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2011 May- June
on home equity loans or lines of credit also qualifies for the deduction. As part of its FY 2011 budget, the Administration has proposed limiting the value of the mortgage interest deduction for upperincome taxpayers by, in effect, converting the deduction to a 28% tax credit for those individuals who are currently in the 33% or 35% tax brackets. Individuals with incomes below $250,000 would generally not be directly affected by this proposal. NAR opposes any changes that would limit or undermine current law. For more information on NAR initiatives, please see the NAR Update in the Public Policy section of this issue.
State presidents at Region 3 meeting
WDCAR Immediate Past President Brenda Small, GCAAR COO Amy Ritsko-Warren, 2011 WDCAR President, Suzanne Des Marais, 2011 GCAAR President Adrian Hunnings, and WDCAR Board Member Elizabeth Blakeslee enjoy the Region 3 reception hosted by WDCAR
GCAAR in the News Drop in Home Prices in January Raises Fear of Double Dip The Washington Post March 29, 2011 “This year we’re not seeing the new inventory come on too rapidly. The pattern is more like that of the pre-boom years, with March and April seeing the most new listings, and April and May probably registering the most sales.” - Adrian Hunnings, 2011 GCAAR President What Makes D.C. the Nation’s Hottest Market? Washington Examiner March 31, 2011 “Macroeconomic factors are in our favor. Other cities are struggling with jobs, there’s relatively higher unemployment. We’ve had 18 straight months of job growth and continue to outperform the rest of the nation.” - Adrian Hunnings, 2011 GCAAR President What Makes D.C. the Nation’s Hottest Market? Washington Examiner March 31, 2011 “We’re nowhere near the rest of the country. Our market sizzled while everybody else simmered out.” - Kymber Lovett-Menkiti, GCAAR Member and 2010 Rookie of the Year Although a Few Neighborhoods Shine, Washington Area Condo Market Still Struggles The Washington Post April 8, 2011
“In the last six months, I’ve had two deals where parents paid all-cash for their children’s units, but the all-cash deals are one sign of how difficult it is for buyers to get mortgage approval for a condominium.” - Suzanne Des Marais, WDCAR 2011 President and GCAAR member Metro Connection: Rivalry and Competition WAMU Radio May 13, 2011 “It’s critical to carve out your own marketing space as the real estate business is not equally distributed.” - Koki Adasi-Efuya, GCAAR member How to Get Over the House That Got Away The Washington Post May 13, 2011 “I have many agents who have experienced ‘the-house-that-got-away syndrome’ recently. Some buyers quit looking altogether, and others move on and buy something else quickly if they can.” - Holly Worthington, GCAAR Past President Singular Settings to Call Your Own: Boutique Condos Encourage Community, Individuality Washington Post Express May 20, 2011 “In a smaller building, I think, there’s a sense of social responsibility because everybody sees the direct impact of their financial decisions.” - Suzanne Des Marais, 2011 WDCAR President and GCAAR Member “A condo in a building containing approximately 20 units or less is often called “boutique.” But the label also connotes a sense of individuality. It’s very catchy.” - Rachel Valentino, GCAAR Member
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