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August 8, 2011

    I n   t h i s   i s s u e . . .
  • Committee Signs Ups - Due Friday
  • DC Salesperson License Renewals
        - Due August 31
  • REALTOR® Store Specials
  • Annual DSA & Affiliate Award Nominations
  • Blood Drive - Next Thursday
  • MAR Conference
    Homeownership Matters
  • Debt Ceiling Analysis
  • Endangered: 3 Critical Homeownership Programs
  • My HOME Funding - $1.2 Million Added
  • Fannie Mae and Freddie Mac Offer
        3.5% Buyer Incentives Plus $1200 Agent Bonus
  • Amazing Homebuyer Incentives
    The Industry Insider
  • 2012 Dues Renewals are Now Online
  • Market Sen$e: Prince George's County
  • Why Miss a Lead?
  • Sales Coach: Test Your FHA Market Knowledge
  • DC and MD CEU
  • Code of Ethics: Case #11-1
  • REALTORS® Federal Credit Union
  • Maryland Tax-Free Shopping Days Aug. 14 - 20

    Committee Sign Ups - Due This Friday

    PGCAR Committee Sign Ups for the membership year beginning October 1, 2011 are happening now.

    Please volunteer, and encourage others to volunteer too. If you wish to be involved, please let us know your top 2 or 3 committee choices on the volunteer form. Committee membership is an opportunity to give back, to develop leadership and team building skills, and to broaden your exposure in the community. It also qualifies you to apply for a Director position in future years.

    There's plenty of choices!

    Awards   ~   Community Service   ~   Cultural Diversity   ~   Education   ~   Forms   ~   Grievance
    Housing Affordability   ~   Housing Fair   ~   Legislative / Political Affairs   ~   Professional Standards
    Public Relations / Communications   ~   RPAC   ~   Scholarship Fund

    Click here for a detailed description of our committees.
    Click here to sign up now.
    Committee applications are due this Friday, August 12.

    DC Salesperson Licenses Expire August 31

    Only 3 weeks remain to meet CEU hour requirements and renew licenses through the DC Real Estate Commission. Click here for the DCREC license renewal website.

    15 total CEU hours are required for license renewal.
    The 9 CEU in required subjects are offered on the following dates / times through PGCAR.
    3 CE DC Legislative Update Fri, August 19 9:30 am - 12:30 pm Register here >
    3 CE DC Fair Housing & Predatory Lending Fri, August 19 1:30 pm - 4:30 pm Register here >
    3 CE Financing Issues / Update Wed, August 24 9:30 am - 12:30 pm Register here >
    PGCAR classes are also available to meet your 6 required DC Elective hours.
    3 CE MD Legislative Update Tue, August 30 9:30 am - 12:30 pm Register here >
    1.5 CE MD Fair Housing Tue, August 30 1:30 pm - 3:00 pm Register here >
    3 CE MD Code of Ethics Wed, August 31 9:30 am - 12:30 pm Register here >

    Register for classes TODAY >


    SIGN RIDERS 6 X 24   $5
    SIGN RIDERS 5 X 17   $2.50
    YARD MARKERS   $21.50
    SIGN FASTENERS   $4 per 12 pack
    SentriLock Lockboxes on Sale Through August 31.
    All other Specials are Good Through September 30.
    Come visit us at:
    9200 Basil Court, Suite 400
    Largo MD 20774
    (301) 306-7900


    Award Nominations Due September 6

    PGCAR is now accepting nominations for Affiliate of the Year and Distinguished Sales Associate of the Year. Click below for details and application forms.

    • Affiliate of the Year Award application    (    )
    • Distinguished Sales Associate of the Year Award application    (    )
    The nominations deadline is Tuesday, September 6 at 5:00 p.m.


    Give Blood — Save Lives
    Next Thursday, August 18
    9:00 am to 3:00 pm at the PGCAR Office

    Come give the gift of life!
    Whose life might you save?

    Family, friends and associates are welcome!


    MAR Annual Conference & Tradeshow

    September 12th - 14th
    in Ocean City, Maryland
    • Up to 15 hours of premier Continuing Education (CE)
    • Monday Keynote & light lunch with Steve Harney, Keeping Current Matters
    • FREE Conference Gift - ABS flashlight with auto tool kit
    • Exhibit Hall - with Monday grand opening, Tuesday happy hour, Wednesday brunch
    • YPN event ($10), more "Learning Labs", more grand prize winners!
    • Free bus transportation within Ocean City with your attendee badge

    More value–National Speakers–Networking–Exciting Tradeshow

    Conference Homepage      Hotel Information      Schedule (PDF)


    NAR Legislative Report - Debt Ceiling Analysis

    Early last Tuesday, August 2, President Obama signed into law, S. 365, the Budget Control Act of 2011, more commonly known as the Debt Ceiling Bill. After careful analysis of the bill we can report that it contains NO DIRECT IMPACT ON REAL ESTATE TAX RULES OR SPENDING PROVISIONS. No tax laws of any kind were changed, nor were any housing programs cut. The bill passed the House and Senate on strong bipartisan votes: 269 - 161 in the House and 74 - 26 in the Senate. A potential debt default has been averted.

    For a complete analysis of the debt ceiling agreement, click here.

    Bottom Line
    These next 100 days could be the most important part of the battle over Mortgage Interest Deduction and Carried Interest. NAR will be actively engaged in lobbying Congress and will be reaching out to state and local associations, as well as REALTOR® members directly to engage their Members of Congress on the importance of preserving real estate tax provisions.

    While preserving real estate tax provisions is essential, two additional and vitally important measures were not acted on by Congress in advance of the five-week summer recess. Congress has NOT acted to extend the FHA Loan Limits and National Flood Insurance Program beyond the current expiration date of September 30, 2011. Congress is scheduled to return to Washington, DC on September 7, 2011 requiring swift action to prevent a lowering of the Loan Limits and a lapse in the Flood Insurance Program. During this August recess NAR will be working with our state and local association partners to urge Congress to pass extensions and avoid potential damage to the fragile housing market.


    Time is Running Short
    FHA Loan Limits and Flood Insurance Program Expirations Draw Near

    call for action

    National Flood Insurance Program
    Status: Expires September 30, 2011

    From 1990 to 2005, flood disasters were declared in every state - along rivers, lakes, behind levees and dams. Banks require many homebuyers to have a flood insurance policy before lending. Yet the only way that a homeowner can acquire flood insurance, thus a mortgage in over 21,000 communities is through the National Flood Insurance Program (NFIP) -- ending September 30, 2011 -- less than 60 days from now. Many analysts have shown this program pays for itself. (Some background details.) So why not extend it?

    Urge Congress to reauthorize the National Flood Insurance Program >

    FHA / GSE Loan Limits
    Status: Expires September 30, 2011

    Unless Congress acts, FHA and GSE loan limits will drop from the current limit of $729,750 to $625,500 in Prince George's County. The impact to other counties where loan limits are lower will be more severe. REALTORS® in other regions have reported that some recent contracts have already been canceled due to banks holding new applications to the lowered limits.

    On or before September 30, mortgage costs could rise so much that they impact the ability of your buyers to purchase their home to be. Your clients could find themselves in a position where lending is even more tight, and they no longer have access to affordable mortgage financing.

    Most homebuyers don't realize how much the decisions of Congress can impact their opportunity to buy a home, but you do! Please contact Congress today and communicate clearly that a housing recovery depends on keeping mortgages affordable for well-qualified buyers. Congress needs to prevent these higher loan limits from taking effect.

    Urge Congress to take action to extend FHA / GSE Loan Limits >

    Mortgage Interest Deduction
    Status: Elimination or Reduction Still Under Consideration

    Any changes to the mortgage interest deduction now or in the future could threaten recent progress toward stabilizing the housing market, critically erode home prices and values, destroy middle-class wealth accumulation and hurt economic growth, according to NAR Chief Economist Lawrence Yun. Yun challenged recent proposals calling for changes to the tax code, stating that it's a misplaced argument to say the MID was a cause of the housing market bubble and is suddenly part of the deficit problem, when it's been part of the federal tax code for more than 100 years.

    Furthermore, reducing or eliminating the MID is a de facto tax increase on homeowners, who already pay 80 to 90 percent of U.S. federal income tax. Yun said the share could rise to 95 percent if the MID is eliminated.

    Read more >

    Contact your U.S. Senators and Representatives while they are in recess and in their local districts. Ask for a 10 minute appointment to discuss why these 3 programs are critical to America's future and our economic recovery. Relay stories from your personal experience of homeownership making a difference for hard-working middle-class families, of homeownership making it safer for a small business owner to start their business and create jobs, or of any of the thousands of local families where these 3 programs make a positive difference.

    Maryland U.S. Senators >
    Representative Donna Edwards - district map and website link >
    Representative Steny Hoyer - district map and website link >

    -   -   -   My HOME Update   -   -   -

    $1.2 Million Awarded to My HOME Program

    The My HOME Program has been awarded an additional $1.2 million for homebuyer assistance, bringing the total funding to $2.2 million. Thank you for helping the My HOME program be successful. Learn about this program, and let even more potential homebuyers know about it.

    Eligible Income Limits are Increased
    Effective Immediately

    As of July 13, 2011 households with slightly higher incomes are eligible to participate in
    the My HOME program. Click here for the new income limits.

    My HOME 203K Loan Addendum

    The My HOME office issued a loan addendum which is mandatory for any My HOME purchase utilizing a 203K loan. The new loan addendum is included in Members Only and here.

    Take advantage of the County's FREE training on the My HOME program for REALTORS®.
    Next offering is tomorrow, August 9 at 10:00 am.

    1. Freddie Mac 3.5% + Agent Bonus for Offers through September 30 - Freddie Mac is offering 3.5% toward closing and a $1,200 selling agent bonus on primary residence home purchases. Escrow must close by September 30, 2011. Complete details >

    2. Fannie Mae 3.5% + Agent Bonus through October 31 - homebuyers purchasing a property as their primary residence can also receive up to 3.5% in closing cost assistance. Eligible sales must close by October 31, 2011. A $1,200 selling agent bonus is also available! Complete details >

    3. New! Federal Home Loan Bank of Atlanta (FHLB Atlanta) - 2 new programs - The first offers up to $15,000 towards a foreclosure purchase. The second offers up to $7,500 to homebuyers earning up to 80% AMI and buying within NSP targeted areas in MD or DC. These two programs do NOT require you to be a first-time homebuyer.
      Consumer information page >   Details & webinars for REALTORS® >

    4. My HOME Down Payment and Closing Cost Assistance - up to 5% of Home Sale Price Offered to County Homebuyers who have not owned a home within the last 3 years. $2.2 million in total funds is now available.
      Consumer information page >   Details (in Members Only, updated July 21) >

    5. American Dream Downpayment Assistance (ADDI) - up to $10,000 to County Homebuyers who have not owned a home within the last 3 years. Details >

    6. The Maryland Mortgage Program (MMP) offered through the state's Community Development Administration (CDA) has announced 2 loan products for distressed properties. All MMP products have low, fixed interest rates and some offer matching funds. These 2 new products will assist in revitalizing communities burdened with foreclosed and rundown properties.

      The Acquisition / Rehabilitation Mortgage Program helps purchase a single-family home as a primary residence and obtain funds for needed repairs and renovations.

      The Homeward Bound Program offers eligible buyers of foreclosed or short sale property a lower rate mortgage.

      Program Details >

    Most of these programs can be used in combination. Information on these and other homebuyer savings are available at Sales agents - please study up and stay familiar with current homebuyer incentives, and send links to your contacts from these public information pages. For more My HOME program details, members can login to Members Only.

    2012 Dues Renewals are Now Online!

    Don't wait until the last minute to pay this year's dues.
    Use our fast and secure Online Dues Payment!
    Paying online is easy, secure, and supplies you with a receipt.

    Renew Online as Easy as 1-2-3:

    1. Click here
    2. Log in
    3. Renew online and receive receipt !

    2012 dues are in the amount of $625. The due date is October 1, 2011. They must be paid no later than November 30, 2011 in order to prevent late charges.

    Prince George's County Dues $300
    Maryland Association Dues $170
    National Association Dues $155
    Voluntary 2012 RPAC Contribution $  35
    Voluntary Scholarship Fund Contribution $   5

    You may also choose to pay 2012 dues in 4 installments of $156.25 each, due by August 31, September 30, October 31, and November 30, 2011. Members using the installment plan must make an installment payment by August 31.

    August 31 $156.25
    September 30 $156.25
    October 31 $156.25
    November 30 $156.25

    Please note: If dues payments are not made online, they may not be reflected on the website.


    Market Sen$e: Mortgage Rates Fall to Lowest Mark of 2011

    Average mortgage rates dropped last week, amid falling bond yields and signs of a weaker than expected economy. The 30-year fixed-rated mortgage (FRM) is the lowest seen since November 18, 2010. The 15-year FRM and 5-year ARM set new historical lows. Freddie Mac reports the following averages for the week ending August 4, 2011:

    • The 30-year fixed-rate mortgage averaged 4.39 percent, down from 4.55 percent a week ago.
    • The 15-year fixed-rate mortgage averaged 3.54 percent, down from 3.66 percent.
    • The 5-year Treasury-indexed hybrid ARM averaged 3.18 percent, down from 3.25 percent.
    • The 1-year Treasury-indexed ARM averaged 3.02 percent, up from 2.95 percent.

    Freddie Mac's Weekly Primary Mortgage Market Survey >>

    July Activity Sees Modest Decreases in Prince George's County

    After two months of gains, the number of contracts and settlements in Prince George's decreased for July.
    1,012 single family contracts were signed (75 less than in June 2011). 111 condo contracts were signed (28 less than in June 2011).

    Year-to-date comparisons. Condos continue their 2011 surge. Year-to-date settlements in the condo market are up 38.5% from 2010. (Last month's number was 29.1%.) Year-to-date contracts signed are up 31.5%.

    In the single family market, year-to-date contract signings are about even with 2010, up 3.4%. Settlements are down 5.5% from 2010 to 2011; however, the largest differential was from June 2010 to June 2011 and these numbers are now improving again. Most economic forecasts warned of larger decreases for early 2011, in comparison to January through June 2010 when homebuyers were rushing to close before the June 2010 Homebuyer Tax Credit settlement deadline.

    Visit for detailed statistics.

    Pending Home Sales Rise 8.2 Percent in June

    Pending home sales rose again in June with all regions experiencing gains from a year ago, according to the National Association of REALTORS®.

    The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.4% to 90.9 in June. This is following a 8.2% increase in May 2011, and is 19.8% higher than in June 2010.

    Complete article >

    Also see:

    Like us on to see additional late-breaking August home news, when it is released.


    Why Miss a Lead? Update your REALTOR® profile today.

    The consumer friendly helps
    home buyers and home sellers find YOU,
    the experts
    in Prince George's real estate.

    Haven't updated your profile yet? Click here and log in to
    Members Only to edit your Membership profile.


    Sales Coach: How Well Do You Know FHA Lending?

    FHA has risen to an unprecedented level of importance in the mortgage market since late 2008. What percentage of newly acquired mortgage loans are FHA loans? What is the current, standard downpayment requirement of an FHA loan?

    Take a quick FHA quiz to test your knowledge, and to learn a few new FHA facts!


    Earn All MD and DC Required CEU at PGCAR

    All classes are held at PGCAR offices, just off the Route 202 / Landover Road exit of I-495. Find our NEW association office at 9200 Basil Court, Suite 400, Largo, MD 20774. There's plenty of parking.

    Next Friday, August 19
    DC Legislative Update
    3 DC Required Legislative Update CEU
    Prabhjit Singh 9:30 am - 12:30 pm
    DC Fair Housing & Predatory Lending
    3 DC Required Fair Housing CEU
    Prabhjit Singh 1:30 pm - 4:30 pm

    Wednesday, August 24
    Financing Issues / Update
    3 DC Required Financing Issues / Update CEU;
    3 MD Elective CEU
    Michael Chelst 9:30 am - 12:30 pm

    Tuesday, August 30
    MD Legislative Update
    3.0 MD Required Legislative Update CEU;
    3.0 DC Elective CEU
    Don Martin 9:30 am - 12:30 pm
    MD Fair Housing
    1.5 MD Required Fair Housing CEU;
    1.5 DC Elective CEU
    Don Martin 1:30 pm - 3:00 pm

    Wednesday, August 31
    MD Code of Ethics
    3.0 MD Required Ethics Update CEU;
    3.0 DC Elective CEU
    Don Martin 9:30 am - 12:30 pm
    MREC Required Supervision
    3.0 MD Required or Elective CEU
    Don Martin 1:30 pm - 4:30 pm

    Thursday, September 15
    Commercial SBA Loan Programs
    3.0 MD Elective CEU
    John Throne 9:30 am - 12:30 pm

    Starting Wednesday, November 2
    GRI 300 Series - Full Series of 5 Classes
    MD CEU - 25.5 hours total:
    13.5 hrs Legislative Update and 12 hrs Elective CE
    - 8:30 am - 4:00 pm

    Complete CEU Schedule >>


    REALTOR®'s Obligation to Disclose Present or Contemplated Interest

    Owner A was considering refinancing a property. Client B, a lender, ordered an appraisal from REALTOR® C. The appraisal report was completed and later Owner A decided to sell the property instead of refinancing it. Owner A contacted REALTOR® C who listed the property. An offer was made that was accepted by Owner A.

    At the loan application, the prospective purchaser told the lender, Client B, that a recent appraisal on the property had been done for Client B. When the lender became aware that the listing broker was also the appraiser, the lender filed a complaint with the Board of REALTORS® alleging that REALTOR® C had not disclosed her "present or contemplated interest" in the property as required by Article 11, as interpreted by Standard of Practice 11-1. The complaint was referred by the Grievance Committee for hearing before a panel of the Board's Professional Standards Committee.

    At the hearing, a written statement from Owner A containing all the facts above was entered into evidence. REALTOR® C stated that the appraisal had been completed in accordance with Standard of Practice 11-1 and it was only after Owner A decided to sell, rather than refinance, that there were any discussions about REALTOR® C representing the owner in the sale of the property.

    REALTOR® C stated that the owner had been appreciative of the time that she had spent discussing the subject's neighborhood and existing market conditions, and that the owner had decided that he wanted someone really knowledgeable to represent him in the sale of his property.

    Based on your understanding of the Code of Ethics Article 11, how do you think the Professional Standards Panel ruled?

    Find out here >>


    REALTORS® Federal Credit Union

    Personal and Professional Lines of Credit

    Whether you're consolidating higher interest debt, investing in home or business improvements, spreading tuition or annual dues payments, or simply opening a line of credit "just in case", you can cover it with a REALTORS® Federal Credit Union line of credit or personal loan.

    Apply for personal or professional loans online at REALTORSFCU.ORG.


    Maryland Tax-Free Shopping Days August 14 - 20

    Maryland is having a tax-free period for back-to-school shopping. For the week of Sunday, August 14 through Saturday, August 20 sales and use tax does not apply to the sale of any items of clothing or footwear, excluding accessory items, if the taxable price of the item of clothing or footwear is $100 or less. Accessory items, which are not exempt from the sales and use tax during the tax-free week include jewelry, watches, watchbands, handbags, handkerchiefs, umbrellas, scarves, ties, headbands, and belt buckles.

    Prince George's County Association of REALTORS®
    8300 Corporate Drive, Suite 100  :  Landover, MD 20785
    Phone 301-306-7900  :  Fax 301-306-8273  :  :  ©2011 PGCAR

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