The risk of a Virginia home losing value over the next two years is dropping as the economy improves, according to the latest PMI Market Risk Index report. The report doesn't discuss how much a home's value could change -- only the likelihood that in two years it will be worth more or less than it is today. The Market Risk Index is historically about 80% accurate.
Researchers calculated the risk using factors such as unemployment rates, housing affordability, and past price appreciation.
Our quarterly home sales report for transactions completed between January 1 - March 31, 2010 was released today. The highlights:
In Governor Bob McDonnell's first 100 days in office, Virginia closed more than 50 economic-development deals that together will create 3,100 jobs and generate $360 million in investments in the Commonwealth.
Jobs and community investments are key issues for homeowners. New jobs allow existing homeowners to pay the mortgage and stay in their homes. A strengthening economy also encourages buyers to shop for new homes, possibly driving up prices and holding down the number of days houses stay on the market before being sold.
Read more in the Richmond Times-Dispatch....
Homeowners and Realtors® will be the beneficiaries of a comprehensive statewide housing policy created by Gov. McDonnell. He is expected to sign an executive order this week outlining the policy objectives. It is the first time Virginia has embarked on creating a statewide executive housing policy.
At a news conference in Richmond this morning, the Governor announced the appointment of a Housing Policy Advisory Committee that will be charged with developing a housing policy for the Commonwealth. The plan is expected to cover housing related issues like homelessness, workforce housing, economic development, healthy neighborhoods, effective coordination of transportation, and environmental issues.
A lawsuit aimed at slowing the HOT lanes project planned for Interstates 95 and 395 in Northern Virginia has received an early vote of confidence.
A U.S. District Court ruled that a lawsuit filed by the Arlington County Board against the Virginia, the U.S. departments of transportation, and the Federal Highway Administration can proceed. The suit alleges that the agencies should have performed environmental and health studies, as well as traffic analysis, before moving forward with planed HOT lanes on Interstates 95 and 395.
Local homeowners will benefit from a swift resolution to the suit. Traffic congestion is an ongoing problem in Arlington, making it less desirable to commuters shopping for new homes.
Officials say that Northrop Grumman is just weeks away from deciding where to establish its new headquarters. Virginia, Maryland, and the District of Columbia are all under consideration. The company plans to open the new 300-person facility in about a year.
Fairfax and Arlington Counties are both in the running to be the defense contractor's new home town. Landing Northrup Grumman would be a significant economic boost for either county - to the benefit of local homeowners, who could see a bump in property values along with the creation of highly paid jobs.
Read more in the Richmond Times-Dispatch....
Since that time, new building projects have outpaced the growth of infrastructure in some areas. A good unified plan would benefit current and future homeowners by ensuring a balance of commercial and residential use. That balanced development would, in turn, ensure a diverse tax base that could support needed services and infrastructure.
The Hampton University Proton Therapy Institute has been awarded $7.9 million by the Department of Defense Naval Health Research Center. The money will be used for equipment, research, and increasing staff levels. More than 2000 patients will be treated annually at the center, which is located off Magruder Boulevard and scheduled to open this summer.
The award is likely to spur growth, and in turn benefit local property values.
Read more in The Virginian-Pilot....
The city of Hampton will eliminate 78 permanent full-time positions to make up for its $19 million budget shortfall.
About 55 of those positions are currently filled. City officials will try to move employees in those jobs to current openings. "We do have plans to try to place as many of those people as possible. We have over 106 positions that are vacant and open to try to place those folks into," said City Manager Mary Bunting.
Read more at the Daily Press....