Ny Times reports: Let the market Crash

Housing Woes Bring a New Cry: Let the Market Fall

By DAVID STREITFELD

Published: September 5, 2010

The unexpectedly deep plunge in home sales this summer is likely to force the Obama administration to choose between future homeowners and current ones, a predicament officials had been eager to avoid.
Over the last 18 months, the administration has rolled out just about every program it could think of to prop up the ailing housing market, using tax credits, mortgage modification programs, low interest rates, government-backed loans and other assistance intended to keep values up and delinquent borrowers out of foreclosure. The goal was to stabilize the market until a resurgent economy created new households that demanded places to live.
As the economy again sputters and potential buyers flee — July housing sales sank 26 percent from July 2009 — there is a growing sense of exhaustion with government intervention. Some economists and analysts are now urging a dose of shock therapy that would greatly shift the benefits to future homeowners: Let the housing market crash.
When prices are lower, these experts argue, buyers will pour in, creating the elusive stability the government has spent billions upon billions trying to achieve. CLICK HERE FOR FULL ARTICLE

Renovation of Historic Howard Theatre Contributes More to Shaw Neighborhood

Howard Theatre: History in the Making - Again

Restoration of the historic theater is set to begin

By MARK STEPHENS 

 

Listen closely and you can still hear the near-perfect voice of Ella Fitzgerald echo in the halls.

The keystrokes of Duke Ellington's piano resonate in the rubble.

A look out from the stage reveals the faces in the crowd -- some young, some old and almost all brown.

One hundred years ago, The Howard Theatre opened in D.C.'s Shaw neighborhood, becoming the first full-sized threater built for black audiences. It attracted the best in black talent.

"You know them," said D.C. Delegate Eleanor Holmes Norton. "Ella Fitzgerald, Billy Eckstine, Shirley Horne, Redd Foxx himself, even Moms Mabley. Such talent could not be suppressed. It had to find a home. That home was The Howard."

The historic theater flourished until the late 1960's, but because of desegregation and the 1968 riots, The Howard's attendance began to decline. It closed its doors in 1970, was reopened in 1975, then closed again just weeks later. It was only used sprodically through the early-1980s and sat shuttered and in a state of disrepair for years afterwards. CLICK HERE FOR FULL ARTICLE

MSNBC reports Plan Launched to assist Underwater Borrowers

Federal assistance for homeowners in trouble on their mortgage

By ALAN ZIBEL

WASHINGTON — The Obama administration is trying to jump-start its sputtering attempts to tackle the foreclosure crisis with an effort to assist homeowners who owe more on their properties than their homes are worth.

Starting Tuesday, the Federal Housing Administration will permit lenders to give these borrowers refinanced loans backed by the government. The lenders will be required to forgive at least 10 percent of the original mortgage amount. Investors who have control over the mortgages as part of their large portfolios will select which borrowers are invited to participate.
The plan was first announced in March. Its rollout represents the latest of numerous efforts by the administration to address the housing bust. So far, the government has only nibbled around the edges of the crisis, as its programs have run into numerous problems.
The lending industry was ill-prepared for a crush of distressed homeowners, the economy worsened and millions of homeowners had taken on so much debt that their financial woes have been nearly impossible to resolve.
Nearly half of the 1.3 million homeowners who have enrolled in the Obama administration's main mortgage-relief program — overseen by the Treasury Department — have already fallen out over the past year.CLICK HERE FOR FULL ARTICLE

Our New Potomac Listing Getting Some Positive Feedback on Another Blog!

 A Google search of the neighborhood turned up  this  blurb about our new listing featured HERE on our blog.  8221 Buckspark lane, in Potomac.


Heres what  a fellow Blogger had to say about our new listing:

"My favorite section of the "East Gate of Potomac" subdivision is on the south side of Democracy Boulevard. These homes were built in the mid-1970's and did not follow the contemporary bent of the rest of East Gate. With great schools, location and the Potomac zip code - the community is a winner.
This home is larger than it looks from the outside. The home is currently being spruced up for sale and looks great from the curb. The foyer is large with nice hardwood floors which carry throughout the main level. Updated powder room and nicely re-done kitchen will save time and money for the new owners. Granite counters and island open into a breakfast area and the family room. A slider leads to a large deck overlooking a lovely backyard.
The upstairs has 5 bedrooms and 3 full baths. The baths have been updated but not fully renovated. The yellow, blue and pink tile in these baths remind you the homes were built in the 1970's. The cabinets and fixtures HAVE been updated and do not need immediate attention. Overall a great upstairs.
The basement is large and freshly carpeted. Plenty of space here to utilize in any way you like. A half bath and "bedroom" can house overnight guests and a separate storage area has plenty of room for shelves and boxes."

Pending home sales rise 5.2% in July Msnbc Reports

Pending home sales rise 5.2% in July

But signed contracts are still well below last year's levels

WASHINGTON — The number of buyers who signed contracts to purchase previously occupied U.S. homes increased in July but remained well below last year's levels, a sign that demand for housing remains weak.

The National Association of Realtors said Thursday its seasonally adjusted index rose 5.2 percent from a month earlier to a reading of 79.4. Economists surveyed by Thomson Reuters had expected the index would fall to 74.9.
The index was still down 19 percent from the same month last year. June's reading was the lowest on records dating to 2001. It was revised slightly downward to 75.5.
The index provides an early measurement of sales activity because there is usually a one- to two-month lag between a sales contract and a completed deal.

Click Here for full article

 

New Listing in East Gate of Potomac!

 8221 Buckspark Lane Potomac, MD. 20854

$974,000 

6 Bedrooms, 3 full 2 half Baths

MC7425735 (Click HERE for HD Virtual Tour)

Ground Breaking for O street market in the Mount Vernon/Shaw Neighborhood

GroundBreaking: O St Market

Ever since we reported back in June that the long stalled O Street Market project (pictured) was finally back on, we have been excitedly waiting for work to get started… and as of today Roadside Development has broken ground on the CityMarket at O!

Click here for Full Article & More Great articles from DCMETROCENTRIC