clarksburg maryland: Clarksburg Road Construction Continues
- 08/12/08 01:35 AM
Work on a portion of Skylark Road in Aurora Hills is scheduled to begin in a few weeks, and it will mean re-routing of traffic in the neighborhood.
The work will take place on Skylark Road from Piedmont Road and will continue to the entrance of the Ovid Hazen Wells recreation fields near Cherry Branch Road. Artery Development of Bethesda will begin work once the utilities companies have moved their power lines and utility poles to permit construction, and a section of the road will be closed for about six weeks.
Artery has pledged to post detour signs in advance so … (0 comments)
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clarksburg maryland: Clarksburg Home Sales Update
- 08/11/08 12:46 AM
The latest statistics are out and they reveal that home sales in zip code 20871 reached $8,035,069 in July 2008 versus $6,982,368 during the month of July 2007. That's a 15.08 percent increase in the total value of homes sold in Clarksburg compared to last year.
The number of homes sold totaled 15, compared to 14 in the same month last year, and the median sold price of homes was $452,500 -- down 7.14 percent compared to last year. The average days on the market was 106 in July versus 84 in 2007.
So... more homes sold, but they were at the … (0 comments)
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clarksburg maryland: Some Good News For First-Time Home Buyers
- 08/05/08 08:28 AM
Most everyone has now heard of the new tax credit for first-time homebuyers. I thought it might be helpful to pass along some follow-up information on the details.
-This is being touted as a tax credit that reduces the amount of income tax owed dollar for dollar, rather than a mere deduction. (It is really more of an interest-free loan - see below.)
-It is good for up to ten percent of the purchase price of the home or $7,500 -- whichever is less.
-It is for principal residences only and the purchase must close between April 9, 2008 and July … (0 comments)
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clarksburg maryland: Housing Rescue Bill Passes
- 07/28/08 08:44 AM
Over the weekend, the US Senate passed a bill that aims to reduce the number of foreclosures by permitting homeowners to refinance into government-backed loans. The House of Representatives approved the bill last week and it now is headed to the President for his signature, which is anticipated.
The program would be available to an estimated 400,000 home owners and would be administered by the FHA. It will insure up to $300 billion in refinanced thirty-year fixed-rate loans.
For mortgages that now exceed the value of the home, the lender would be asked to voluntarily write down the principal to the qualifying … (0 comments)
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clarksburg maryland: Clarksburg Real Estate News
- 07/11/08 01:40 AM
In June the total value of homes sold by Realtors in Clarksburg was $6,665,275, which is a 33.07 percent increase over the $5,008,800 sold in June of last year.
The total number of homes sold (17) was more than double the 8 sold in June 2007.
That's the good news.
But... Homes at the lower end of the price spectrum are the ones selling, causing the median and average price of homes to drop in all the statistical reports we're seeing. That's not a shocker, considering the economic news we've been hearing lately.
Home buyers are being cautious about over-committing to high mortgages, … (2 comments)
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clarksburg maryland: Pace of Home Sales in Clarksburg Shows Slight Increase
- 06/11/08 01:38 AM
I've been keeping a very close eye on the "Days on the Market" statistics for Clarksburg, MD, because this number provides a quick readout on the pace of real estate activity in a community.
For May 2008 the average days on the market in Clarksburg was 178 versus 195 in May of 2007. This is not a huge difference, but it does indicate that homes are selling a bit faster now. The big question is whether this is the beginning of a trend, or merely a one-time statistical quirk. Curious minds want to know!
… (0 comments)
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clarksburg maryland: Clarksburg Town Center News
- 05/23/08 01:51 AM
The developer of Clarksburg Town Center has submitted a new site plan to the Montgomery County Planning Board.
The developer, Newland Communities, envisions upgrades to the retail core, community landscaping, and the Resident's Club. These revisions arose because of the need to correct plan violations uncovered in 2005. Now the developer has until September to iron out the details with county planners and the Clarksburg Town Center Advisory Committee.
The Town Center retail center is intended to occupy 265,000 square feet and is to include a grocery store and up to 42 other business tenants.
The new plan will cost the developer … (29 comments)
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clarksburg maryland: Clarksburg Home Sales
- 05/12/08 10:42 AM
April's real estate numbers have been released and there's some intriguing news.
The median price of homes sold in Clarksburg in April was $480,000, which is a very modest 0.52 percent lower than April of 2007. Moreover, eleven homes sold in April versus only eight last year at this time.
So that's encouraging news to home sellers who've been barraged by months of bleak reports.
Having said that, the oversupply of homes on the market as compared to the lowered demand for them still favors the financially-well-qualified buyer in negotiating a sale. I'll be interested to see whether the May statistics point to … (0 comments)
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clarksburg maryland: Observation Drive Extended
- 04/29/08 03:05 AM
A Montgomery County Department of Public Works and Transportation (DPWT) study team is finalizing their Phase I facility plan recommendation for the extension of Observation Drive in Germantown that will provide a north-south corridor linking to Stringtown Road. The team suggested a modification to the Master Plan alignment at Linthicum Farm to avoid impacting an existing reforestation area.
The proposal for the new road includes four lanes, curbs, gutters, a five-foot-wide sidewalk and an eight-foot-wide off-road bike path. In addition, a 58 foot-wide raised median will accommodate the future Corridor Cities Transitway.
Once the study team's technical report is … (0 comments)
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clarksburg maryland: Clarksburg Chamber Sponsors Housing Seminar
- 04/29/08 02:39 AM
The Clarksburg Chamber of Commerce and the Washington Post are sponsoring a homeowner seminar on May 17 at Little Bennett Elementary School from 1:00 p.m. to 5:00 p.m. Montgomery County Ike Leggett will be one of the speakers. The public is invited.
There will be three panels with discussions on buying, financing, and selling homes. I'll be on the panel that focuses on buying a home, and will be providing an update on this market along with some ideas for prospective buyers.
This promises to be a lively and informative event and I hope all my Clarksburg neighbors and friends can attend.
… (0 comments)
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clarksburg maryland: First Proposal for Clarksburg Elementary School No. 8 is Rejected by Community
- 04/12/08 12:43 PM
Cedar Grove, Clarksburg and Little Bennett parents all reject the first five proposals for the boundaries of the new school. This new school is scheduled to open in August 2009 and will sit on 10 acres in the Milestone community. The school is much needed everyone agrees, but how to draw the boundaries is what is of great concern to all . Another round of options will be coming this week and the full boundary study will be submitted to the school system in June. … (0 comments)
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clarksburg maryland: Gaithersburg Fairgrounds May be Moving to Clarksburg Area
- 04/12/08 12:31 PM
Although many in Gaithersburg would be sad to see the county fairgrounds moved out of its current location, where it has been for 14 years, the Clarksburg community is optomistic. The new fairgrounds location would be the 84 acre Linthicum farm on West Old Baltimore Road. But, it is not a done deal yet, and lots of studies have to be made including roads and traffic, a big issue for the residents up county. Stay tuned for more information as it comes. … (0 comments)
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clarksburg maryland: Clarksburg MD 5K Race, Walk, and Kids' Fun Run
- 04/03/08 12:18 AM
The first annual Clarksburg Town Center 5K Race, Walk, and Kids' Fun run is set for April 19 from 8:30 a.m. to 11:30 a.m.
Proceeds will be shared by the Special Olympics-Montgomery County and the Clarksburg Sports Association.
For additional details, you can log onto
http://www.clarksburgconnects.com/communitynewsview.aspx?id=23365&returnurl=communityhome.aspx
See you there!
… (0 comments)
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clarksburg maryland: $200 billion more for home loans
- 03/20/08 03:36 AM
The Office Of Federal Housing Enterprise Oversight (OFHEO), which oversees Fannie Mae and Freddie Mac, has allowed them to increase the amount of money that they invest in home loans.
OFHEO did this by reducing the amount of capital that Fannie and Freddie are required to keep in reserve. This makes an additional $200 billion available, in the hopes of reducing the cost of borrowing and thawing credit markets.
Treasure Secretary Paulson commented on the move, saying, "Additional capital will enable the companies to help more homeowners and will strengthen the underlying fundamentals of the mortgage market."
It will be very interesting to see … (3 comments)
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clarksburg maryland: Big News on FHA Loans
- 03/07/08 02:18 AM
In our market in the Washington, DC area, which has higher-priced homes, we rarely see FHA loans.
But this has all changed yesterday. HUD has announced new higher FHA loan limits, which will be calculated at 125 percent of the HUD-published median prices for an area. The new limits will obviously vary by metropolitan area, and in the highest-priced areas will now be capped at $729,750.
This is huge news for real estate because it will mean more money in the mortgage market to make loans available to consumers for purchases and re-fi's.
I'm still waiting to learn when the new limits will actually be implemented by banks, … (2 comments)
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clarksburg maryland: More News on Fannie Mae and Freddie Mac
- 02/28/08 12:24 AM
The Office of Federal Housing Enterprise Oversight (OFHEO), which oversees Fannie Mae and Freddie Mac, announced that it is removing limits on the amount of loans and securities they can own -- a move that could boost the current housing market.
Politicians and banking lobbyists had been calling on OFHEO to ease up on the controls over Fannie and Freddie so that the companies could buy bigger and riskier home loans and securities backed by those mortgages.
The presumption is that more money with better terms will now be available to consumers, which may translate into more home sales. We'll see if this … (1 comments)
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clarksburg maryland: New Program Helps Prevent Foreclosures
- 02/27/08 12:55 AM
In some markets, foreclosures are big news, with dramatic increases in delinquent loan payments.
A new FHA program, initiated on August 31, 2007, is designed to help homeowners avoid foreclosure by refinancing their subprime loans with HUD's new mortgage -- called FHASecure.
HUD's boss, Alphonso Jackson, announced that 33,000 at-risk borrowers have already refinanced, with another 20,000 in line for approval this month. HUD envisions insuring about 240,000 of these FHASecure home loans during fiscal year 2008. To date, FHA has received more than 113,000 refinance applications for this program.
There's also a move afoot in Congress to pass legislation to alter the FHA loan program to permit higher loan … (7 comments)
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clarksburg maryland: Montgomery County, MD update
- 02/14/08 11:07 PM
The year-end statistics for residential sales in Montgomery County, Maryland were released yesterday. These numbers are compiled by MRIS, Inc., based on settled sales.
The median sold price of houses and condos in 2007 was $444,000, which is a 1.14 percent increase from 2006.
The number of units sold dropped 23.39 percent, and the average days on the market was 84 in 2007 versus 57 in 2006.
So... it is generally still a buyers market in our area, although there are micro-markets where homes are selling very quickly for top dollar. I am eager to see how the increase in FHA, FNMA, and Freddie Mac loan limits will … (1 comments)
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clarksburg maryland: Clarksburg real estate update
- 02/12/08 12:56 AM
As of this minute, there are 67 detached homes for sale in Clarksburg, MD, ranging in price from $399,900 to $1,895,000.
In February two detached homes went under contract -- one was priced at $455,000, and the other at $569,990. In January there were eight detached homes that sold.
Given these numbers, it is very much a buyers market in Clarksburg at the moment. My sense is that the proposed FNMA and Freddie Mac loan limit increases will have a positive impact on our market, spurring hesitant buyers into action. We shall see....
… (1 comments)
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clarksburg maryland: Warren Buffet weighs in on the state of the economy
- 02/11/08 04:51 AM
I thought some recent comments by Warren Buffett, the multi-billionaire investor, and guru to the smart-money set might be of interest...
Buffet said that the troubles which have beset the U.S. economy in recent months have caused markets to react with a "healthy degree of caution," while the Federal Reserve has ensured that low-cost funds are available to borrowers.
"I wouldn't quite call it a credit crunch. Funds are available. Money is available, and it's really quite cheap because of the lowering of rates that has taken place."
He also said, "What has happened is a re-pricing of risk and an unavailability of what I might call 'dumb' money, of which … (0 comments)
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Work on a portion of Skylark Road in Aurora Hills is scheduled to begin in a few weeks, and it will mean re-routing of traffic in the neighborhood.
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