Homeowner headlines

According to NAR, sales of previously occupied homes fell more than 27 percent from June to July, the largest month-to-month drop on record. And they dropped to the lowest level in 15 years, more than 25 percent below their July 2009 level.Click here to read the full story at Realtor.org. 

Size does matter when it comes to the perception of space in a home. That’s why it’s important to make sure you show off every square foot of your listing so that buyers can visualize enough room for all of their belongings.

Pending home sales in the South (which, obviously, includes Virginia) rose in June, unlike the rest of the country. According to NAR's most recent pending home sales index, the country as a whole saw pending sales drop 4.6%; the  Northeast was hit particularly hard (down 12%), as was the Midwest (down 9.5%).In the South, though, pending sales were up almost 4% in June, which bodes well for the rest of July and into August, when those contracts will (hopefully) turn into closed deals.

Officials are taking a long look at State Route 5, which they say will likely need improvements due to expected growth in the areas it connects. A state-funded study is underway of the corridor from Seventh Street in downtown Richmond to state Route 895 in eastern Henrico.

The area has historically been primarily low-density residential, industrial and rural, but that is expected to change. "In 15 to 20 years, you are going to have a ton of development there, and you are going to need to address traffic," said Lee Yolton, principal planner at the Richmond Regional Planning District Commission. 

Since 2000, business owners in downtown Waynesboro have been ecouraged to make facade improvements through a grant program that matches their own investments, up to $5,000.

Officials say that in the program’s 10 years, business owners have received more than $120,000 for improvements to 27 facades. The program has led to the restoration of historical properties and spurred the renovation of others.

Waynesboro homeowners benefit from the investments -- their city looks better and is a more pleasant place to shop and do business.

Read more in the Waynesboro News Virginian....

Stafford County supervisors are poised to adopt a new comprehensive development plan in September, the first in 20 years. Officials hope to direct development to the center of the county along Interstate 95.

Of greater concern, perhaps, are the areas outside of that corridor currently zoned for agricultural use. With a minimum lot size of three acres, those properties can be seen as ripe for development, and there is some concern that suburban sprawl could be an unintended result of the zoning classification.

Read more in the Free-Lance Star....

Officials in Rocky Mount are facing mounting complaints about dilapidated homes and are exploring their options for dealing with the problem. Some homes could be condemned and razed -- officials have a list that includes four properties that they believe are condemnable now. Other options include offering tax abatements to entice owners to make repairs, or making the repairs at town expense and placing a lein on the property to recover the costs. Derelict properties can pull down the value of surrounding homes and lead to an entire neighborhood's downward slide. Government intervention in property maintenance can seem extreme, but it may be necessary to preserve healthy neighborhood real estate markets.

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.

Read more in the Daily Press....

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.

Read more in local news outlets:

The construction of a wind farm along a ridge in Highland County appears to be stalled for the moment, and developers of the project are declining to discuss the matter. The turbines were expected to be operational by midsummer.

The lack of progress on a the planned wind farm in Highland County may be a reflection of a national trend. Wind farm installations in the United States have decreased by 69% so far this year from last year, and by 54% since 2008, according to the American Wind Energy Association.

Read more in The Roanoke Times....