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>Bank regulators poised to announce mortgage pacts

>By Dave Clarke and Clare Baldwin

WASHINGTON/NEW YORK | Wed Apr 13, 2011 10:48am EDT

WASHINGTON/NEW YORK (Reuters) – U.S. bank regulators plan to announce settlements later on Wednesday with the largest lenders over allegations of shoddy foreclosure practices, but the pacts will not include financial penalties.

JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said on an earnings conference call that the regulators would release consent orders that would make the banks fix weaknesses in foreclosure documentation.

Fines will probably come later, he said.

The Office of the Comptroller of the Currency, the Federal Reserve and the Office of Thrift Supervision have spent the past few days completing the settlements with some of the largest U.S. banks, including Bank of America Corp, Wells Fargo & Co, JPMorgan Chase and Citigroup Inc.

The pacts would resolve only part of a large probe involving a group of 50 state attorneys general and about a dozen federal agencies.

Read the full article here.

If you or someone you know is considering 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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!
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>US Senate takes a look at "fracking" in MD

>Hydraulic fracturing for natural gas is getting the once-over this morning in Washington, with Maryland’s cautious approach in the spotlight.

The Senate Environment and Public Works Committee is holding a hearing on the public health and environmental impacts of the controversial drilling technique. Sen. Benjamin Cardin, a Maryland Democrat, is joining Sen. Barbara Boxer, a California Democrat, in presiding over the session.

Robert Summers, Maryland’s acting environment secretary, is scheduled to testify. To read the prepared testimony or see the video, go here.

Read the full article here.

If you or someone you know is considering 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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!
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>Crosco Takes First In National Cheer Contest

>

Regina Crosco, 17, Mtn. Lake Park, traveled to Ocean City this past weekend, representing Garrett County and Maryland at the American Cheer and Dance Academy “Reach the Beach” National Championships in Ocean City. There she took the first place trophy in the Hip Hop Solo Individual category, and then garnered first place in a freestyle compeition, which broke out at a celebration after the official competition on Friday evening. After winning the Maryland Cup title for the third year in a row, and seeing her overall score climb higher each year, she said she felt confident in reaching her goal of a national title. Regina is a member of Jessica’s Dance Creations of Loch Lynn. “I am so proud of Regina,” said her coach, Jessica Crosco. “She just has that natural ability to dance.” Regina is the daughter of Roger and Kim Crosco.

Read the full article here.

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If you or someone you know is considering 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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!
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>Huskies Recognized

>

The Garrett County commissioners on Tuesday recognized the Northern High School Girls’ Basketball Team, runner-up in the 2011 Maryland Class 1A State Championship. The commissioners presented the girls and their coaches with proclamations recognizing their achievement. Commission chair Gregan Crawford called the team a jewel in Garrett County’s crown. The Huskies had a 23–5 season.

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If you or someone you know is considering 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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!
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>Fracking bill deep-sixed

>An update on an earlier post – the bill calling for a two-year study of natural gas drilling in western Maryland’s Marcellus shale deposits is dead.

Drew Cobbs, a lobbyist for the natural gas industry, said he was informed recently that the Senate Education, Health and Environmental Affairs Committee has given up on trying to forge a consensus on the bill, HB852/SB634. A committee staffer confirmed it.

Cobbs, director of the Maryland Petroleum Council, said what killed the bill was the O’Malley administration’s insistence on limiting the ability of state regulators to approve natural gas wells after the first year of the study.

Talks between the gas industry, legislative leaders and the administration had yielded a tentative agreement to ban any drilling using hydraulic fracturing, or “fracking,” for the first year of the study.

Read the full article here.

If you or someone you know is considering 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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!
Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

>Scheffel Is National Runner-Up

>
All-American wrestler Jakob “Bubba” Scheffel, a senior at Southern High School, is now the second-ranked senior high school wrestler in the United States, having earned second place in the 2011 Senior National High School Coaches Association Wrestling Tournament held this past week at Virginia Beach, Va. Scheffel, pictured above right, was edged by a 3-2 score by Chris Klapprodt of South Dakota, center, in the championship bout of the 171-pound division. Placing third was Josh Snook of Delaware, pictured left. The 171-pound division included 57 of the nation’s top grapplers, including 27 state champions.

Read the full article here.

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If you or someone you know is considering 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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!
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>March 2011 Residential Real Estate Stats

> March was a VAST improvement over the dismal February numbers. There were 22 total sales, up over last years 16. I personally closed on 2 foreclosure/short sale transactions – and the numbers were FAR off of the original asking prices. I’ve also noticed a lot more lower priced transactions (17 of 22 sales were under $400k) – we’ll see if that changes over the summer, but it is a trend worth noting.

Let’s take a look at the stats:
There are 38 homes under contract (37 last month).

The average list vs. ORIGINAL sales price was 83.51%, up from last month (78.11%).

The ADJUSTED list vs sale price was 89.63%, up from last month (88.03%).

The current # of active/for sale listings in MRIS (minus timeshares) is 598, up from last months 572. Personally, I am surprised this number is not higher already – there are more homes coming. We have a 27 month supply of homes available (minus timeshares) based solely on the March sales numbers. This number is less than half of February’s extreme – 63 months.

Random observations:

•1 ‘newer’ home sold in March (5 years old or less)

•It appears that 10 or so of these sales were vacation homes

•15 homes sold under $300,000 (last month was 7)

•17 homes sold under $400,000

•2 homes sold over $ 1 million (1 last month)

•4 homes sold for higher than full price or at full price (last month was 0)

•One house sold for 61% of asking price – 3285 Shingle Camp (foreclosure)

•The oldest home that sold was 116 yrs old

•The average age of the homes that sold was 37 years (36 last month)

•3 condo/townhouse properties sold (1 last month)

Here are the statistical breakdowns:

Average Sale Price: $297,427 (last month $309,667)

Average Days on Market: 205/290 (last month 301/407) (days on market with current broker/total days on market)

Here’s a little something extra – more in depth stats by price range, from our friends at RBIntel.

If you or someone you know is considering 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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!

Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

>Superintendent Recommends: Close Kitzmiller and Bloomington Schools

>

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Apr. 7, 2011

Closing two of Garrett County’s 11 elementary schools this August was the final recommendation of Dr. Wendell Teets, superintendent of schools, given at the Board of Education meeting held at Southern Middle School on Tuesday.

This recommendation came at the conclusion of a presentation given by Teets on the school system’s current budget dilemma. In this presentation Teets assessed the current state of finance for Garrett County schools and made speculative assessments of the system’s future.

In a review of potential fiscal year 2012 state aid, it was stated that Garrett County was one of only six districts in Maryland that would see an increase in wealth. As the state’s wealth as a whole is projected to contract by 2.58 percent, it was stated that Garrett County will see a 4.95 percent increase in wealth and also an enrollment loss of 2.36 percent. The report went on to outline the adverse effects of these factors on future state aid to the Garrett County school system.

It was also stated that beginning in the fall of 2009, a system wide review was conducted of numerous budgetary considerations. These included a review of the school system’s transportation efficiency, the possible effects of redistricting, and the savings obtainable through central office staff reductions.

The findings presented the potential savings through the majority of these possible changes inadequate to the task of fiscal sustainability in the foreseen budget crisis. Though it would not be the only measure taken to correct the budget deficit, the one consideration shown to be potentially most effect and least detrimental to the school system as a whole was the closing of the most costly schools in operation, namely Kitzmiller and Bloomington elementary schools.

Of all the public school’s within Garrett County, Bloomington and Kitzmiller were shown to have the highest projection in future costs, as well as the lowest trend in growth in terms of enrollment. It was stated that the total cost per student for Bloomington and Kitzmiller was $13,305 per annum and $7,444 per annum, respectively.

Bloomington was also shown to have the largest costs in facilities per pupil of any Garrett County school. Though both schools were considered to be in good shape currently, it was presented that state aid would most likely be unavailable for future repairs and renovations due to low enrollment.

In a detailed proposal of best-case scenario reductions the closure cost savings of Bloomington totaled $443,861. It was also reported that Kitzmiller’s closure cost savings would be $371,705.

Read full article here.

If you or someone you know is considering 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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!
Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

>GC Planning Commission Approves Ridgeline Protection Amendments

>

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Apr. 7, 2011

By a vote of three to two, the Garrett County Planning Commission yesterday decided to proceed with the proposal of adding mountain ridgeline protection text to the county’s 2008 Comprehensive Plan.
The vote was as follows: “In Favor of the amendments” – Troy Ellington, Tony Doerr, and Bruce Swift; “against the amendments” – Tim Schwinabart and Gary Fratz. George Brady was in attendance and did not vote. Committee members Bill Weissgerber and Jeff Messenger were not in attendance.

The commission has forwarded its decision to the Garrett County commissioners. The final decision to proceed or not to proceed with amending the plan will be addressed by the commissioners during a public meeting on Tuesday, May 3, at 10 a.m. in their meeting room at the courthouse.

The commissioners and Planning Commission held a joint public hearing on the issue on March 8, so there is no requirement for them to hold another public hearing, county administrator Monty Pagenhardt noted.

The amendments would recognize ridgelines as sensitive areas in need of protection from development, including wind turbine construction. A sentence may also be deleted from the comprehensive plan that reads as follows: “The county further acknowledges property rights of the owners of land that is suitable for wind power facilities to use their property for that purpose.”

The plan is not a regulatory document, but it does suggest how the county should more forward with growth. If the commissioners adopt the amendments, corresponding ordinances will have to be drafted that would establish regulatory control of ridgetop development through subdivision, sensitive area, and, possibly, zoning controls. It would also have to be determined which specific ridgelines would be earmarked for protection.

Read full article here.

If you or someone you know is considering 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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!
Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

>An Eerie Day – Republican Newspaper Front Page

>

The weather on Saturday could surely be described as odd, if not eerie, by most folks’ standards. While snow fell in fat, ground-covering flakes, the sky also lit up with bolts of lightning and the air rumbled with thunder. Parts of Garrett County received up to 8 inches of snow, while other areas, not far away, were covered in only a skiff. Definitely a strange day, captured well in this photo of Rotary Park in Oakland, taken by Dmitry Ostrogorsky. The sepia tone is real, not added in a photo program. Most of the county was indeed covered in soft, deep snow by Sunday morning, all of it melted by Monday afternoon, when the mercury rose into the mid-70s. The forecast indicates a warming trend now, with only rain predicted and no white stuff for the foreseeable future.

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If you or someone you know is considering 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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!
Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!