HAPPY HOLIDAYS 2009

Daylight Savings Time

Hello Again! First of all, have you set your clocks back 1 Hour yet? While you are at it, I usually take this opportunity to change the 9 volt batteries in my smoke detectors.

October was a wet one in Ocean City this year, but in spite of this we were able to enjoy the Endless Summer Cruisers and the Corvette weekend. Haloween was scarey and expected, and a young man from St.Mary's County here in maryland won the $40,000.00 Mustang that the Lions Club raffled. the profits from the ticket sales will go to our injured troops in Germany.

November gives locals and visitors the chance to enjoy great meals at great restaurants at reduced prices. Every Fall the restaurants feature special deals on their fare- add looking through the free "Dispatch" or" Ocean City Today" newspapers can find your favorite choice.

If you are in the market for buying or selling a property- I can be of service! The highest compiment my clients ca give me is the Referral of their Friends, Family and Business Partners!

Enjoy! Joe Myles

Welcome to the "Second Season"

Hello Again! Well, Summer has drawn to a close and we are looking forward to our "Second Season". We have enjoyed Bike Week during the middle of September, an estimated 100,000 motorcycles are expected in Ocean City during the event. During the Bikers event there were many city wide specials found in all the restaurants- which were also enjoyed by all, even if you didn't ride a bike. The following week Sunfest began, and as always was a grand time with all of the food, crafts and show events. Sunfest also marks the Boardwalk drawings for the two motorcycles and the red Mustang GT convertable- California Edition. In the first days of October we will be able to enjoy Winefest at the Inlet. October 3 is the day and the location is at the inlet parking lot. Last year the admission was around Twenty Dollars which included several samples of wine that is poured into the wine glass they give you. Great deals on wine purchases too!
Consider visiting with us, there is always something to do here at the Beach throughout the year, and I would like you to have the opportunity to join us in enjoying them.
If you would like to sign up for my monthly e-newsletter- just contact me. Until next time- ENJOY!

"BIG" news from Ocean City

WOW!!! A massive Blue Marlin caught in the Annual White Marlin Open Thusday
August 6th broke the Maryland State record that had stood for Twenty Years. The weight came in at an amazing 1,062 pounds and the prize was $550,000. The Worlds largest
White Marlin tournament is held in Ocean City each year, this year's winner was a 93.5 pound that was worth $860,000. to the winning fisherman.
There are numerous Peach Festivals all over Ocean City including the craft fairs and home cooking and baking specials- I love this time of year. The temperatures have been favorable this year, only 3 days of over 9o degree weather-not too bad for August.
The Cruisers are coming back in town 23 August, the cars and trucks are always great to have in town-if you can handle the engine roar.

Ocean City in July

Welcome back! We are now halfway into the Month of July here in Ocean City. The daily rain we had in June is now history, and believe it or not we could use a little of the wet stuff to help the landscaping and gardens.
The stock market has enjoyed a slight rally during the past week, unusual since this time of year the market has been known to take a summer hit.
The Ocean City 22nd Annual Tuna Tournament started this past week, and there were great catches as expected. Remember two state records were made for the largest Mako and Thrasher sharks only two weeks prior.
Last night on the Boardwalk I was tending ticket sales for the Lions 2009 Mustang car raffle, and Sir Rod was giving a free concert at North Division Street at the Beach, it just doesn't get much better than that.
If anyone is looking for a two bedroom, two bath with a deeded boat slip and wide boardwalk at 13th street bayside- 1st Floor, contact me. You are able to watch the White Marlin weigh-ins from the end of the community boardwalk! Only $299,900.00.
Also, the Sundaes beach Concerts begin on Sundays 6-8p.m., July 12-Aug 27 at Northside Park, 127 street Bayside.
On Tuesdays free music is offered at Sunset Park, located bayside at South Division street, I advise you to bring your own chair. the music is from 7:30-9 Tuesdays July 14-Aug 18.
We welcome the American Legion convention to Ocean City this week 14 July- 17 July.
And with that information I will sign off until next time. ENJOY!

Summer has begun

Hi,
Well Summer has finally arrived. The official day was last Sunday, but the summer weather arrived in Ocean City three days ago, and the beach indicates how much everyone is enjoying the sand, sun and ocean. It is amazing how much the weather affects the mood of business also- while it was cooler than normal earlier this month, and it seemed as if rained daily- the stock market drifted down, and real estate recovery took a break. Now that the weather seems to be on track the market is starting to climb higher, and there is much more activity in the Ocean City area real estate market.
The event activity in Ocean city grows every year, a few weeks ago the Air force Thunderbirds gave a terrific Air Show, then the Maryland Firefighters Convention came to town with their five hour parade downtown, and now Independance Day is just next week!
Did you read about the 876 pound Mako Shark caught this week offshore Ocean City- that translates to about 450 pounds of some of the best tasting fish I have ever had. If you haven't tried Mako, make it a point to order it (don't let the word shark bother you)

There are plenty of bargains available here at the beach, for instance: ther is a two bedroom with a full bath and a half bath condo on a canal in North Ocean city that is located on a canal, and has a boat dock. The unit is on the second floor and is listed for $176,000.00.
Contact me if I can be of service to you.
e-mail joemyles@LNF.com
web site www.josephmyles.com
office 410-524-1700 ext 1178
direct 410-520-2778

New Expanded coverage on the WEB

Hi, Last weekend in Ocean City we had the Offshore Boat Races that brought huge crowds
to the beach. The weekend also marked the start of Seniors Month, the college and high school seniors bring alot of energy to the shore after the school year ends and the graduates celebrate their acomplishment.
This coming weekend brings the Air Show featuring the Thunderbirds! The entire show can be viewed from the boardwalk and is promised to be a great show.

The Ocean City Long and Foster office is sponsoring a fund raiser for the Humane Society during the month of June-Pass the word and lend a hand. The Diakonia fund raiser held February and March was a huge success, and donations are actually still coming in and being delivered to them.

Announcing new expanded coverage for anyone that is listing their property for sale with
me through the Long and Foster Real Estate, Inc.

When a property is listed with Long & Foster, it is automatically available on www.longandfoster.com and 16,000 Long & Foster agent sites. The online advertising, however, doesn't stop there.
To provide customers the most exposure for their listings, Long & Foster listing data is also available on the web sites listed below
*** Not all MLS's participate in the data feeds to the each of these sites. We will be updating the list with specific details on which MLS's do not participate. Please check back soon.
www.longandfoster.com
L&F Office Web Sites
L&F Agent Web Sites
www.realtor.com
www.washingtonpost.com* *Only for MRIS properties
www.baltimoresun.com**Only for MRIS properties
www.google.com
www.trulia.com
www.Roost.com
www.lacazemeredith.com
www.Cyberhomes.com
www.Hotpads.com
www.Yahoo.com
www.Oodle.com
www.Vast.com
www.Frontdoor.com
www.Zillow.com
www.luxuryrealestate.com* *Only listings priced at $1,000,000 and above are included on this site.
www.luxuryportfolio.com* *Only listings priced at $1,000,000 and above are included on this site.
www.homesdatabase.com**Only for MRIS properties
www.relohomesearch.com
www.wcanmillerrealtors.com
www.extraordinaryproperties.com* *only properties priced at $1 million and above are posted to this site.

In addition to this extensive list I have added www.enormo.com, www.gogglebase.com,
www.backpage.com, www.dothomes.com, as well as www.craigslist.com for the Eastern shore properties.

If you want to sell your home or investment property I now provide more opportunity for your property to be seen by more people around the world! Call for your appointment.

Joe Myles 410-524-1700 ext 1178
direct-410-520-2778

Memorial Day- and remembering

Hi, Welcome to the start of the summer season. Memorial Day came early this year, but that just gives us a head start on the summer fun.
It is necessary to pause and remember all of the brave men and woman that have given of their lives in battle for our country, families and friends in present and past wars. It is easy to concentrate on what is important to us in the moment, especially as busy and complex our daily lives are- but we need to remember that the freedoms we enjoy every day would not be available if not for the sacrifices given.

The real estate market continues to firm up with buyers taking advantage of the low interest rates and reduced property prices here at the Ocean City beach. I know it sounds like a broken record (by the way, records were something we used in the past to listen to music), but more settlement activity is being conducted in our offices and that proves to be a good gauge for sales.

Seasonal Strategies - Keep Summer Travel Affordable, But Don’t Skimp on Fun

RISMEDIA, May 25, 2009-With Memorial Day Weekend, the unofficial beginning of summer quickly winding down, the summer vacation season is now in full swing. While many families aren’t giving up their vacation plans, they are looking for ways to cut vacation costs.

1. Save money ahead of time. Brainstorm resources that you can set aside to pay for your vacation: rebates, birthday money, bonuses, garage sale proceeds, money from cashing in change, or profits from eBay sales can help. For future trips, include vacation costs in your annual budget and save a portion each month.

2. Pick your season. Some spots are much cheaper in the off season. For instance, if you plan to head to the beach, you might have as much fun and catch lower rates during the dog-days of mid-summer rather than during the popular winter season.

3. Consider a city. Those visiting a city might be able to get by with public transportation instead of a car rental, saving hundreds of dollars. Using shuttles or public transit can avoid the need to hire an airport taxi.( Ocean City has Bus Ride $2.00 all day)

4. Plan far ahead. Order plane tickets well in advance of a trip for the best prices. Additionally, try traveling and visiting attractions mid-week to save a bundle and avoid crowds.

5. Look at the costs of meals, beverages and excursions to decide if an offer is a good deal.

6. Save with a home away from home. Save money on lodging and meals by renting or trading for an apartment or condominium. You will be able to prepare your own meals and spread out in more space than a hotel. Trade homes with a friend or relative, rent or trade through a reputable home exchange, or housesit to save big on a longer stay.

7. Eat in. For a hotel stay, request a room with a microwave and refrigerator. Bring simple non-breakable dishes and make your own breakfast (such as cereal or yogurt), dinner (salad or frozen meals) or snacks. Make sandwiches in the morning, and then eat just one meal a day out to save significantly - and spend more time out enjoying the sights instead of sitting in restaurants.

8. Drink water. Bring your own water bottle to save resources and money. Refrain from ordering soda or, especially, alcoholic beverages at every meal to save money and calories.

9. Go coupon crazy. Before leaving home, go online to select activities you might want to do at your destination. Then search the Web for your activity and the word “coupon.” Many places offer two-for-one, free lunch, kids-free or percentage-off coupons online. Print these and bring them along to save. (Ocean City has a value coupon book that can be purchased for $25.00-with tons of savings on meals and entertainment)

10. Strategize souvenirs. Instead of buying souvenirs at a tourist gift shop, visit a large discount retailer. In many areas, these stores have a good selection of T-shirts, mugs, magnets and postcards- at much lower prices. Or purchase something you will enjoy later, like local foods, craft supplies or a needed household item that will remind you of your trip.

12. Camp out. The cheapest lodgings often come when you bring your own roof. Campgrounds are available near amusement parks, beaches and scenic areas. Expand your definition of “camping” to include RVs, rustic cabins and even yurts. “Rough it” so you can splurge on an activity, from a simple hike to a wild ride at an amusement park.

13. Walk. The best way to see a new place is to experience it. Wear comfortable shoes and take a walking tour or just explore. It is good exercise- and will not break the bank.

I hope this has been helpful- Enjoy your Summer!

Welcome to April

Hi! We have made it into the month of April and there is a turnaround beginning. The stock markets are making gains (although we still have a long way to return to previous levels), gas prices are still below last summers level, interest rates are even lower than last reported, and property values are still searching for the bottom. Unfortunately, employment rates are steady climbing-over 8% as of today! Keep donating to your favorite charities, the help is most needed now, people need to eat and be sheltered. Your help will get those that need it through these tough times. Here at Long and Foster Real Estate have been collecting for Diakonia for March and April, and the response has been fantastic. Spring is just around the corner with nice weather promised- our economy will improve further, and confidence will grow.

Here is an article that I thought should be shared with you:
from Real Estate News, April 1st
Big Gains in Pending Home Sales, Affordability Increases in pending home sales suggest a possible upswing in sales activity in coming months, according to the National Association of REALTORS.The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January, but is 1.4 percent below February 2008, when it was 83.3. Lawrence Yun, NAR chief economist, said the market is continuing to underperform. “Pending home sales have a way to go for there to be a meaningful increase, but recent increases in shopping activity are hopeful indicators that we’ll see additional sales gains,” he says. “More buyers are getting into the market to take advantage of stimulus incentives and much improved housing affordability conditions, but it will take a few months before we could see this turn up in measurable sales contract activity.”Additionally, NAR’s Housing Affordability Index rose to a new high in February. The Regional BreakdownThe PHSI picture varied across U.S. regions, with increases everywhere except the West: 1. Northeast: rose 10.6 percent to 63.9 in February but is 11.2 percent below a year ago. 2. Midwest: jumped 14.5 percent to 83.1 and is 3.4 percent higher than February 2008. 3. South: rose 4.4 percent to 85.8 in February but is 0.1 percent below a year ago. 4. West: fell 13.5 percent to 89.6 and is 1.7 percent below February 2008.NAR President Charles McMillan says home buyers are in an excellent position. “The drop in mortgage interest rates and home prices mean the buying power of a typical family has never been better,” he explains. “If you have a good job and long-term plans, it’s unlikely that you’ll find a much better time to buy a home. This is especially true for first-time buyers who can qualify for an $8,000 tax credit this year, have a great selection of homes to choose from, and are in a favorable negotiating position.” Affordability ImprovesNAR’s Housing Affordability Index rose 0.9 percentage points to a record high of 173.5 in February from an upwardly revised index of 172.6 in January, and is 36.3 percentage points higher than a year ago. The HAI shows the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.A median-income family, earning $59,700, could afford a home costing $285,600 in February with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small down payments are roughly 80 percent of that amount. The affordable price is considerably higher the median existing single-family home price in February, which was only $164,600.“Obviously, potential home buyers need to be managing their existing debt effectively,” McMillan says. “A REALTOR can counsel you on what you may be able to afford given your personal financial situation. In some cases, buyers who want to build their future through homeownership may need to start reducing their debt and improving their credit score before entering the housing market.”Last year at this time, the typical family could afford a home costing $265,600, which is $20,000 less than the current affordable price. “Homes in many areas are now selling for less than replacement construction costs — clearly, this is an abnormal situation that will change once inventory is drawn down and supply and demand come closer into balance,” McMillan says.Yun expects housing inventories to rise through early summer from a normal seasonal pattern of more sellers appearing in the spring. “But with the positive housing stimulus incentives now in place, we expect home sales to gain momentum in the second half of the year with first-time buyers absorbing a lot of the excess inventory,” he says. “Under these conditions, we should see price stabilization in most markets by the end of the year.”Source: NAR (04/01/2009)

Very optimistic article, good news is always good to hear. Thank You, and Enjoy!

Photos

Hi Everyone! This is a very short post. Only photos of our West Ocean City Fishing Fleet. Notice the three side by side parking, such talent!

HAPPY ST. PADDY'S DAY!

This holiday can be as long as the Christmas season some years, since Ocean City's St. Patricks day Parade is held on the Saturday closest to March 17th. This years parade was this past Saturday on the 14th, and it was it's usual great event with the many marching bands, fire trucks, Color Guard waving our flags, bagpipe marching band, the Humane Society walking several of the dogs that can be adopted, and of course the many drinking establishments that had their floats throwing necklaces and candy to the crowds. Of course there were plenty of beer trucks serving the various brews, as well as an Irish coffee and whiskey table. I didn't win the annual basket of cheer drawing again this year, but the proceeds go to a good cause, so I will continue to try next year. Not to forget the great music and food that is always provided, it helps to keep the alcohol in check and satisfy the need to tap your feet to a snappy shanty tune.
I don't have any photos to share, so you will have to see them in the free newspapers next week.

Well the stock market was up four days in a row last week, interest rates are the lowest in decades, housing prices have dropped to atractive levels, and here in Ocean City activity continues to grow. Is this the start of something big? I don't know, but if each of our "Fellow Americans" finds confidence in what our government is trying to do to fix the system, or really believes that the stock market has made a turn around, and the newscasters begin to present a brighter outlook when it does take hold instead to the gloom and bad news that sells copy- then and only then will cars, trucks, appliances, equiptment, etc. be bought and start to shore up our economy!

Time will tell, but until then the temperatures here at the Beach will rise and people will be anxious to come here as they have every year, and new people will find our little piece of Heaven- and some will decide they want a little piece of this town for their own- and they will buy. We are always looking for new neighbors!
ENJOY!

MARCH MADNESS

Hi Again! Hope everyone is enjoying the warm weather tease we are having this week, of course next week for St. Patty's day the temperatures are going back down into the middle 40's. Our economy seems to want to firm up and take hold, but there are still many on the side lines waiting for the right chance to jump in. Here at Long and Foster in Ocean City we have seen triple the activity for showings, offers and settlements as of the second week of February until present. My investor clients are now asking me to identify the great value properties so they could pick up some bargains- this indicates to me the market has dropped enough to jump in and snatch up some low priced gems.

The confidence level still needs to grow and get stronger before we really take off, and that is not just for the housing industry. Every sector from autos to electronics has to see customers digging into their pockets and buying. This WILL happen! I hope that maybe even the weather will have an impact on spending, I know I feel up when the temperatures are agreeable and the sky is clear- what a great time to go out and spend.

Here is an article quote from the Washington Post, more and more authorities are saying this is thetime to buy.

Quote from Washington Post, March 2, 2009

By Robert J. Samuelson
Monday, March 2, 2009; Page A17

Here's a little-known fact: Housing may be more affordable now than at any recent time, thanks to lower prices and falling mortgage rates (now about 5 percent). The National Association of Realtors has an "affordability index" that estimates the family income needed to buy a median-price house, assuming a 20 percent down payment and monthly mortgage payments equal to 25 percent of income. Affordability is now the highest since the index's start in 1970.

Enjoy!

Photo Shoot of our Ocean City

This is a winter shot from over the inlet jetty. notice nobody on the beach and no boats in the ocean or bay.

Guidline for better expense tracking

Hi! Over the years we have read about percentages a person should follow as they go through life spending their incomes, some guidlines are good and some miss the mark completly. The advice changes because our lifestyles change, but the base line remains at about the same range. Here is yet another suggested guideline from Money Management International's Consumer Credit Counseling Services, houston. You be the Judge- but whatever you believe, Heed the advice that you should be aware of where your income is being distributed.
-Housing should be no more than 20% to 35% of your after tax income
-Food 15% to 30%
-Transportation 6% to 20%
-Medical costs 2% to 6%
-Insurance 4% to 6%
-Utilities 4% to 75
-Clothing 3% to 10%
-Personal care 2% to 45
-Miscellaneous expenses 1% to 4%
***These percentages apply AFTER you set aside at least 10% of what you earn as savings.

The Ocean City real estate market is becoming more active! Compared with January 2009, February has triple the number of pending sales. Not a surprise- the property prices have declined to an attractive level, and interest rates have stayed at their low low levels.
St. Patricks Day ( March 17th ) will be celebrated in Ocean City on March 14th this year. The parade begins at 60th Street and ends on 45th Street parking lot for food,music and green beer. Plan to join the festivities.

Long and Foster Real Estate in Ocean City, Maryland is sponsoring a huge fundraiser for the entire month of March for Diaconia. The organization is in dire need because the lost some of the public funding they were depending upon. We all are used to hearing the pleas for help during Thanksgiving and Christmas Holidays, but those in need get hungry and cold all during the year. If many give just a little, we can make the difference. Our office is across the street from the Carousel at 119th Street, we will collect money for Food Lion Gift cards,food, clothing, baby and children items to include formula and baby food. We are asking for your help- its a great cause. You may call 410-524-1700 Thank You!

Just a morning laugh!

A Beginner Golfer scrubbed his tee shot into the woods, then hit into a few trees, then hit across the fairway into another woods. Finally, he proceeded to hit into a sand trap. All the while, the club professional had been watching.
"What club should I use now?" he asked the pro. "I don't know," the pro replied. "What game are you playing?"

Now for some more serious information:
In the link below is a good Wall Street Journal article, and with the new stimulus bill now passed by both the house and senate, and with it being signed by the president on Tuesday – this market will be even bigger!

The new Stimulus provides -
1. $8,000 tax credit for 1st time homebuyers (defined as not owning a home the last three years just like the current provision) but it is a pure credit. There is language about possible repayment in first three years if sold – we will send the details after signing by the President. The credit is also retroactive to January. Again, be sure to read the final language as signed.

2. Raising loan limits back to last year’s levels. This will help especially in higher sales price markets.
Click on this link for the entire Wall Street Journal article-
http://online.wsj.com/article/SB123431356988570855.html

Could this work?

Hi, I know I am presenting this Blog site as a real estate Blog, and I certainley have drifted at times away from that subject. So I will drift once more. The Governor of Maryland was on MPT tonight on TV and there was a direct connection that I could not get a free line on- therefore I decided to post this Blog instead.

Incoming money to the states is a huge problem now because of the economy, and Maryland is not excluded from this problem. During WWII there was a program put in place called "War Bonds". This program helped fund the war in monetary terms, but the great success of this program was what it provided to each person that participated. Each person that purchased a "War Bond" felt that he or she was directly helping the war effort by buying that Bond. We are in a war with the economy, we need to show that we have a positive up wards direction to our economy- and to do this we must turn the confidence of the people. How can we do this-"Bonds". I don't know what marketing title you may give these Bonds, but i feel that this will work. There are a multitude of Marylanders that believe in their state and would do anything to be part of the solution to fix it. Americans are competitive and each Marylander would love to brag that Maryland came out of the economic downturn before all other states as a result of residents purchasing "_______Bonds" and turning Maryland into a solvent economy! Granted that as soon as we try this other states will get on the band wagon, but would that be a bad thing?? CONFIDENCE is our problem, and as much as I would pray that throwing $870 Billion Dollars at various possible targets might solve this problem, IT WON'T, until the people believe it will. Give people a part in correcting the problem-let them purchase Bonds.

I will now step down from my "Soap Box", but I really think this will work!

What's Happening???

Hi, I thought by this time there would be plenty of great news to share with you about the economy and how the $870 Billion plus passed by Congress is helping us get back into the "Black" again. It hasn't happened yet, but I'm still optomistic that it will be this Spring.( I know I predicted the end of January) The real estate market is showing more activity here in Ocean City, as it should be as the result of reduced prices and great interest rates.
Here is some more good information that lists reasons why to use Long and Foster and affiliates to create a "One-Stop Shopping " experience.

Understanding the Value of One-Stop Shopping

One-stop shopping brings value to both you and your clients.

96% of home buyers believe it offers a simpler home-buying experience, according to the NAR survey.

Proven higher satisfaction for both home buyers and Realtors (according to a survey by Prism Partnership from 2006-2008 with 5,924 agents responding).

Brokerage oversight of in-house services means more control over resolving “bumps” that may occur in the home-buying/selling process.

In-house services are evaluated based on how much of your business they “capture” and how well they satisfy your clients.

In-house services may have money-saving promotions and closing guarantees that outside companies cannot offer.

I hope by the next time I post this Blog I can say we are on the right track! ENJOY!

Ocean City Points of Interest

I have just returned from Las Vegas this week and from what I observed was plenty of activity on the Las Vegas Strip as well as Downtown under the Canopy, yet everyone you talk to says the economy is down 25%. Granted there are an abundance of properties to purchase because the Vegas market led all others in the past housing climb which then became the leader in the "try to buy and flip" market. Of course it seems only right that there should be a slower housing market, but from the number of people in town eating, taking in the shows, and gambling indications tell me it is starting to firm up there. In our regional area it appears even better, Wes Foster, the owner of Long and Foster Real Estate sent me this e-mail that highlights the conference that has recently concluded. I would like to share the information with you at this time.Greater Washington Economic ConferenceDr. Steve Fuller, Economist at George Mason University says “The payroll job loss as likely to go deeper and longer – perhaps 18-20 months. There are currently 13 million unemployed, and many of these people will stay unemployed because the new jobs will have different qualifications than those for the people getting laid off. He predicted oil will still be below $80 per bbl in 2011. Normally there are 5 million house sales per year (it got up to 7 million a few years ago), and we are currently around 4.5 million now. Consumer spending will be a negative 1% in 2009 vs the normal 2.5% growth per year.The Washington economy will have a 1.5% growth in GDP vs the negative nationally due the presence of the federal government. Where Detroit has autos; LA, films; Houston, oil; a third of our economy is directly tied into the feds, and that component is rising. Federal spending here will total some $135 billion in 2009. Federal procurement dollars have tripled over the last 10 years with much of the corresponding job growth going to Northern VA. Job growth has averaged 46,500 per year since 1991 with some recent years as follows:2003 – 56,0002004 – 71,0002005 – 63,0002007 – 29,0002008 – With one more month’s numbers to come in, he thinks it will net out at 25,000Washington is double the national job growth rate in professional and business services which have an annual salary of $75,000. Due to the region’s wealth, our retail trade job growth is 3 times the national average, and other services (such as daycare, etc.) twice. Steve sees the spread between our unemployment rate and the national rate (now 3%) perhaps growing to a 4% spread. He thinks our economy will begin to rebound the second half of 2009 with a total net new job growth of 230,300 for the region over the next 5 years as follows:2009 – 23,7002010 – 36,5002011 – 42,4002012 – 48,1002013 – 54,000Of these new jobs, Northern VA will have 125,900 and Suburban MD, 66,000.Needless to say, we are very fortunate to be living and working in this area for a number of reasons.
Posted by Joe Realtor at 10:43 AM

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I came upon more information that we all should be aware of, I hope this is a help!

Mortgage Rates
Posted on January 29, 2009 by dhstevens
So, what’s going on with mortgage rates? Here’s a quick explanation:
There are two issues at play, the increases in the ten year treasury combined with the spread between mortgage rates and the ten year.
1. The Ten Year Treasury Notes dropped dramatically from November through late December from a high of about 3.85% to a low of about 1.95% and down back to today’s 2.65% higher number. That drop correlated with driving rates from the low 6% range to the mid 4.5% range and now back up into the mid 5% range. This chart will show you the drop and subsequent rise over the last couple of weeks. 30 year fixed rates correspond directly with the ten year moves as the ten year is a benchmark hedge for long mortgages.
2. The ten year is backing up in rate simply because the world economies are weak and China, in particular, are not buying treasuries and there for the yields are rising to attract more buyers.
This is a lot of technical gibberish, but I believe that rates will slide down here sooner simply due to the treasury jumping in and buying up the supply. See this article from the Wall Street Journal.

Really, rates should be about 1.7% over the ten year which would put rates near 4.4% today.
Rates are good where they are, but I really see the market improving again even more.
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Washington, D.C. Tops List for Real Estate Buys

Posted on January 22, 2009 by dhstevens
by Matt Woolsey
January 22, 2009 (Forbes) - The nation’s capital leapfrogged London this year as the world’s best city for real estate investment. With the federal government on a path to grow bigger and increase spending, the new programs will need offices and its employees will need homes.
Forbes magazine turned to the Association of Foreign Investors in Real Estate for the list of where its member investors are finding the best opportunities around the world.
In normal times, financial capitals, New York City and London, vie for first place. Today, both may even be a little grateful to come in second or third. “There used to be a rivalry between New York and London,” says Kenneth Patton, divisional dean of the New York University Schack Institute of Real Estate. “The subject has shifted to the fact that we’re both in the same lifeboat, and maybe it’s leaking.”
Here is the list of the world’s 10 best place for real estate buys:• Washington, DC• London• New York City• Tokyo• Shanghai• San Francisco• Los Angeles• Paris• Houston• Singapore

A Brighter Outlook

I have just returned from Las Vegas this week and from what I observed was plenty of activity on the Las Vegas Strip as well as Downtown under the Canopy, yet everyone you talk to says the economy is down 25%. Granted there are an abundance of properties to purchase because the Vegas market led all others in the past housing climb which then became the leader in the "try to buy and flip" market. Of course it seems only right that there should be a slower housing market, but from the number of people in town eating, taking in the shows, and gambling indications tell me it is starting to firm up there. In our regional area it appears even better, Wes Foster, the owner of Long and Foster Real Estate sent me this e-mail that highlights the conference that has recently concluded. I would like to share the information with you at this time.

Greater Washington Economic Conference

Dr. Steve Fuller, Economist at George Mason University says “The payroll job loss as likely to go deeper and longer – perhaps 18-20 months. There are currently 13 million unemployed, and many of these people will stay unemployed because the new jobs will have different qualifications than those for the people getting laid off. He predicted oil will still be below $80 per bbl in 2011. Normally there are 5 million house sales per year (it got up to 7 million a few years ago), and we are currently around 4.5 million now. Consumer spending will be a negative 1% in 2009 vs the normal 2.5% growth per year.

The Washington economy will have a 1.5% growth in GDP vs the negative nationally due the presence of the federal government. Where Detroit has autos; LA, films; Houston, oil; a third of our economy is directly tied into the feds, and that component is rising. Federal spending here will total some $135 billion in 2009. Federal procurement dollars have tripled over the last 10 years with much of the corresponding job growth going to Northern VA.

Job growth has averaged 46,500 per year since 1991 with some recent years as follows:
2003 – 56,000
2004 – 71,000
2005 – 63,000
2007 – 29,000
2008 – With one more month’s numbers to come in, he thinks it will net out at 25,000

Washington is double the national job growth rate in professional and business services which have an annual salary of $75,000. Due to the region’s wealth, our retail trade job growth is 3 times the national average, and other services (such as daycare, etc.) twice. Steve sees the spread between our unemployment rate and the national rate (now 3%) perhaps growing to a 4% spread.

He thinks our economy will begin to rebound the second half of 2009 with a total net new job growth of 230,300 for the region over the next 5 years as follows:
2009 – 23,700
2010 – 36,500
2011 – 42,400
2012 – 48,100
2013 – 54,000
Of these new jobs, Northern VA will have 125,900 and Suburban MD, 66,000.

Needless to say, we are very fortunate to be living and working in this area for a number of reasons.

A Little Help from our Government

A tax credit has been passed into law to allow us to claim up to $500.00 against our taxes for 2009 improvements, here are the details-

What energy-efficient home improvements are eligible?
The overall $500 cap can be reached in several ways with the purchase and installation of energy-efficient products:
Exterior windows: 10 percent of the total cost, up to $200. Includes skylights and storm windows. Insulation, exterior doors, or roofs: 10 percent of the cost of the product (but not the installation), up to $500. Includes seals to limit air infiltration, such as caulk, weather stripping, and foam sealants, as well as storm doors.
Central air conditioner, heat pump, water heater, or bio gas (e.g. corn) stove: up to $300 towards the full purchase price, including installation costs. Starting in 2009, geothermal heat pumps are instead eligible for a separate tax credit for 30 percent of the cost up to a maximum credit of $2,000-see Section 5 below.
Furnace or boiler: up to $150 towards the full purchase price, and/or $50 for an efficient air-circulating fan in a furnace, including installation cost.
In addition, to be eligible for the federal tax credits:
Windows, doors, and insulation must meet the requirements for your region of the 2001 or 2004 International Energy Conservation Code, a model energy code for buildings. All ENERGY STAR windows qualify.
Roofs must be metal with pigmented coatings or asphalt with cooling granules that meet ENERGY STAR requirements.
Heating and cooling equipment must meet stringent efficiency requirements - not even all ENERGY STAR products will qualify.
Also, windows, doors, insulation, and roofs must be expected to last at least five years (a two-year warranty is sufficient to demonstrate this). Manufacturers can certify (in packaging or on the company's web site) which of their products qualify for the tax credit. All the improvements must be installed in or on the taxpayer's principal residence in the United States. Condo and co-op improvements are apportioned to the owners. The credit cannot be taken against the Alternative Minimum Tax (AMT).
When are they available?
The home improvement tax credits apply for improvements "placed in service" from January 1, 2009, through December 31, 2009. They are not available in 2008, but mostly were available in 2006 and 2007. The IRS defines "placed in service" as when the products or materials are ready and available for use - this would generally refer to the installation, not the purchase.
What do I need to do to get the tax credit?
You will need to file IRS Form 5695 with your taxes. In addition, you will need to keep at least receipts proving that you purchased the improvements and a copy of the manufacturer's certification (or the ENERGY STAR label for windows).
Ask your accountant or tax advisor for further guidance.What energy-efficient home improvements are eligible?
The overall $500 cap can be reached in several ways with the purchase and installation of energy-efficient products:
Exterior windows: 10 percent of the total cost, up to $200. Includes skylights and storm windows. Insulation, exterior doors, or roofs: 10 percent of the cost of the product (but not the installation), up to $500. Includes seals to limit air infiltration, such as caulk, weather stripping, and foam sealants, as well as storm doors.
Central air conditioner, heat pump, water heater, or bio gas (e.g. corn) stove: up to $300 towards the full purchase price, including installation costs. Starting in 2009, geothermal heat pumps are instead eligible for a separate tax credit for 30 percent of the cost up to a maximum credit of $2,000-see Section 5 below.
Furnace or boiler: up to $150 towards the full purchase price, and/or $50 for an efficient air-circulating fan in a furnace, including installation cost.
In addition, to be eligible for the federal tax credits:
Windows, doors, and insulation must meet the requirements for your region of the 2001 or 2004 International Energy Conservation Code, a model energy code for buildings. All ENERGY STAR windows qualify.
Roofs must be metal with pigmented coatings or asphalt with cooling granules that meet ENERGY STAR requirements.
Heating and cooling equipment must meet stringent efficiency requirements - not even all ENERGY STAR products will qualify.
Also, windows, doors, insulation, and roofs must be expected to last at least five years (a two-year warranty is sufficient to demonstrate this). Manufacturers can certify (in packaging or on the company's web site) which of their products qualify for the tax credit. All the improvements must be installed in or on the taxpayer's principal residence in the United States. Condo and co-op improvements are apportioned to the owners. The credit cannot be taken against the Alternative Minimum Tax (AMT).
When are they available?
The home improvement tax credits apply for improvements "placed in service" from January 1, 2009, through December 31, 2009. They are not available in 2008, but mostly were available in 2006 and 2007. The IRS defines "placed in service" as when the products or materials are ready and available for use - this would generally refer to the installation, not the purchase.
What do I need to do to get the tax credit?
You will need to file IRS Form 5695 with your taxes. In addition, you will need to keep at least receipts proving that you purchased the improvements and a copy of the manufacturer's certification (or the ENERGY STAR label for windows).
Ask your accountant or tax advisor for further guidance.

I hope you can take advantage of this tax credit, every little bit helps! Enjoy!

A Glimmer of Hope?

I read this in my quest for housing information and thought a little good news would be refreshing for a change.

The Top 5 Housing-Market Hopes for 2009

By Luke Mulins, USNews.com
Dec 21st,2009

1. Cheap mortgage rates: With inflationary pressures easing and economic concerns mounting, shell-shocked investors are seeking the protection of government securities, such as 10-year treasury notes, driving down yields. The lower yields, coupled with the Fed's recently announced plans to buy up debt and mortgage-backed securities from Fannie Mae and Freddie Mac have dragged mortgage rates to multi-year lows. Thirty-year, fixed mortgage rates hit an average of 5.47 percent last week, the lowest they've been since 2004, according to Freddie Mac.


2. Lower prices: Home prices at the national level have already fallen 21 percent from their 2006 peaks. And in certain bubble markets, the crash has been even steeper-prices have fallen more than 30 percent in Phoenix and Las Vegas over the past year alone. Although that's a big blow to homeowners-the housing bust is expected to wipe out more than $2 trillion in home values in 2008-lower prices do help stimulate buyer demand, which is badly needed to mop up the excess housing inventory. And while home prices are expected to drop further in 2009, values in certain markets are already at levels low enough to tempt bargain hunters. "Falling home prices aren't part of the problem, they are part of the solution," says Mike Larson, a real estate analyst at Weiss Research.


3. Fewer housing starts: In the face of dwindling demand, home builders have been forced to sharply pull back on new construction. The government reported Tuesday that November housing starts dropped to their lowest level since 1959, when officials started keeping the statistics. While that's bad news for the economy-because it means fewer jobs for builders and others-it's an important step in bringing housing supply back in line with demand. The cutback will limit the supply of new homes coming into the market, which helps to reduce the glut of unsold homes that is putting such downward pressure on housing prices. "In order to get rid of the inventory, builders have to cut back even further and prices have to drop," Newport says. "It's very painful, but there is no way to get around the fact that that's what you need to do to equilibrate the market."


4. Obama stimulus: In an attempt to hoist the economy out of its rut, President-elect Barack Obama has announced plans for a massive federal spending program. The initiative is expected to put between $500 billion and $1 trillion into infrastructure repair and other projects in an effort to keep Americans working. Should this program succeed in preventing unemployment from skyrocketing and keeping the economic contraction from hitting the dourest projections, certain housing markets may firm up quicker than expected, says Susan Wachter, a professor of real estate at the University of Pennsylvania's Wharton School of Business. In the best-case scenario, "the housing market declines become contained to those markets where house price declines are significant," Wachter says.


5. Credit programs: It will be tough for the housing market to come back to life until the credit markets-which have been log-jammed by fear for more than a year-begin to unlock. Like the fight to limit unemployment, reviving the credit markets is a daunting challenge. But remember, the federal government has already taken a number of steps designed to do just that. The Federal Reserve has slashed its benchmark interest rate to between 0 and 0.25 percent and committed nearly $2 trillion to new lending programs, bailouts, and additional measures designed to bolster the financial markets. Meanwhile, Congress passed a $700 billion bailout and the Treasury has already injected a chunk of that money into banks of all sorts. While these efforts haven't been enough to restore the credit markets to health, they have produced results. Interbank lending, for example, has eased. And should this modest victory lead to a broader recovery in the credit markets, the economy-and the housing demand that comes with growth-could turn around quicker than expected. "Right now, panic is driving the credit markets," says Moody of Mission Residential. "If, for whatever reason, confidence were to resume and people's appetite for risk was starting to increase, then you could start all of a sudden seeing credit flowing much more freely, which obviously supports spending in both business and households."

Until next time, Enjoy!

News taken off Reuters 31 December 2009

New York (Reuters) - Demand for mortgage applications was unchanged during the Christmas holiday week, holding at the highest levels in more than five years with loan rates near record lows, an industry group said Wednesday.
Borrowing costs have tumbled more than 1-1/2 percentage points from summer peaks and are widely expected to slide further as the government steps in to stabilize the worst housing market since the Great Depression.
Fixed 30-year home loan rates averaged 5.03% last week, marginally lower than 5.04% a week earlier but well below the 6.59% summer peak in July, according to the Mortgage Bankers Association’s survey of mortgage applications.
Last week’s rate was the lowest since June 2003, the trade group said.
Another survey released Wednesday by Freddie Mac confirmed that rates are falling to record lows.
Interest rates on the 30-year fixed-rate mortgage averaged 5.10% for the week ending Dec. 31, down from the previous week’s 5.14%, according to a survey of 125 lenders nationwide.
The 30-year fixed-rate mortgage has not been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971.
“Interest rates for 30-year fixed-rate mortgages fell for the ninth straight week and represented a third consecutive all time record low since Freddie Mac’s survey began in April 1971,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.
The Mortgage Bankers Association’s seasonally adjusted index of mortgage application activity was unchanged last week at 1,245.7, matching the highest level since July 2003 set the previous week.
Requests for home purchase applications climbed 1.4% to 320.9 on a seasonally adjusted basis, while refinancing application demand slipped 0.4% to 6,733.8 last week.
Filed under: Freddie Mac, Housing Market, Mortgage 1 Comment »
A New, Happier Year Ahead

My Toast for You

May you have a fabulous New Year,

May peace break into your house and
thieves steal your debts,

May love stick to your face like vaseline, and
laughter assault your lips,

May the problems you had,
forget your address,

May 2009 be the best year of your life!


Have a great start to your New Year, I will be watching the Ocean City market in the coming weeks to report any changes in interest rates available and any opportunities to buy or sell here on the shore.