Clarksburg, MD

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 limits, reaching borrowers who could not otherwise receive government-backed home financing. HUD is estimating that the pending legislation could assist as many as 200,000 buyers and homeowners.

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 affect our market, as we tend to see many jumbo loans.

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....

Within the next few weeks, the President is expected to sign legislation that raises limits for three major financing sources for prospective home buyers: Fannie Mae, Freddie Mac, and FHA.

This is important news because it will enable consumers to have access to lower financing rates than is now possible.

On jumbo loans, it could signal interest rates as much as 1 or 1.5 percent lower than what borrowers can now secure. This could significantly increase the number of home sales nationwide, and is particularly important in areas with high home values such as the DC area, and in Clarksburg.

The growing volume of traffic on county-designated rustic roads, narrow roads intended for local or agricultural use, in Clarksburg is causing residents to worry whether those roads can sustain the number of vehicles that use them. The rustic roads in Clarksburg include Hawks, Prices Distillery, Kingsley, Stringtown (east of Snowden Farm Parkway) and West Old Baltimore (west of Route 121). New development in the community in the past several years has brought an increased number of commuters down those roads, which are generally designed to carry fewer than 3,000 vehicles each day. Many are concerned that future development will bring so many commuters to those roads that they will lose their rustic road designation and the protection they get from the county. Also many worry about their maintenance with the heavy traffic. The designation, given by the county Park and Planning Commission, restricts the type of maintenance that can be done to the road to maintain the historic character of the road.

Many are concerned about the effect that the incoming Tapestry development will have on West Old Baltimore Road, even though the section of the road directly in front of the development is not classified as a rustic road. The development - 78 homes on 35 acres - will bring extra traffic to the portion of the road west of the development that is considered rustic and that might cause that portion to deteriorate. .

To register a concern or complaint about roads, call the Department of Public Works and Transportation's Division of Highway Services at 240-777-7600.