Get the complete picture here:
http://kittlemanrealtygroup.com/2010/06/howard-county-real-estate-market-stats-may-2010/

Here’s where you can find the numbers:
http://kittlemanrealtygroup.com/2010/06/montgomery-county-real-estate-statistics-may-2010/

- Tom

May 2010 Summary:

Source: RBI

Howard County, MD
Real Estate Market Statistics

May 2010 Summary:

Source: RBI

By having seven schools in the top 100, MCPS breaks its own record of six, set in 2008. Last year, MCPS had four schools in the top 100.     The seven high schools are Richard Montgomery (33), Poolesville (59), Bethesda-Chevy Chase (63), Winston Churchill (75), Thomas Wootton (83), Walt Whitman (85), and Walter Johnson (95). The remaining MCPS high schools all finished in the top 3 percent of all schools in the nation.

MCPS is the only Maryland district with schools in the top 100.     “The Newsweek report is another confirmation that the reform efforts we have put in place the past 11 years are having a very positive impact,” said Patricia O’Neill, President of the Montgomery County Board of Education. “We have made a commitment to giving all students access to college-level work, so they are better prepared for the rigors of post-secondary classes.”    Several MCPS high schools made significant gains on the list from last year, most notably Poolesville High School, which jumped from 305th to 59th this year. The list is based upon the “Challenge Index,” developed by the Washington Post, which put out a ranking of Washington-area schools earlier this year. MCPS had five schools in the top 10 on that list.

Receiving a college ready score on an AP or IB exam has been identified as one of MCPS’ “7 Keys to College Readiness,” a series of K-12 benchmarks that lays out a pathway to college preparedness.     Students who succeed in rigorous classes, like AP, are more than three times as likely to get a bachelor’s degree than those who do not, according to college completion data.  Among MCPS students in the classes of 2001-2004, only 25 percent of those who did not take an AP exam earned a bachelor’s degree.

But among those students who took at least one AP exam, 60 percent earned a degree, and among those who scored 3 or higher on at least one exam, 76 percent earned a bachelor’s degree.    “By providing broader access to rigorous classes, we are giving our students a distinct advantage in college,” Superintendent Jerry D. Weast said. “Simply taking an AP class more than doubles a student’s chances of earning a bachelor’s degree, which leads to higher lifetime earnings and greater success in the workplace.”
The Newsweek list is the latest in a string of accolades about the performance of MCPS students:

• MCPS has the highest graduation rate among the nation’s large school districts, according to a report released by Education Week on Thursday. The MCPS graduation rate of 83.1 percent is significantly higher than the state and national rates.
• The class of 2010 has earned $232 million in college scholarships so far this year, an all-time record for the district and nearly $50 million more than last year.
• MCPS has been named one of five finalists for the $1 million Broad Prize for Urban Education, which recognizes large school districts that raised student achievement and narrowed the achievement gap.

America’s Best High Schools Rankings for All MCPS Schools

Source: Newsweek’s America’s Best High Schools 2010

See frequently asked questions about the list.

Source: MCPS, http://www.montgomeryschoolsmd.org/press/index.aspx?page=showrelease&id=2783

Questions?  Give us a call.  We’re here to help!

This is great advice for prospective homebuyers over the next 45 days, as two key government programs that have kept home ownership more affordable than ever wind down to their completion.

First, the Federal Reserve’s Mortgage Backed Securities (MBS) purchase program will come to an end on March 31, just two weeks away! Without this program home loan rates could have been at least 1.00% higher…and potentially even higher…over the last year. Throughout 2009, the Federal Reserve was the primary buyer for MBS, purchasing as much as 80% of the supply in a given month. When this program ends, a lack of willing buyers will likely cause MBS prices to drop and rates to rise as a result.

The second shot will come on April 30th, which is the deadline for purchasers to get under contract to qualify for the Home Buyer Tax Credit program, which has been providing a tax credit of up to $8,000 to first time homebuyers and up to $6,500 to repeat purchasers.

Just How Much Will Waiting Cost?

While no one knows for certain what the future holds, two things appear clear. Home loan rates will likely be higher in the future, and free money from the government will be gone. These deadlines will affect both affordability to purchase and the opportunity to refi.

For prospective homebuyers, any increase in interest rates erodes your purchasing power. In other words, a 1% increase in rate represents an approximate decline in purchasing power by 10%. For example, if rates increase by 1%, people who qualify for a $200,000 purchase price today may only qualify for a purchase price of $180,000 afterward.

Give us a call today at 301-785-5889 and let’s get started finding your next home TODAY!

Why? Because now, as you calculate your tax bill or your refund, you can finally see in real terms just how beneficial a tax credit of up to $8,000 can be to your bottom line.

Here are the basics:

Qualified 2009 and 2010 first-time home buyers can get up to 10% of the home’s purchase price or a maximum of $8,000. In November 2009, legislation extended a tax credit of up to $6,500 (or up 10% of the home’s purchase price) to long-time residents of the same primary residence if they purchase a new main home. To qualify, eligible taxpayers must show that they lived in their previous homes for a five-consecutive-year period during the eight-year period ending on the closing date of the new home.

Important details to remember:

1) You don’t have to pay it back (as long as you stay in your qualified home for at least 36 months).

2) If you qualify for the credit, you can still apply it to this year’s taxes, even if you’ve already filed your returns, or save it for your 2010 returns.

3) This is a true tax credit, not a deduction. If you qualify for the full credit, there will be an actual dollar-for-dollar reduction of up to $8,000 (or up to $6,500 for qualified repeat buyers) on your tax bill now or in 2010.

4) New income qualification limits have been put in place that expanded the pool of qualified buyers.

5) If you purchased a qualified home or plan to after reading this article, you must have a contract in place by April 30, 2010 (with closing to take place by June 30, 2010), so don’t wait!

There are, of course, other details and qualification requirements and restrictions that you’ll need to consider. But don’t hesitate to give us a call if you have any questions. Also, if you happen to have your completed 2009 tax return handy, our lender friends can help you calculate how much money you can get if you purchase a home and qualify for the full credit.

As they say on TV, “DON’T DELAY – ACT NOW!” This time, really do it!

Montgomery County, MD
From: 01/01/2010 to 01/31/2010                Statistics generated on: 02/09/2010

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2010 – Information deemed reliable, but is not guaranteed.

Howard County, MD
From: 01/01/2010 to 01/31/2010                Statistics generated on: 02/09/2010

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2010 – Information deemed reliable, but is not guaranteed.