottlenecks. The planned estimated base toll for both the Midtown and Downtown tunnels is $2.17 for cars and $6.52 for trucks. State officials are trying to get the tolls lowered -- perhaps to as low as $1.50. Read more in The Virginian-Pilot.... Posted on Friday, May 21, 2010 - 11:19am
Hampton Roads foreclosure rates upRealtyTrac, a national foreclosure-monitoring service, reports that foreclosures are up in the Hampton Roads area -- a trend that is being noted across the U.S. The latest statistics put the number of bank-owned properties at the highest quarterly total on record. Bank-owned properties are foreclosed properties that fail to sell at auction. There is also some good news: nationally, March sales of existing homes were up 16.1% over March 2009, according to the National Association of Realtors. Seasonally adjusted new-home sales were up 26.9% from March 2009, according to the U.S. Department of Commerce. Read more in the Daily Press....
Posted on Tuesday, April 27, 2010 - 11:10am
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