Government
Budget pain felt across Virginia
Budget negotiations are wrapping up across Virginia. Local governments had stark choices: raise taxes, cut services, or lay off employees.
Read more....
Cap & trade bill hoax circulating (Again)
All right, while we used to believe that everything on the Internet was true, turns out that's not so.
Our friends at NAR have spotted some e-mail circulating that claims that the Cap & Trade Bill includes home-labeling provisions. It don't.
In fact, these e-mails are based on incorrect information from last spring (before the bill passed the House). NAR has already addressed these (and similar) claims, but that doesn't stop the e-mail. The messages have subject lines like "Homeowners -- listen up," "License for your House," and "Do you own a house? You better read this!" Keep an eye out.
Healthcare for Realtors in plain English from NAR
NAR has released a straightforward explanation of the recently-signed healthcare reform law for agents and brokers.
Some of the highlights:
Expanded Markets
Third, the law seeks to expand the individual and small-business insurance markets, which are the markets through which real estate brokers and sales associates principally shop for coverage.
Fitch Ratings reaffirms Loudoun County's AAA rating
Fitch Ratings announced yesterday its award of AAA rating to Loudoun County for $102.1 million in general obligation refunding bonds that are expected to be sold April 8. The rating agency also gave the AAA rating on approximately $880 million outstanding general obligation bonds.
Arlington, Fairfax among three finalists for new Northrop Grumman headquarters
Northrop Grumman will move its West Coast headquarters to the Washington area, and has narrowed its choices to Arlington and Fairfax Counties in Virginia, and Montgomery County in Maryland, according to sources in government and real estate. The company is expected to announce its decision by the end of April.
The entrance of a large number of highly paid workers into the area would likely invigorate the local housing market.
New gas pipeline to increase capacity in Churchland area
Columbia Gas of Virginia is building almost five miles of new pipeline through Portsmouth, Chesapeake and Suffolk to increase capacity in and around the Churchland area. The company expects to to spend almost $8 million and complete the project in June.
The increased capacity will support development in the area, spurring growth that will benefit the real estate market.
Read more in The Virginian-Pilot....
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Local governments pinched by declining revenue, climbing expenses
School and county Boards of Directors are struggling to balance budgets amid declining tax revenues, cuts in state funding, and rising expenses. What they choose to do could affect homeowners for years to come.
Read more in local news....
Fort Lee to see dramatic growth this summer
The Base Realignment and Closure process will spur growth at Fort Lee this summer, and nearby Petersburg is expected to benefit from the influx of soldiers and their families.
Melissa Magowen, deputy to the garrison commander, told an audience of about 60 local government officials and business leaders to expect Fort Lee's population to grow toward the target level of 45,000 next year from about 15,000 before the expansion began.
Althought the post will provide some housing and other services, military families are expected to shop for homes and services in Petersburg as well. The boost to the local economy will help strengthen the housing market.
Call for Action: Ask Congress to Renew Nat'l Flood Insurance and Rural Housing 502 Programs
NAR has issued an all-member call for action urging Congress, as soon as it returns, to renew the National Flood Insurance Program and the Rural Housing 502 Program (both programs expired at the end of March without Congressional authorization). Please complete this call for action either through the e-mail you received from NAR or here.
New short sales rules go into effect April 5: NAR has the 411
The federal government's standardized rules and forms for short sales take effect April 5. On that date, the servicing arms of lenders who are participating in the government's loan modification program, known as HAMP, have to participate in the standardized short sale procedures, because those procedures are considered a subset of the modification program.
Learn about the rules, including changes announced just two weeks ago, in a 14-minute video walk-through from NAR.