The Virginia real estate market continues to face serious economic trouble as the economy reaches the end of the first quarter of the fiscal year. According to a March 11, 2010 article in the Virginian-Pilot, “Foreclosure filings jumped to a record high in the region last month after falling in January, according to a report to be released today. Foreclosure-related notices totaled 1,305 last month, up about 22 percent from 1,074 in January, according to RealtyTrac, an online foreclosure-monitoring service based in Irvine, Calif.” The piece, composed by Philip Walzer, continued to state that “The January figure was down about 11 percent from 1,200 in December, the previous record. That number includes default notices, scheduled auctions and bank repossessions.”

An almost completely different scenario for Virginia homes for sale was painted by a March 11, 2010 article in the Richmond Times-Dispatch, which reported that “Foreclosure activity in Virginia appears to be falling, but that could be related to the harsh weather in February. Severe winter weather may have temporarily slowed the foreclosure process in the state and other areas in the mid-Atlantic and Northeast, according to RealtyTrac’s February market report.” This article, composed by Carol Hazard, continued to say that “Virginia’s foreclosure filings declined 15.9 percent in February from January and fell 8.7 percent from the same month a year ago, the online researcher of foreclosure activity reported. Nationally, filings fell 2 percent in February from January but rose 6 percent from the same month a year ago.”

This same perspective for Virginia real estate for sale was reflected in a March 11, 2010 article by Drew Jackson, who stated that “Virginia’s foreclosure market was literally frozen in the month of February, according to an industry report released today. The state-wide foreclosure rated dropped by nearly 16 percent from January, as Virginia reported 4,403 foreclosures, said RealtyTrac.” The article, published in the Richmond Biz Sense, continued to say that “Virginia also reported 8.71 less foreclosures this past February than it did in the same month a year ago, perhaps due to 2009’s far milder winter.”

The facilities in the Foundation’s plan are a key part of a much larger, even more comprehensive Master Plan for the center of our Capital City.

At one time, the corridor of Broad Street and Grace Street between 8th and 4th Streets was the bustling heart of the Southeast’s most important city. Now, that corridor is dormant, unattractive and uninviting. But, not for long. City leaders and business leaders, working through Richmond Renaissance, have studied urban renewal success stories around the country, and have developed a Master Plan for this once-proud corridor to return to the status of a place where people want to be. The Plan is anchored by the new $160 million Convention Center. It reflects the complete renovation of Broad and Grace between 8th and 4th, and will be the epicenter for a ripple of revitalization that will spread for many surrounding blocks.

And, there’s more. With the Biotech Park to the north, VCU to the west, State offices to the east and the riverfront to the south, the redevelopment of the Capital of the Commonwealth of Virginia is well underway. Yes, there’s still much to do. But, we’re on our way…