My New Blog

According to the last issue of the Project Newsletter on the US 17 Corridor Study for New Hanover and Pender Counties published by the NCDOT, preliminary design of the 13 alternatives is underway and project representatives are currently conducting field studies to determine the enviromental, social and economic impacts of the alternatives selected.

Although this project is at least 7 years from beginning, the majority of residents living in Hampstead are in favor of a bypass that will redirect the heavy traffic flow out of the Hampstead business district. Safety being one of the most important reasons. From South Carolina coming north, traffic rides on a four-lane highway throughout Brunswick County and bypasses New Hanover via I-140. The proposed Hampstead bypass ties into I-140, sending traffic around Wilmington, Ogden, Porters Neck and Scotts Hill. Unfortunately, all the through traffic that has bypassed every other community returns to the undivided five-lane U.S. 17 right in the heart of Hampstead. The infrastructure of Hampstead is just not adequate to handle the amount of traffic volume. The rate of traffic accidents has drastically risen in the past few years as the community continues to grow.

The US Corridor Study Team consists of federal, state and local agency representatives. Part of the review process consists of enviromental, social and economic effects to identify alternatives that bst meet the purpose and need of this project while minimizing negative impacts. The Study team also considered input provided by the public. The military flow also must use the same route when transporting their equipment from Camp LeJeune to points south.

The tentative project schedule is to have a complete draft enviromental impact statement available by summer 2009. A select preferred alternative by winter 2009/2010. A complete final enviromental impact statement by summer 2010. Right of way acquisition by 2013 and construction to begin 2015, however construction for these projects is currently underfunded. It is expected that funds will be available and construction would begin after 2015. Because of a number of factors can affect a project's schedule, it may be subject to change.

Thirteen alternatives for the US 17 Corridor Study have been selected for additional, detailed study. A map showing these alternatives and a description of each are presented in the Project Newsletter dated September 2008. You can access this newsletter on-line at: www.ncdot.org/projects/US17HampsteadBypass.

Since the Fed announced a plan to purchase $500 billion of mortgage-backed securities on November 25, mortgage rates have moved progressively lower, and the trend continued this week. Conforming fixed-rate mortgage rates dropped to levels last seen in 2003. Weak Retail Sales data and low inflation figures released during the week also supported the move lower.

As the government strives to offset the current weakness in the economy, its actions have exerted a much stronger than usual influence on mortgage rates. Programs to purchase mortgage-backed securities and to provide capital to financial institutions have been favorable for mortgage rates, while a bill introduced in Congress this week could have the opposite effect if passed. The bill would permit bankruptcy judges to modify troubled mortgages by reducing the principal and payments. The goal would be to help prevent foreclosures, which is a worthy objective. However, opponents of the plan are concerned that investors may require higher mortgage rates to compensate for the increased risk that loan contract terms may be changed. At this point, it's not certain when the bill will come up for a vote.

The big news next week will be Tuesday's Fed meeting. Expectations are for a 50 or 75 basis point rate cut, and the accompanying statement will provide the Fed's latest views on the state of the economy and the financial system. The Consumer Price Index (CPI), the most closely watched monthly inflation report, will also come out on Tuesday. CPI looks at the price change for those finished goods which are sold to consumers. Industrial Production, an important indicator of economic activity, will be released on Monday. Housing Starts is scheduled for Tuesday. The regional manufacturing indexes will also be released next week.

Copyright @ 2008 MBSQuoteline