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According to a new report from RealtyTrac, foreclosures in Virginia are continuing their downward slide which is good news for both buyers and financial institutions. According to the report, the number of foreclosure filings, default notices, scheduled auctions, and bank repossessions decreased by 23.7 percent in the first quarter of 2013 compared with the first quarter of 2012. That equates to one in every 1,450 households moving into foreclosure. (more…)
Lawrence Wilkes, P.E. is President of The WVS Companies, LLC. Larry is a Registered Professional Engineer in the Commonwealth of Virginia, and has a B.S. degree in Civil Engineering from the Virginia Military Institute, with graduate studies and Advanced Degrees in Economics and Environmental Planning from the University of Virginia. He worked in various roles for Cadillac Fairview in the 1980s, part of which included overseeing development of Fairview Park in Fairfax, Virginia. He has developed numerous other properties throughout the DC-Metro area. (more…)
There is no doubt that the retail industry has been one of the most hard-hit industries during the Great Recession. We have reported on numerous instances of retail centers around the state being forced into bankruptcy due to retail stores closing their doors. Despite the uptick in good news on the economic front, many property owners are still wrestling with retail property that they can’t lease. That has resulted in a new adapt or foreclose mantra. (more…)
There has been a great deal of news coverage about the looming cuts to the federal government and what effects those cuts could have on the nation’s economy. Virginia is one of the states with the most to lose from federal budget cuts. The situation has grown so dire that Governor McDonnell sent a letter to President Obama urging him to take action to avoid the $109 billion in automatic cuts, which are slated to take effect on March 1st. If the cuts occur, Virginia could face another recession. Northern Virginia and Hampton Roads are the areas of the state most at risk because both regions rely heavily on government contractors and defense spending. The automatic cuts would negatively impact the commercial and residential real estate markets in the Commonwealth as well.