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U.S. housing market remains fragile despite low mortgage rates

It’s not just Deep Creek Lake & Garrett County – it’s EVERYWHERE.

By Dina ElBoghdady
Washington Post Staff Writer
Friday, July 2, 2010

After showing signs of a fledgling recovery from the worst downturn in decades, the U.S. housing market appears to be heading back toward the doldrums, as the expiration of a lucrative tax credit for buyers and increased uncertainty about the economy cause home sales to plummet.

The sudden weakness in residential real estate has struck nearly every region of the country, according to recent government and industry data, driving down sales of new and previously owned homes alike in May. On Thursday, the National Association of Realtors said an index that measures sales contracts signed on existing homes plunged 30 percent in May, more than twice what analysts had forecast, to the lowest level since the group started tracking the numbers in 2001.

Those sharp declines come despite record-low mortgage rates and historically cheap home prices. The market’s renewed fragility highlights concerns about whether the U.S. economy will hurtle back into recession and illustrates the impact of the nation’s high unemployment rate, now at 9.7 percent. On Friday, the government will issue jobless figures for June that could signal what is in store for housing and economic growth.

As long as people are without jobs or fear losing their livelihoods, they are unlikely to commit to buying a home and saddling themselves with 30 years of mortgage payments.

“It sounds simplistic but it bears repeating: ‘No job = No house,’ ” Mike Larson, an analyst with Weiss Research, wrote in a note to clients Thursday. “With so many Americans unemployed or underemployed, the housing market is going to keep hurting.”

Read the rest here.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!

Foreclosure solutions workshop planned at HRDC

From Staff Reports
Cumberland Times-News

— CUMBERLAND — Local residents facing foreclosure, worried about increased interest rates or having other concerns about their mortgage can access some free legal advice in a workshop being sponsored by state Sen. George C. Edwards.

The Foreclosure Solutions Workshop will be held from 2 to 6 p.m. on July 15 at the Human Resources Development Commission at 125 Virginia Ave.

Homeowners who are facing foreclosure, worried about an increased interest rate or have other concerns about their mortgage can receive free one-on-one legal advice and housing counseling assistance at the event.

“The mortgage crisis isn’t just something we see in the news: it affects many individuals and families in our community,” said Gorman E. Getty III, president of the Bar Association of Allegany County that is coordinating the event along with Allegany Law on Greene Street. He noted that the Bar Association “has a long tradition of helping those in need and is committed to assisting with mortgage related issues.”

Marcia Conrad, executive director of Allegany Law which was founded by the Bar Association, said she is “delighted to be able to offer this service to distressed homeowners.”

“This is the first time that the Foreclosure Solutions Workshop is being offered in Western Maryland. Over 60 workshops have been successfully held throughout the state during the last two years,” said Conrad.

Allegany Law and the Bar Association of Allegany County have been working with the Maryland Foreclosure Prevention Pro Bono Project of the Maryland Pro Bono Resource Center of Maryland to plan and staff the event. Homeowners should call Allegany Law at 301-722-3390 to register.

Registration guarantees a free legal consultation with a volunteer attorney to discuss an individual mortgage situation. The workshop will give participants directions on the next steps to take and where to go for help.

Workshop participants should bring the following: (1) all materials related to their current and former mortgages, including the loan application, settlement paperwork and lender statements; (2) any foreclosure notices or threats of foreclosure received; and (3) a monthly household income and expense budget.

Jennifer Larrabee, manager of the Maryland Foreclosure Prevention Pro Bono Project and housing counselors from Garrett County Community Action Agency and Consumer Credit Counseling Service of Maryland and Delaware will be also participate in the workshop.

The Foreclosure Solutions Workshop is free and open to the public. The site is handicapped accessible. To pre-register or for more information, call Allegany Law at 722-3390.

Maryland Park Quest becomes an outdoors marathon – Balt. Sun Blog

Be on the look out for Candus Thomson, the popular ‘outdoors girl’ blogger from the Baltimore Sun. She is embarking on Maryland Park Service’s Park Quest, starting Wednesday at Swalllow Falls. (from the blog):

The premise, as sketched on a grease-infused paper plate, is fairly simple. Complete the Maryland Park Service’s Park Quest—a free popular summer-long activity that has attracted 750 families this year—in one week. That’s 24 parks, stretching from Deep Creek Lake in Western Maryland to Assateague Island on the Atlantic Coast, in seven days.

I’ll blog about it at the end of each day.

Park Quest is part-hike, part-scavenger hunt, part-geocache, with a little history and geography lesson sprinkled on top for good measure.

The theme for this year’s event is, Where a Family Becomes a Team. Teams must include at least one adult and one child 16 years of age or younger, but can be as large as 10 people to include extended family. Teams must complete at least 10 Quests by Sept. 6 to be eligible for the Park Quest Finale on Sept. 11 at the Hammerman Area of Gunpowder Falls State Park, where they could win camping gear, kayaks and vacation packages.

Read the rest here.

Lawsuit threatened over Western MD wind farm

A group of Western Maryland residents and a state conservation group have filed formal notice they’ll sue to stop construction of a wind farm in Garrett County, contending the massive turbines “almost certainly” will harm endangered bats in the forested, mountainous region.

Save Western Maryland, a group of local residents opposed to wind farm projects in the county, announced Saturday that it had joined with the Maryland Conservation Council and “several concerned citizens” in a June 23 letter warning of the lawsuit to Constellation Green Green Energy LLC, and other businesses that have or have had a hand in the wind farm being built on Backbone Mountain south of Oakland. Constellation Green Energy is an offshoot of Baltimore-based Constellation Energy.

The groups contend the Eagle Rock project will violate the federal Endangered Species Act because the 28 turbines, each more than 400 feet high, would “almost certainly” kill or injure rare Indiana bats or Virginia big-eared bats, both protected by law.

The notice said a lawsuit would be filed within 60 days, unless Constellation obtains an “incidental take” permit from the U.S. Fish and Wildlife Service for any protected bats its turbines might harm. Getting such a permit requires the applicant to prepare a “habitat conservation plan,” which lays out steps taken to avoid or minimize harm to rare species, and possibly to mitigate their loss as well.

Read the rest here.

Deep Creek Lake Fireworks July 4th, 2010

WOW. I have seen almost every display of fireworks at Deep Creek Lake & Broadford Park for the last 25 years or so – and last night’s fireworks may have been the best ever. The grand finale was amazing. I shot a video of it (and lots of photos):

[youtube=http://www.youtube.com/watch?v=qQ6PuZXr9CY&hl=en_US&fs=1]

The setting is always amazing. McHenry Cove starts to fill up with boats at about 7pm or so. I arrived at Ski Harbor on my boat, guests of some clients whom I have worked with for years and from my time owning property there. You see all kinds of picnics, bonfires and party tents set up all along the shorelines of the lake; thousands of people enjoying the 4th of July and the festivities.

The water was really calm in the no-wake cove, and there were kids fishing off the docks and launching kayaks. We setup a picnic blanket and some lawn chairs and settled in for the show. The fireworks typically start at 9:30, so we had some time to kill and to enjoy the atmosphere.

My daughter Kayleah and her friend were fishing off the boat, Noah and his little buddy Wyatt were running around chasing ducks, throwing sticks and exploring the waterfront. We had packed a simple picnic basket with some snacks, peanut butter and jelly sandwiches (YUM!) and birthday cake (Happy Birthday Jerry!). The food and company were great and before we knew it, the cove had filled with hundreds of boats and it was showtime…

The fireworks lasted about 30 minutes or so, and the smell of sulphur was drifting through the air. One of the most impressive things for me was the way the sound echoes through the valley and reverberates through the lake. You can hear LOUD echoes on a 1-2 second delay that ring all the way to Sky Valley (a client of mine reports that her dogs are NOT firework fans).

My son, Noah, is turning 3 next month and these were his 3rd set of fireworks he has seen from the lake, but this was by far his most interactive. He spent the first 5 or 10 minutes with his hands over his ears and then seemed to adjust well. You may be able to tell from the video, he was ‘helping’ me adjust the camera 🙂

When the fireworks were finished, we waited for the boat traffic to clear up, and the kids rode home safely in the car – it is a bit scary on the return trip on a boat with all of the traffic, etc. But, as far as I know, everyone made it home safe and happy – thrilled with the most impressive fireworks display Deep Creek Lake has seen in quite a while…thanks to Hugh Umbel for the show!!

Here is a link to the photo gallery on Facebook, and I hope you enjoy the video from http://www.Youtube.com/deepcreeklake.

Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!

Fred Thayer Memorial Golf Tourney July 30 Thousand Acres Lakeside Golf Club

Support the Republiucan Newspaper! It’s only $9.95/year for the online edition!

Jul. 1, 2010

Local golfers are invited to don their favorite kilts and join in the first Fred Thayer Memorial Golf Tournament, slated for July 30 at the Thousand Acres Lakeside Golf Club. A kilted Pete Versteegen is pictured above as he readies a shot. Frederick A. Thayer III, retired judge for the Garrett County Circuit Court who was well known for pride in his Scottish ancestry, for his love of golf, and as an accomplished bagpipe player, died in 2006. This tourney in his memory is being sponsored by the McHenry Highland Festival. Thayer co-founded the Garrett Highlanders bagpipe and drum band in 1979 (now Garrett Highlands Pipes and Drums).

A portion of the proceeds from the tournament will be donated to a scholarship fund in Thayer’s name, which was established in 2007. See story on today’s sports link. To register, persons should go to www.highlandfest.info/golf.html by July 25.

Arrests By NRP Include Illegal Ginseng Harvest

Support the Republiucan Newspaper! It’s only $9.95/year for the online edition!

Jul. 1, 2010

The Natural Resources Police (NRP) charged three people with numerous offenses that began when one of them became lost in Savage River State Forest on June 5 while harvesting ginseng.
James Lewis Alt, 72, and John Darryl Mayhew, 48, both of Piedmont, W.Va., and Gary Lee Farris, 60, Westernport, were charged with collecting ginseng without a permit, harvesting ginseng out of season, removing, damaging, and destroying plants from a state forest, and using property and resources of state wild lands for commercial gain.

Farris and Mayhew were also charged with making a false statement to a police officer.

In another incident, the NRP charged William Kenneth Curry, 56, Pittsburgh, last Friday with operating a vessel while impaired by alcohol and operating a vessel while under the influence of alcohol.

Curry was stopped on Deep Creek Lake.

Meadow Mountain Teacher Named Best In Business

Support the Republiucan Newspaper! It’s only $9.95/year for the online edition!

Jul. 1, 2010

The American Correctional Association (ACA) has named Russell Metz as one of the “Best in the Business” in the United States. Metz is a science and aquaculture teacher at Meadow Mountain Youth Center, a Department of Juvenile Services (DJS) facility located in Grantsville. The facility specializes in the treatment of youth with substance abuse issues. Metz is one of only 17 correctional employees selected by the ACA from hundreds of submissions.
Since 2005, Metz has steadily transformed the classroom-oriented approach to science, math, and engineering into an environmental science program that takes a hands-on approach in the facility’s environmental center. In partnership with the Maryland Department of Natural Resources Fisheries Service, Metz and his students study the cultivation of fish and other aquatic organisms, which is also known as “aquaculture.”

“I have always enjoyed teaching, but it is very rewarding to watch the excitement and joy the students express when they partake in these new experiences,” said Metz. “Some of these youth have never been out of the city, so this country, outdoor, environmental experience is all new.”

Metz and his students oversee the state’s only indoor recirculating system for growing hybrid sunfish. The students are responsible for the care and maintenance of the fish by conducting water tests and collecting data for food and growth charts. The fish are then taken to local ponds by the DNR and released to re-stock the fish populations.

“I already know that DJS has some of the most dedicated employees in the country, but it is great to see one of our own receive the national recognition that he rightly deserves,” said Secretary Donald W. DeVore. “Russell’s aquaculture program has achieved remarkable success with youth who previously have struggled to learn in a traditional classroom environment. The youth that participate in Russell’s classes are not just learning about environmental science; they are learning that they can succeed.”

The ACA also recognized three DJS employees as the “Best in the Business” for the state of Maryland: Dwain Johnson, director of the DJS Violence Prevention Initiative; Daniel McCoy, resident advisor supervisor at the Baltimore City Juvenile Justice Center; and Leo Zilka, community detention officer III.

Mortgage Interest Rates Hit 50 Year Low – Railey Realty Blog

From Mike Kennedy at the Railey Realty blog:

Conforming interest rates on 30 year fixed mortgage loans under $417,000 are near all time historical lows. As of today, the current interest rate is 4.50%.

Even though the federal government’s $8,000 tax credit has expired, this low interest rate is a great opportunity for a buyer to save a substantial amount of money over the life of their loan. In addition, this lower interest rate also gives a buyer more purchasing power. If you are planning on buying a house or real estate sometime this year it may benefit you in the long run to buy sooner than later by taking advantage of this extremely low rate. This is also a great opportunity to refinance your existing mortgage as well depending on your situation and future plans to buy or sell…

Read the rest here.

Have a safe 4th of July weekend!

I’ll be upodating a few pieces of news later today, but for now, have a safe & happy 4th of July weekend!

U.S. housing market remains fragile despite low mortgage rates

Foreclosure solutions workshop planned at HRDC

Maryland Park Quest becomes an outdoors marathon – Balt. Sun Blog

Lawsuit threatened over Western MD wind farm

Deep Creek Lake Fireworks July 4th, 2010

Fred Thayer Memorial Golf Tourney July 30 Thousand Acres Lakeside Golf Club

Arrests By NRP Include Illegal Ginseng Harvest

Meadow Mountain Teacher Named Best In Business

Mortgage Interest Rates Hit 50 Year Low – Railey Realty Blog

Have a safe 4th of July weekend!

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