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....
CNBC released its ranking of best states for business, placing Virginia second. The Commonwealth topped the list 2009 and 2007, the first year of the network's ranking.
Virginia's still first on Forbes magazine's list of best states for business -- and has been for the past four years.
Virginia's favorable business environment is paying dividends in this economy, to the benefit of its residents, as evidenced by Virginia's low unemployment rate relative to the rest of the nation. The real estate market is expected to rebound as the economy improves.
Read more in The Washington Post....
Governor Bob McDonnell says that Virginia has seen a net increase of nearly 72,000 jobs since February. Experts say that an improved job market will help lead a general economic recovery and bolster the housing market. It's also positive news for the commercial real estate market.
The net gain in jobs could have a strong impact on homeowners, who are more likely to keep up with their mortgages if they are employed. Sellers looking to market their homes will also benefit from an increase in jobs, as buyers with jobs will be able to qualify for financing.
Read more from The Associated Press....
Fannie Mae and Freddie Mac recently released rules for processing short sales and deeds in lieu of foreclosure in accordance with federal short sale guidelines known as HAFA (Home Affordable Foreclosure Alternatives), which took effect in April.
The rules from Fannie and Freddie differ in significant ways from one another and from the federal HAFA program. NAR is offering a webinar on July 29 to familiarize members with the two companies' rules and help you understand how they differ from each other and from the federal rules.
Thirty year mortgage rates held steady this week at an all-time low according to numbers from Freddie Mac. Money for refinances and purchases is cheap if you can qualify under today's tighter lending standards.
- 30 year fixed rate: 4.57%
- 15 year fixed rate: 4.06% (a new all-time low)
- 5 year adjustable rate: 3.85%
For the vast majority of Realtors®, satisfying the Virginia Real Estate Board's (VREB) continuing education (CE) requirements is something you do to improve yourself and your professionalism. To stay current on what's happening in the industry, you seek out high-quality education like (shameless plug) the REal Show, courses from your local association, or from other approved real estate schools.
This just in: Northrop Grumman has purchased 2980 Fairview Park, near the corner of the Beltway and Route 50 in Fairfax County to house its corporate headquarters when it relocates from California. The defense contracting company is expected to bring 300 high-paying executive level jobs to Fairfax, a move courted heavily by Gov. McDonnell.
Earlier, Northrop Grumman announced that it had selected Virginia over Maryland and DC for its corporate offices. Fairfax, Arlington and Alexandria were considered the frontrunners to land the mammoth company's headquarters.
Despite a steep dive in pending home sales (see chart below), mortgage applications surged 6.7% last week as all-time low rates lured homeowners to refinance their home loans. According to the Mortgage Bankers Association, 78.7% of all applications received last week were for refis. That's the highest level of refinance activity in over a year.