March, 2010:
HUD Secretary Announces Disaster Assistance for Virginia Storm Victims
Foreclosure protection offered to displaced families
WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today announced HUD will speed federal disaster assistance to 31 counties and nine cities in Virginia and provide support to homeowners and low-income renters forced from their homes following a severe winter storm and snowstorm.
On Tuesday, President Obama issued a disaster declaration for Albemarle, Allegheny, Amherst, Arlington, Augusta, Bath, Bedford, Botetourt, Buchanan, Caroline, Culpepper, Dickenson, Fairfax, Grayson, Greene, Hanover, Highland, Lee, Louisa, Madison, Montgomery, Nelson, Orange, Page, Prince William, Rockbridge, Russell, Scott, Spotsylvania, Stafford, and Wise counties. In addition, the President’s declaration includes the independent cities of Alexandria, Charlottesville, Fairfax, Falls Church, Manassas, Manassas Park, Norton, Staunton, and Waynesboro. The President’s declaration allows HUD to offer foreclosure relief and other assistance to certain families living in this county.
“Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,” said Donovan. “Whether it’s foreclosure relief for FHA-insured families or helping these counties to recover, HUD stands ready to help in any way we can.”
HUD is:
- Offering the State of Virginia the ability to re-allocate existing federal resources toward disaster relief – HUD’s Community Development Block Grant (CDBG) and HOME programs give the State the flexibility to redirect millions of dollars to address critical needs, including housing and services for flood victims. HUD is currently contacting State and local officials to explore streamlining the Department’s CDBG and HOME programs in order to expedite the repair and replacement of damaged housing;
- Granting immediate foreclosure relief – HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages;
- Making mortgage insurance available – HUD’s Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs;
- Making insurance available for both mortgages and home rehabilitation – HUD’s Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home; and
- Offering Section 108 loan guarantee assistance – HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure. For more information about these and other HUD programs designed to assist disaster victims, visit HUD’s website.
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HUD is the nation’s housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development ad enforces the nation’s fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.
Obama Annnounces Off-Shore Drilling in Virginia
From the desk of T. Boone Pickens:
Army:
We’ve got their attention and things are starting to move.
President Obama made the announcement this morning that he is in favor of drilling for oil off the shores of parts of the Atlantic Coast from Virginia on south, the Gulf coast of Florida, and Alaska. Why? Because the Administration agrees with us that we have to do what we’ve been saying all along: Anything American to reduce our dependence on foreign oil.
I want you to be among the first to see the official statement we put out today so you can be up-to-speed:
“President Obama’s plan to promote more offshore drilling for oil and natural gas is an important step in achieving true energy reform. We should be taking full advantage of every available American resource to help decrease our crippling dependency on foreign oil — a dependency that is slowing our economic recovery and jeopardizing our homeland security.
“Even if the estimates of the reserves are correct, we are 10 years away from being able to use them. It’s imperative that we promote other immediately available domestic alternatives to solve the national security crisis created by foreign oil dependency.
“Transportation has to lead the way — it accounts for two-thirds of our oil imports. No energy strategy can be effective unless it promotes the use of domestic natural gas as a transportation fuel alternative to foreign oil/diesel, and the focus has to be on America’s eight million heavy duty vehicles. The NAT GAS Act , a bipartisan bill proposed on both sides of Congress, would advance the use of natural gas as a transportation fuel.”
If you agree with me, please forward this to your friends and family. Let’s keep pushing forward.
– Boone
photo credit: greenguy21
Colonial Fort at Belle Haven / Belle View
historical marker
The sign reads:
Colonial Fort
Nearby at John Mathew’s land on Hunting Creek, Governor William Berkeley constructed a fort authorized by the Virginia House of Burgesses on 21 Sept. 1674. Militiamen from Lancaster, Middlesex and Northumberland Counties garrisoned the fort under comment of Capt. Peter Knight. The fort defend the nothern frontier of the colony against the Susquehannocks and other Indian groups. Berkeley planne for it and other forts to serve as buffers and thereby enable the English and Indians to coexist peacefully. Some colonists, especially those led by Nathaniel Bacon, favored a more aggressive approach. As a result, Bacon’s Rebellion erupted in 1675-1676.
Wooster Mercer Lofts for Sale in Arlington
Wooster Mercer Lofts
Wooster Mercer Lofts
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$1,029,900 : 1615 Queen St N #M407, Arlington2 beds, 2 full baths
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$639,000 : 1600 Clarendon Blvd N #W112, Arlington1 bed, 1 full bath
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Economists Give Housing Mixed Reviews
Home prices that approach what they were before the bust are at least five years away, says Peter Morici, a University of Maryland professor of economics.
Carlyle Towers
“I think we’ll see housing values rise 20 or 25 percent and then more gradual appreciation,” Morici says.
The problem, he believes, is the oversupply of housing. “Supply is a couple of years ahead of demand,” he says.
Other housing observers were less optimistic. “Foreclosures are still going to bite the market. Given the preponderance of negative housing data, we may see another leg down,” says Joseph Brusuelas, president of Brusuelas Analytics.
Source: Bloomberg, Courtney Schlisserman (03/30/2010)
How Did Some Markets Avoid the Bust?
Waterfront
Housing price increases in 249 of the 383 metropolitan areas tracked by the Federal Housing Finance Agency were below the 8.1 percent national rate of increase during the boom.
These cities also escaped serious declines in the last two years, New York Federal Reserve staffers noted in a report highlighting stability in upstate New York housing markets. The authors say there was little nonprime lending in upstate New York and other areas that avoided boom and bust.
“It is likely that causation runs in both directions – an increase in nonprime lending led to more significant home price appreciation [in boom areas], and more rapid home price appreciation led to a rise in nonprime lending,” the authors wrote in the recent report.
Source: The Wall Street Journal, Phil Izzo (03/30/2010)
Mortgage Applications Hit 6-Month High
Looking up from the pool deck at the Eclipse in Crystal City
The volume of mortgage applications to purchase homes rose 6.8 percent last week compared to the previous week on an adjusted basis, according the weekly survey by the Mortgage Bankers Association.
On an unadjusted basis, purchase applications were also up 6.8 percent compared to the previous week and rose 9.3 percent compared to the same week a year ago. This is the largest number of applications since the week ending October 2009.
The number of applications to refinance declined 1.3 percent on an adjusted basis compared to the previous week, and the overall mortgage index increased an adjusted 1.3 percent. On an unadjusted basis, it was up 1.5 percent.
Mortgage rates were on the upswing:
- 30-year fixed-rate mortgages increased to 5.04 percent from 5.01 percent.
- 15-year fixed-rate mortgages increased to 4.34 percent from 4.33 percent.
- 1-year ARMs increased to 6.88 percent from 6.75 percent.
Source: Mortgage Bankers Association (03/31/2010)
What’s for sale at the Eclipse in Arlington?
Condos for sale at the Eclipse in Center Park near Crystal City and Arlandria
The Eclipse Condominiums in Center Park is located at 3600 and 3650 South Glebe Road in Arlington, Virginia. The Eclipse features an on-site Harris Teeter grocery store and pharmacy, a number of retail stores and restaurants, as well as several convenient services such as a dry cleaners and additional storage. Eclipse has amenities such as
- an outdoor pool,
- a fitness facility,
- a party and social room,
- a 24-hour concierge and a community center.
The Eclipse is a pet friendly community with immediate access to the Crystal City Metro, Regan National Airport, and is only minutes from Old Town Alexandria and Washington D.C. Between the many included amenities and the ultra-centralized location, the Eclipse in Crystal City is one of the premiere condo communities in Arlington, Virginia.
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$619,900 : 3650 Glebe Rd S #949, Arlington2 beds, 2 full baths
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$899,900 : 3650 Glebe Rd S #848, Arlington2 beds, 2 full baths
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$435,000 : 3600 Glebe Rd S #319w, Arlington2 beds, 2 full baths
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$249,900 : 3600 Glebe Rd S #606w, Arlington0 beds, 1 full bath
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$355,000 : 3600 Glebe Rd S #325w, Arlington1 bed, 1 full bath
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