Month: June 2008

According to  housing reports, home  prices  have declined 15.3% since last year  in the 20 largest cities in  our nation.   Unfortunately,   the key factors that caused prices to go down are still haunting us today.  

 As you know,  one of these factors is that we are seeing a tremendous amount of unsold homes combined with new foreclosures coming onto the market every day.   Also,  in our area new home construction took a dive this  June.    Reports from the home builders association predict sales will not be better in the coming months.

Today we saw the Federal Open Market Committee’s decision to leave interest rates unchanged.   Of course this was not a surprise.   Actually, I think if we see a change in the future, we will see interest rates go higher rather than lower.   Why would the Fed leave interest rates unchanged or even think of an increase?   To Stop Inflation.   I just don’t know if, as a nation, our economy is ready yet for any increases in interest rates.  

What do you think?

Every year Newsweek and the Washington Post publishes a list of the top  high schools in the nation.   Eight high schools in Prince William County received this honor of being in the top 5%.

Below, is a list of High Schools in Prince William who were in the top 5%.

*Hylton High School

*Potamac

*Osbourn Park

*Stonewall Jackson

*Forest Park

*Garfield

*Woodbridge

*Brentsville District

Officials in the county of Prince William, have come up with a proposal to help county employees purchase foreclosed homes with low-interest loans.

Prince William  will invest no more than $20 million dollars into 10-year CDs from financial institutions.   The county will receive an interest rate of roughly 4%.  

County employees who want to take advantage, will recieve a 5% rate on their morgage which is lower than what we are seeing now.  

In a nutshell… Prince William County will get interest on their investment. The bank will make a profit, and of course, the county worker will receive a lower interest rate.

The county is NOT going to subsidize or guarentee these loans.   Most importantly, the buyer will still have to qualify for a loan.   Officials are letting all residence of Prince William know that the bank is still signing all loan documents NOT the county.  

 Other Important Aspects of this Program:

*The interest rate remains fixed as long as the county employee remains a county employee and keeps the home.

*ANY county employee is eligible to apply.

*This program is NOT supposed to cost the county any money.