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Virginia Beach is known for its fun-filled beachfront activities and world-class recreational facilities and has many inns and economy hotels to accommodate visitors. This stretch of shore along Virginia Beach has some of the most family-friendly beaches on the eastern seaboard. Its economy is supported by a combination of tourism, military bases, and over 170 farms. Virginia Beach is home to nearly 500,000 people and draws 2.75 million visitors annually. The per capita income of the city is nearly $26,000, and the family income is one of the highest among large cities. Currently, the biggest employer is the Naval Air Station Oceana (NAS Oceana), which is a Navy base that has historical significance and distinctions that many enjoy and like to explore. There are also several other bases that provide for a strong economic base, but the best-known industry here is tourism, which greatly contributes to the gross state product of Virginia, to the popularity of Virginia Beach real estate, and to the city's economy as a whole. Restaurants, hotels, and retail shops are numerous and offer many commercial real estate opportunities. The tourism industry provides 15,000 jobs and contributes over $850 million to the economy each year. So how does one find good information about buying real estate in this area? According to sources, Virginia Beach real estate is currently undergoing a credit crunch and housing prices are falling by nearly 6 percent. While different searches will provide you different information one search currently shows 2550 properties in various states of foreclosure in Virginia Beach. This means as an investor you might find an attractive opportunity in this great town. The Virginia Beach official webpage, found at http://www.vbgov.com/, can be a good place to start your search. It allows you to talk to a live person and search through hundreds of pages of information. It includes information on relocation companies, lenders, and some other programs that might be helpful to investors and includes items such as tax policies and other guidelines important for investing. Because Virginia Beach has so much to offer, it will continue to be popular. So with the current market and the popularity of this area, you should consider Virginia Beach when evaluating your investment options.
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