Progress on Arrowhead Dredging Project
Category: Uncategorized
Water & Sewer Master Plan Accepting Public Comment
The Garrett County Water & Sewer Master Plan is a document that supports the continued development of water supply and wastewater disposal in Garrett County, on a ten-year cycle. This plan is amended as needed, as systems are expanded, and improvements are proposed to better serve the County.
Thus far, three previous amendments have been made and a fourth amendment request was presented at the December 4, 2023 public meeting:
Map, Table and text update to add the Wisp Mountain Water Storage Tank-
1. To meet the source water storage and pressure needs of businesses and residents in the Deep Creek Lake Water System, a key area for heritage tourism in Garrett County.?
2. The Deep Creek Lake Water System currently serves 1,621 residential and 141 commercial customers, with an anticipated addition of 725 more customers.?
3. The existing Wisp Mountain Water Storage Tank, installed by a private developer, provides insufficient pressure and fire protection for some areas.?
4. The new tank will provide additional pressure (approximately 20 psi more) and storage capacity, allowing for further development and enhanced fire protection in the McHenry area?.
The details of the proposed amendment can be found in this presentation.
Comments will be accepted until December 18, 2023?. Email gccomments@garrettcounty.org or swigfield@garrettcounty.org? / 301-334-7477?.
US Mortgage Rates Slide Sharply, Reinvigorating Housing Demand
US Mortgage Rates Slide Sharply, Reinvigorating Housing Demand
(Bloomberg) — US mortgage rates dropped sharply, capping the biggest four-week slide in nearly a year and spurring a fresh round of applications to purchase homes.
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The contract rate on a 30-year fixed mortgage tumbled 20 basis points to 7.41% last week, data from the Mortgage Bankers Association showed Wednesday. The index of home-purchase applications increased 3.9% in the week ended Nov. 17, the most since June.
Since reaching a 23-year high of nearly 8% in mid-October, mortgage rates have plunged nearly half a percentage point. The effective rate, which includes fees and compound interest, dropped to still-elevated 7.59%. In contrast, the five-year adjustable rate increased.
Mortgage rates tend to move in tandem with Treasury yields. The 10-year Treasury yield has fallen steeply this month after hitting a 16-year high in October, helped by signs the economy is cooling along with inflation.
The overall index of applications, which includes purchases and refinancings, rose for a third week, and refinancing activity picked up.
The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75% of all retail residential mortgage applications in the US.
for more information US Mortgage Rates Slide Sharply, Reinvigorating Housing Demand (yahoo.com)
Hair by Kayleah
Home prices are poised to drop as the frozen housing market thaws, 2 top experts say
House prices may be headed lower, dealing a blow to sellers but providing relief to buyers, two experts say.
“The only way out of the box, the only way to get sales back up is mortgage rates have to come down, incomes have to continue to improve, we have to avoid a recession, and I suspect we’ll have to see some house price declines at some point here,” Moody’s chief economist, Mark Zandi, told Yahoo Finance this week.
Redfin CEO Glenn Kelman made a similar call in a Fox News interview this week. Asked about Morgan Stanley’s latest forecast of a 3% drop in home prices next year, he replied that a decline “seems not just possible, but likely.”
The housing market ground to a halt this year, as the Federal Reserve’s inflation-fighting hikes to interest rates have boosted mortgage rates to two-decade highs.
Homeowners who locked in much cheaper rates have balked at selling up and paying heftier monthly payments for their next place. Meanwhile, prospective buyers have been priced out, and many are waiting for rates to fall instead of settling for a worse home than they wanted.
“Housing’s taken it on the chin, particularly demand,” Zandi said. He pointed to new data showing annualized sales of previously owned homes fell below 3.8 million units in October, the lowest figure in 13 years. “You have to go back to the teeth of the financial crisis to find sales that low,” he said.
for more information Home Prices Are Poised to Drop As Housing Market Thaws, 2 Experts Say (businessinsider.com)
Boomers Throw a Wrench Into Housing Market
With mortgage rates soaring and fewer homes for sale, Baby Boomers are dominating the housing market like a real-life game of Monopoly. The shifts in who is buying homes have been trending in that direction for quite some time, but it was confirmed this month by data released from the National Association of Realtors. As the Washington Post puts it, “grandparents have been edging out younger buyers who are struggling to get into the market for the first time.” The stats show that first-time buyers make up only 32% of home sales, down from 38% since 1981. Today first-time buyers are older—more likely to be in their mid-30s on average, as opposed to their mid-20s in the 1980s.
On top of that, repeat buyers, or people who have already purchased a home or two in the past, have a median age of 58 (it was 36 in 1981). These repeat buyers tend to have more money on hand because they sold past homes, with the typical seller in 2023 being age 60. (The youngest Boomers are 59.) “We are still talking about an incredibly difficult market for first-time buyers to enter, even if there’s slightly less competition,” Jessica Lautz of NAR tells the Post. “If there’s a multi-offer situation, an all-cash buyer or someone who has a lot of equity is likely to win. And that person is going to be older.” Along with older buyers being more likely to have generated wealth from recently selling a home, they also probably have great credit in their favor, and can make more attractive offers, throwing in cash sales or large down payments.
“They have the appearance of being more stable,” realtor Jennifer Dodd says, “and a sense of them being more able to complete this purchase.” CBS News reports that Boomers are buying more homes than originally expected—creating unexpected demand in an already competitive market. Reasons why older adults want to move include divorce and a spouse’s death, when they go on to form new households. In these situations, they are often in competition with first-time buyers, who are looking for similar types of homes: those with fewer bedrooms and minimal upkeep. NAR data also showed that 70% of recent homebuyers did not have children under the age of 18 (in 1985, that number was 42%). (Read more real estate news).
November 2023 Market Stats
Oakland Embraces the Festive Spirit with Small Town Christmas Delight
Mark your calendars for the enchanting Small Town Christmas celebration in Oakland on December 8th, 9th, and 16th, 2023. Downtown Oakland is set to host an array of delightful, family-friendly activities that capture the essence of the holiday season.
The festivities kick off with a mesmerizing Light Up Night on Friday, December 8th, at the Oakland B&O Museum. The highlight of the evening is a charming Walking Holiday Light Parade, led by none other than Santa Claus himself, commencing from the Town Parking Lot at 5:30 PM. Everyone is welcome to join this festive stroll, culminating at the B&O Museum for the official tree lighting. This year, there’s a delightful new addition – Santa Paws! Dress up your furry companions in holiday-themed attire and let them be part of the parade. Indulge in complimentary cookies and cocoa courtesy of the Order of the Eastern Star, and treat yourself to a special surprise from Santa. The merriment extends to free sleigh rides for all attendees.
Continuing the jubilation on Saturday, December 9th, is Soup N’ Santa from 11:00 AM to 2:00 PM. Numerous nonprofits will be serving up heartwarming soups (donations appreciated), providing an opportunity to mingle with Santa, engage in kids’ activities, enjoy live music, take sleigh rides, explore local shops with exclusive discounts, and much more. Once again, your furry friends are invited to join in the festive atmosphere and have a memorable encounter with Santa.
In tandem with Oakland’s Great Small Town Christmas Event, the House of Hope presents the Bucks for Hope Drive on Saturday, December 9th, from 9:00 AM to 12:00 NN. Show your support for this noble cause by making cash donations on Second Street in downtown Oakland. While cash donations are preferred, non-perishable food items are also accepted. Originating in 1978 by Chuck Nolan, this food drive has garnered over $65,000 in donations and more than 80 pickup loads of food.
On Saturday, December 16th, immerse yourself in the sweetness of the Cocoa Crawl from 11:00 AM to 2:00 PM, featuring delectable treats as you wrap up your holiday shopping at select downtown businesses.
And don’t miss out on the Lucky Elf promotion, running through Monday, December 19th. With every $25 spent at participating stores in Oakland, you stand a chance to win a variety of enticing local gifts.
For a comprehensive list of Christmas activities and further details, check out the Town of Oakland, MD Facebook page or visit www.oaklandmd.com. Join us in creating lasting memories and spreading holiday cheer throughout Oakland!
County Commissioners Announce December 4, 2023 Public Meeting Agenda
PUBLIC MEETING AGENDA
Monday, December 4, 2023
Agenda Session Times are Approximate
Meeting will also be Live Streamed at https://www.facebook.com/garrettcountygovernment/
Agenda Session Times are Approximate
The Board of County Commissioners may close a portion of this public meeting and move into Executive Session to comply with a specific constitutional, statutory, or judicial requirement that may prevent public disclosure about a particular proceeding or matter.
*To comment on agenda items – please send to comments@garrettcounty.org
3:00 Administrative Session
- Mr. Null will review a number of administrative and managerial matters under his authority and jurisdiction with the Board of County Commissioners
4:00 Call to Order of Public Session, Invocation, and Pledge of Allegiance
County Administrator – Additions/Deletions to Public Meeting Agenda
Approval of Public, Administrative, and Executive Meeting Minutes
4:05 Resolution – USDA – ReConnect Program Grant and Security Agreement – Rt. 135 Broadband
Project
4:10 PUBLIC HEARING – 2014 Garrett County Water and Sewer Plan Amendment
4:20 Public Commentary
ADJOURNMENT
Public issues or concerns that are to be presented to the Board of Garrett County Commissioners during any Public Meeting should be scheduled with Carol A. Riley–Alexander, Executive Assistant to the Board of County Commissioners/County Administrator.
The Board of Garrett County Commissioners next scheduled Public Meeting will be Tuesday, December 19, 2023 at the Garrett County Courthouse beginning at 4:00 PM.
GC Diversity and Inclusion Committee meeting announced
The Garrett County Diversity and Inclusion Committee is having a meeting on Wednesday November 29, 2023 from 3 PM until 4:30 PM at Garrett College in the Offutt STEM Building in Room 211.
