This article appeared in the North Lake Tahoe Bonanza on December 31, 2008
Written by: Jean Eick, Bonanza Community Editor
Everything you need to know about New Year’s Eve and Day
New Year’s Eve and New Year’s Day in Incline Village/Crystal Bay will have plenty of locations for celebrating so go ahead and wine and dine into 2009. Check out this list of places that will be hosting celebrations right here in Incline Village.
If you do head out to celebrate your evening, have a designated driver or transportation planned before your evening begins. If you go to the Tahoe Biltmore, Cal-Neva or Hyatt Regency Lake Tahoe you can even book a room in advance and then party well into 2009 without having to worry about driving.
Big Water Grille will feature two seatings each featuring a three course dinner (with choices) of prime rib, Aussie rack of lamb, seared sea scallops orphan seared sea scallops. The early seating is $65 and the late seating is the special feature of the evening for $100. It will include appetizers, seafood/raw bar during cocktails and then at your leisure you can have a three course dinner in the dining room. There will be a DJ with dancing, party favors, the traditional champagne toast.
Café Biltmore will be open offering a prime rib special for New Year’s Eve from 4 p.m. to midnight. From Midnight to 4 a.m. the cafe will offer a New Year’s Eve breakfast buffet for $8.99.
Conrad’s in the Tahoe Biltmore will be open New Year’s Eve and will feature a special New Year’s Eve feast with seatings available at 6 and 9 p.m. The cost is $45 per person. The second seating includes the traditional champagne toast and party favors. Reservations required at (775) 831-0660.
Appearing at the Crystal Bay Casino for New Year’s Eve is Dave Alvin and the Guilty Men. The party on New Year’s Eve begins at 10 p.m. Tickets are $30 if purchased in advance and $35 on the day of the show. Stay for the after party with Hellbound Glory. For tickets or information call (775) 833- 6333.
Cutthroat Saloon inside the Hyatt Regency Lake Tahoe Resort, Spa and Casino will have live music provided by a DJ, party favors and the traditional champagne toast at midnight from 9 p.m. to 2 a.m. It also will feature a full bar and no cover. Arrive early to ring in 2009.
At the Frank Sinatra Showroom in the Cal Neva Resort the party begins at 9 p.m. and goes well into the first morning of 2009. The evening presents FreQ Nasy, 3WS (Ana Sia and Danny Corn), Friction aka Bass Cadet, Micah J. Rub a Dub (T-dUb and Ryan Howard) DJ Rundown in an all night dance party. Tickets are $35 in advance and $40 at the door. For information or reservations call 800-225-6382.
Fredrick’s Fusion Bistro has a special New Year’s Eve menu. Call (775) 832-3007 for information on the menu, serving times or reservations.
Lone Eagle Grille will pull out all the stops for New Year’s Eve offering from two inspired multi-course, prix fixe menus at Lone Eagle Grille with menu choices such as chilled Kumamoto oysters on the half shell with dungeness crabmeat, tarragon and lemon-infused olive oil and mesquite grilled beef tenderloin with roasted colossal shrimp, celery root purée and truffle oil. The Sunset Five-Course Dinner is available for seatings between 5 p.m. to 6:30 p.m., Wednesday, Dec. 31, for $155 per person. Or the SevenCourse Gala Dinner is available for seatings between 8 p.m. to 9 p.m. for $225 per person. A five-and sevencourse vegetarian menu is also available. Pricing includes tax and gratuity. For reservations or information call (775) 886-6899.
Rookies will start the New Year’s Eve party at 10 p.m. and it goes until 6 a.m. with a DJ for your evening of fun. They will offer a traditional champagne toast at midnight. Rookies also will offer free rides to its customers.
For more casual dining the Sierra Café inside the Hyatt Regency Lake Tahoe Resort, Spa and Casino will offer a family-friendly buffet on New Year’s Eve. The buffet is available 5-10:30 p.m. and is $60 for adults, $30 for children 5-12 and children under four eat free. To make reservations please call (775) 886-6675.
The Steak and Lobster House at the Crystal Bay Casino will be open New Year’s Eve and have two menus and two seatings. First menu and seating is from 5:30 - 6 p.m. and the cost is $85 per person. This menu features appetizer, salad and choice of entree from filet mignon, Australian lobster tail or roasted half Peking duck, choice of dessert and served with a glass of Korbel champagne. The second menu and seating is at 8:30 p.m. and the cost is $110 per person. This menu includes appetizer, salad, choice of entree from filet mignon, Australian lobster tail, roasted half peking duck, choice of dessert with a glass of Korbel Champagne. For reservations or information call (775) 833-6333.
Or host your own special at-home event. But stock up early on provisions. One place to go for NewYear’s Eve provisions is Sunshine Pastry call for the special provisions they offer for New Year’s Eve (775) 832-2253 and then go pick up your selections. Open until 5 p.m. New Year’s Eve.
The Tahoe Biltmore will offer free music in the Breeze featuring Public Eye from 9 p.m. to 1 a.m. and the Boys of Summer from 1:30 to the wee hours of the morning.
New Year’s Day Brunches:
The Hyatt Regency Lake Tahoe Resort, Spa and Casino will offer a special New Year’s Day brunch at its Lone Eagle Grille. It will offer an a la carte brunch which features a fantastic appetizer and salad buffet as well as entrées a la carte such as eggs Benedict, either traditional or over sautéed trout, chive hollandaise; grilled buffalo tenderloin, truffled scrambled eggs in puff pastry with wild mushroom cognac cream sauce; lobster and goat cheese omelet, tarragon, fingerling potato home fries and cipollini onions; brioche French toast, caramelized bananas, Grand Marnier syrup and a decadent dessert buffet. The buffet is from 10 a.m. to 2:30 p.m. and is $45 for adults.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Wednesday, December 31, 2008
Monday, December 29, 2008
Don't Miss Tax Deductions On Your Real Estate Investment
Written by: Phoebe Chongchua / Realty Times
There are an estimated 11 million real estate investors in the U.S., according to IRS data. However, not all of them chose to be a real estate investor. Some accidentally became investors due to market conditions.
"There are people who have bought property for flipping and now they're kind of stuck with them and in some markets they can rent them," says Narinder Sandhu, founder of T-ReX Global.
It's this group of people that could be losing money, especially if they aren't aware of how best to manage their real estate investment.
"One of the most important things in real estate investment is taking advantage of all of the tax benefits that are available to [investors] and the write-offs," says Sandhu.
Sandhu says that real estate has numerous tax benefits, but many investors miss out on the tax-saving advantages because they are not prepared to properly track their investment.
"In order to take advantage of all those benefits you really have to track your income and expenses," says Sandhu.
His company T-ReX Global was started to help real estate investors not lose out on money. The former VP of the Small Business Division at Intuit (The makers of Quicken, QuickBooks and TurboTax) says he saw a niche market that needed help.
"It's a very simple application. It's like Quicken but is designed specifically for real estate investors and it's an online application whereas Quicken has been a desktop application," says Sandhu.
The program helps investors make sure they don't miss out on money-saving opportunities. "It allows you to track your income. It also gives you a lot of write-offs that most people miss," says Sandhu.
Sandhu says the program takes very little time to get started and only minutes each month to track your property's income and expenses. Another added benefit is that the program produces a rental property Schedule E form.
Sandhu says no matter which program you use to manage your real estate investment you should look at these five areas to make sure that you're not losing money on your real estate investment.
1. Take advantage of depreciation deductions. "You can set up depreciation expense in such a way that you can either write-off all the value over 27.5 years or you can go in and look at the assets within the property that are short-life [depreciation expenses]," says Sandhu. Basically, the IRS allows real estate investors to choose to use an accelerated depreciation method which can result in costs being recovered at twice the rate applicable to the real estate property if the 27.5-plus-year deduction were used. "IRS statistics show that only 13 percent of investors take advantage of the short-life [depreciation expenses]," says Sandhu.
2. Keep track of travel to property. "Make sure you have all the accounting for that so that your travel to and from your property can be a written-off," says Sandhu.
3. Tax preparation. "Most people don't realize that the cost for the preparation for the Schedule E, which is the rental property form that you have to fill out, can be written off.
4. Document repairs versus improvements. "Repairs are something that if you go in [to your rental property] and fix it, it can then be expensed in the same year," says Sandhu.
5. Casualty or damage to property. Sandhu says, "If there has been rain and a storm came in and blew your fence away, there's a casualty expense that you can write-off that year.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
There are an estimated 11 million real estate investors in the U.S., according to IRS data. However, not all of them chose to be a real estate investor. Some accidentally became investors due to market conditions.
"There are people who have bought property for flipping and now they're kind of stuck with them and in some markets they can rent them," says Narinder Sandhu, founder of T-ReX Global.
It's this group of people that could be losing money, especially if they aren't aware of how best to manage their real estate investment.
"One of the most important things in real estate investment is taking advantage of all of the tax benefits that are available to [investors] and the write-offs," says Sandhu.
Sandhu says that real estate has numerous tax benefits, but many investors miss out on the tax-saving advantages because they are not prepared to properly track their investment.
"In order to take advantage of all those benefits you really have to track your income and expenses," says Sandhu.
His company T-ReX Global was started to help real estate investors not lose out on money. The former VP of the Small Business Division at Intuit (The makers of Quicken, QuickBooks and TurboTax) says he saw a niche market that needed help.
"It's a very simple application. It's like Quicken but is designed specifically for real estate investors and it's an online application whereas Quicken has been a desktop application," says Sandhu.
The program helps investors make sure they don't miss out on money-saving opportunities. "It allows you to track your income. It also gives you a lot of write-offs that most people miss," says Sandhu.
Sandhu says the program takes very little time to get started and only minutes each month to track your property's income and expenses. Another added benefit is that the program produces a rental property Schedule E form.
Sandhu says no matter which program you use to manage your real estate investment you should look at these five areas to make sure that you're not losing money on your real estate investment.
1. Take advantage of depreciation deductions. "You can set up depreciation expense in such a way that you can either write-off all the value over 27.5 years or you can go in and look at the assets within the property that are short-life [depreciation expenses]," says Sandhu. Basically, the IRS allows real estate investors to choose to use an accelerated depreciation method which can result in costs being recovered at twice the rate applicable to the real estate property if the 27.5-plus-year deduction were used. "IRS statistics show that only 13 percent of investors take advantage of the short-life [depreciation expenses]," says Sandhu.
2. Keep track of travel to property. "Make sure you have all the accounting for that so that your travel to and from your property can be a written-off," says Sandhu.
3. Tax preparation. "Most people don't realize that the cost for the preparation for the Schedule E, which is the rental property form that you have to fill out, can be written off.
4. Document repairs versus improvements. "Repairs are something that if you go in [to your rental property] and fix it, it can then be expensed in the same year," says Sandhu.
5. Casualty or damage to property. Sandhu says, "If there has been rain and a storm came in and blew your fence away, there's a casualty expense that you can write-off that year.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Friday, December 26, 2008
Incline Village- or town?
INCLINE VILLAGE, Nev. — On Election Day the people of Incline spoke in almost a 2-to-1 vote not to go ahead with the planning phase to create the town of Incline Village.
The effort didn’t die on Nov. 4, however. Shortly after, a trio of people formed and volunteered personal time to determine if it was possible to work with the Nevada Legislature in February and amend Nevada Revised Statute 269 (commonly referred to as town law).
But a lack of support prevented the effort from moving forward past the new year, said Incline Village General Improvement District Vice-Chair Gene Brockman, who worked on the effort after election day.
“Since a considerable amount of effort and research already had gone into changing the NRS (before Election Day), we decided it was a good idea to proceed forward with the bill draft,” said Brockman, who worked with IVGID General Manager Bill Horn and IVGID legislative lobbyist Mary Walker late this year. “But we couldn’t get any organizational support, including the support of the IVGID board, so we dropped the effort.”
Brockman asked the IVGID board for an endorsement to move forward with NRS amendments on Nov. 20, the second day of the board retreat.
However, the board didn’t entertain a motion because Brockman’s request wasn’t seconded by another board member.
From there, Brockman said there was no point to go forward. As to when things can move forward, though, is anyone’s guess, he said.
“Sooner or later, our residents will understand we need a different governance system in Incline Village and Crystal Bay,” Brockman said. “At this point, it seems a town is the only thing that is politically viable.”
Horn said that if he were to continue working on the effort, or a different effort, he most likely would seek approval from the IVGID board first, since work toward the effort would have to come on his own time. Walker was unavailable for comment as of press time.
On Election Day, 3,209 voters (63 percent) voted “no” on IVGID ballot question No. 7, an advisory question to allow Independent Incline members and Walker to go ahead with the creation of the town of Incline Village. Thirty-seven percent (1,935 votes) of voters checked “yes” on their ballots.
After the “nay” vote, Independent Incline, the grassroots organization that has tried for about 30 years, in different ways, to improve the municipal governance of Incline Village and Crystal Bay, met to decide the future of the group.
Incline resident Jim Clark, current chair of the group who referred to the post-Election Day meeting jokingly as a “wake,” said things are in a holding pattern — but the group doesn’t plan to give up.
“We’re on a well-earned vacation.” Clark said. “We did have our wake, and there was a little tail-between-the-legs feeling, but we still want to continue the effort. I think probably after the first of the year, we’ll get together.”
Waiting and seeing after New Year’s Day is something Brockman said he plans to do as well, considering that’s when new politicians, and incumbents, take over in preparation for February’s legislative session.
The political shift of power toward Southern Nevada should make things interesting, he said.
“The political strength of Northern Nevada, particularly Washoe County, is shifting to the south,” Brockman said. “The shift ... may or may not intensify the effort (to create a town). It’s anybody’s guess.”
This article was published in the North Lake Tahoe Bonanza 12/26/08
By Kevin MacMillan
BONANZA EDITOR
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
The effort didn’t die on Nov. 4, however. Shortly after, a trio of people formed and volunteered personal time to determine if it was possible to work with the Nevada Legislature in February and amend Nevada Revised Statute 269 (commonly referred to as town law).
But a lack of support prevented the effort from moving forward past the new year, said Incline Village General Improvement District Vice-Chair Gene Brockman, who worked on the effort after election day.
“Since a considerable amount of effort and research already had gone into changing the NRS (before Election Day), we decided it was a good idea to proceed forward with the bill draft,” said Brockman, who worked with IVGID General Manager Bill Horn and IVGID legislative lobbyist Mary Walker late this year. “But we couldn’t get any organizational support, including the support of the IVGID board, so we dropped the effort.”
Brockman asked the IVGID board for an endorsement to move forward with NRS amendments on Nov. 20, the second day of the board retreat.
However, the board didn’t entertain a motion because Brockman’s request wasn’t seconded by another board member.
From there, Brockman said there was no point to go forward. As to when things can move forward, though, is anyone’s guess, he said.
“Sooner or later, our residents will understand we need a different governance system in Incline Village and Crystal Bay,” Brockman said. “At this point, it seems a town is the only thing that is politically viable.”
Horn said that if he were to continue working on the effort, or a different effort, he most likely would seek approval from the IVGID board first, since work toward the effort would have to come on his own time. Walker was unavailable for comment as of press time.
On Election Day, 3,209 voters (63 percent) voted “no” on IVGID ballot question No. 7, an advisory question to allow Independent Incline members and Walker to go ahead with the creation of the town of Incline Village. Thirty-seven percent (1,935 votes) of voters checked “yes” on their ballots.
After the “nay” vote, Independent Incline, the grassroots organization that has tried for about 30 years, in different ways, to improve the municipal governance of Incline Village and Crystal Bay, met to decide the future of the group.
Incline resident Jim Clark, current chair of the group who referred to the post-Election Day meeting jokingly as a “wake,” said things are in a holding pattern — but the group doesn’t plan to give up.
“We’re on a well-earned vacation.” Clark said. “We did have our wake, and there was a little tail-between-the-legs feeling, but we still want to continue the effort. I think probably after the first of the year, we’ll get together.”
Waiting and seeing after New Year’s Day is something Brockman said he plans to do as well, considering that’s when new politicians, and incumbents, take over in preparation for February’s legislative session.
The political shift of power toward Southern Nevada should make things interesting, he said.
“The political strength of Northern Nevada, particularly Washoe County, is shifting to the south,” Brockman said. “The shift ... may or may not intensify the effort (to create a town). It’s anybody’s guess.”
This article was published in the North Lake Tahoe Bonanza 12/26/08
By Kevin MacMillan
BONANZA EDITOR
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Wednesday, December 24, 2008
A Very White Christmas, Indeed!
This article appeared in the North Lake Tahoe Bonanza on Wednesday, December 24, 2008
Written by: Kevin MacMillan and Jen Schmidt - Bonanza Staff Writers
Many excited for holiday snowstorm; motorists urged to be safe.
Had enough snow yet? Didn’t think so. The next big Tahoe snowstorm is forecast for today and Christmas Day, and it could bring as much as two feet of white stuff to higher elevation levels in and around the Lake Tahoe Basin.
For many, that spells good news at maybe the perfect time of year.
“That would be the best Christmas present,” said Milena Regos, Incline Village General Improvement District Marketing Director. “We need more snow, and we need it for our customers. Hopefully it won’t scare people away, but we need it.”
According to the national weather service in Reno, the basin will be under a winter storm watch from this afternoon through Thursday afternoon.
A strong and wet Pacific storm is expected to move in today from the West Coast, bringing rain and snow to Northern California and Nevada through Thursday.
“This storm will bring strong winds to higher elevations, with the potential for significant snowfall,” according to the weather service.
When it comes to Tahoe, the words “significant snowfall” are a welcome phrase.
“We’re very excited. We’re from Marin County and we didn’t know about the storm, but that is pretty exciting,” said Mark Puckett, who is visiting from San Anselmo, Calif. “Skiing will be kind of tough with the little guys, they’re two and five. But I know the resorts definitely needed some snow and I heard the lake level’s kind of low, so that’s great. I only hope they get more after that.”
According to the forecast, light to moderate snow is expected this afternoon, with heavier snowfall expected overnight and into Thursday.
“Around one foot of snow is possible at lake level and in lower valleys, with around 2 feet of snow possible in the High Sierra west of Highway 395,” according to the watch.
“We’re excited (for the storm) because we came from El Salvador, so it’s always good to come and see the snow,” said Enrique Rais, of El Salvador. “We love it. But we’ll have to get ready and be prepared.”
Despite the potential for great skiing, the storm also brings to the area a dangerous holiday element. According to NWS, winds should be very strong as well, with gusts of 50 mph possible at lake level, with the potential for 120 mph gusts along the Sierra ridges.
Things should calm down Friday, as the forecast calls for a 20 percent chance of light snow. Motorists are encouraged to be safe, as travel should be impacted greatly by this storm. Visit tahoebonanza.com throughout Christmas Eve and Christmas Day for updated weather and road conditions.
Of course, there’s usually one big drawback to a big Tahoe storm. Just ask Mitchell Cornell, 10, an Incline resident and member of the Diamond Peak Ski Team.
“I’m half excited because the mountain will be filled up (with snow),” Cornell said. “But I’ll have to shovel my deck.”
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Written by: Kevin MacMillan and Jen Schmidt - Bonanza Staff Writers
Many excited for holiday snowstorm; motorists urged to be safe.
Had enough snow yet? Didn’t think so. The next big Tahoe snowstorm is forecast for today and Christmas Day, and it could bring as much as two feet of white stuff to higher elevation levels in and around the Lake Tahoe Basin.
For many, that spells good news at maybe the perfect time of year.
“That would be the best Christmas present,” said Milena Regos, Incline Village General Improvement District Marketing Director. “We need more snow, and we need it for our customers. Hopefully it won’t scare people away, but we need it.”
According to the national weather service in Reno, the basin will be under a winter storm watch from this afternoon through Thursday afternoon.
A strong and wet Pacific storm is expected to move in today from the West Coast, bringing rain and snow to Northern California and Nevada through Thursday.
“This storm will bring strong winds to higher elevations, with the potential for significant snowfall,” according to the weather service.
When it comes to Tahoe, the words “significant snowfall” are a welcome phrase.
“We’re very excited. We’re from Marin County and we didn’t know about the storm, but that is pretty exciting,” said Mark Puckett, who is visiting from San Anselmo, Calif. “Skiing will be kind of tough with the little guys, they’re two and five. But I know the resorts definitely needed some snow and I heard the lake level’s kind of low, so that’s great. I only hope they get more after that.”
According to the forecast, light to moderate snow is expected this afternoon, with heavier snowfall expected overnight and into Thursday.
“Around one foot of snow is possible at lake level and in lower valleys, with around 2 feet of snow possible in the High Sierra west of Highway 395,” according to the watch.
“We’re excited (for the storm) because we came from El Salvador, so it’s always good to come and see the snow,” said Enrique Rais, of El Salvador. “We love it. But we’ll have to get ready and be prepared.”
Despite the potential for great skiing, the storm also brings to the area a dangerous holiday element. According to NWS, winds should be very strong as well, with gusts of 50 mph possible at lake level, with the potential for 120 mph gusts along the Sierra ridges.
Things should calm down Friday, as the forecast calls for a 20 percent chance of light snow. Motorists are encouraged to be safe, as travel should be impacted greatly by this storm. Visit tahoebonanza.com throughout Christmas Eve and Christmas Day for updated weather and road conditions.
Of course, there’s usually one big drawback to a big Tahoe storm. Just ask Mitchell Cornell, 10, an Incline resident and member of the Diamond Peak Ski Team.
“I’m half excited because the mountain will be filled up (with snow),” Cornell said. “But I’ll have to shovel my deck.”
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, December 22, 2008
Real Estate Outlook: Mortgage Applications Rise
Written by Kenneth R. Harney / Realty Times
If new mortgage applications are a reliable gauge of forthcoming home purchases, looks like we've got a bumper crop taking shape out there.
Last week the Mortgage Bankers Association's national survey registered a record 37 percent jump in applications for new conventional loans to buy houses, and a 39 percent increase for home purchases using FHA mortgages.
The reason for the sudden surge? A half point drop in 30 year fixed mortgage interest rates to 5.47 percent -- which was down from 6 percent the previous week -- and to just 5.13 percent for fifteen year loans.
The rate drop happened almost overnight, after the Federal Reserve announced plans to pump up the housing sector by buying $100 billion worth of bonds issued by Fannie Mae and Freddie Mac.
The Fed also said it plans to buy about half a trillion dollars of mortgage-backed securities issued by Fannie, Freddie and Ginnie Mae beginning this month. Ginnie backs the FHA side of the market, just as Fannie and Freddie do on the conventional side.
So why did the Fed's moves mean so much? Because mortgage rates have been higher than they should recently due to bond investors' uncertainty about the safety of Fannie and Freddie.
Both companies racked up multi-billion dollar losses last quarter, causing investors to demand extra-high premium returns before they'd buy Fannie or Freddie debt.
But now that's over. The government's backing of Fannie and Freddie is explicit and big. Investors are reassured. They'll take lower premiums, allowing consumers to get lower mortgage rates.
Although lenders report their phones were jammed with applications from people who want to refinance, the big surprise was the huge jump in applications from consumers who plan to buy houses.
With prices down in the majority of markets, more and more people are finding that the equation now works: Fixed rates in the mid-fives combined with pricing at 2003 and 2004 levels make a compelling case that this is an excellent time to buy - provided you've got a downpayment and reasonable credit.
The bright spot in housing finance came in a week that was otherwise pretty much an economic downer: More bad news on Wall Street; followed by the official designation that we're now in a recession.
One additional bright spot to report: Unsold inventory -- the backlog of houses that weighs down local markets -- dropped by a full point and is now down 4 and a half percent for the year.
That's a very positive sign and should only get better with lower mortgage rates.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
If new mortgage applications are a reliable gauge of forthcoming home purchases, looks like we've got a bumper crop taking shape out there.
Last week the Mortgage Bankers Association's national survey registered a record 37 percent jump in applications for new conventional loans to buy houses, and a 39 percent increase for home purchases using FHA mortgages.
The reason for the sudden surge? A half point drop in 30 year fixed mortgage interest rates to 5.47 percent -- which was down from 6 percent the previous week -- and to just 5.13 percent for fifteen year loans.
The rate drop happened almost overnight, after the Federal Reserve announced plans to pump up the housing sector by buying $100 billion worth of bonds issued by Fannie Mae and Freddie Mac.
The Fed also said it plans to buy about half a trillion dollars of mortgage-backed securities issued by Fannie, Freddie and Ginnie Mae beginning this month. Ginnie backs the FHA side of the market, just as Fannie and Freddie do on the conventional side.
So why did the Fed's moves mean so much? Because mortgage rates have been higher than they should recently due to bond investors' uncertainty about the safety of Fannie and Freddie.
Both companies racked up multi-billion dollar losses last quarter, causing investors to demand extra-high premium returns before they'd buy Fannie or Freddie debt.
But now that's over. The government's backing of Fannie and Freddie is explicit and big. Investors are reassured. They'll take lower premiums, allowing consumers to get lower mortgage rates.
Although lenders report their phones were jammed with applications from people who want to refinance, the big surprise was the huge jump in applications from consumers who plan to buy houses.
With prices down in the majority of markets, more and more people are finding that the equation now works: Fixed rates in the mid-fives combined with pricing at 2003 and 2004 levels make a compelling case that this is an excellent time to buy - provided you've got a downpayment and reasonable credit.
The bright spot in housing finance came in a week that was otherwise pretty much an economic downer: More bad news on Wall Street; followed by the official designation that we're now in a recession.
One additional bright spot to report: Unsold inventory -- the backlog of houses that weighs down local markets -- dropped by a full point and is now down 4 and a half percent for the year.
That's a very positive sign and should only get better with lower mortgage rates.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Friday, December 19, 2008
Loan adjustments arriving slower for Tahoe homeowners
Although some lenders nation-wide have been more willing to modify loans backed by government-owned Fannie Mae and Freddy Mac, some Lake Tahoe lenders have had difficulties getting loans modified.
In November, the Federal Housing Finance Agency announced an initiative to reduce the number of preventable foreclosures with a streamline loan modification program. The program targets high-risk borrowers who have missed three payments or more, own and live in the primary residence, and have not filed for bankruptcy, according to a November FHFA announcement.
The program aims to help troubled borrowers reach an affordable mortgage payment, defined as no more than 38 percent of the gross household monthly income.
This is a change from the past when banks rarely changed the terms of a home loan, said Bill Ferrall, Owner of the Tahoe Lending Group in Incline Village. If you were unable to make the monthly payments, you were foreclosed on.
Because of the high amount of second-home ownership, foreclosure problems are not as rampant in Tahoe as they are in Reno and Sacramento, said Ferrall. There are 29 bank-owned properties in Incline Village, he added.
Since banks only recoup about 70 cents on the dollar for a foreclosed property, it makes sense that they would rather have the borrower stay in their home and pay the mortgage then foreclose on the property, Ferrall said.
“It can be a good thing for a homeowner committed to staying in their home,” said Ferrall.
Loans in Lake Tahoe. Despite the streamlining initiative, Dave Giocomini, President of Truckee’s Sierra Mountain Mortgage Inc., said he has had difficulties getting loans modified.
Out of the 10 loans Sierra Mountain Mortgage Inc. has submitted to be readjusted, not one has been approved by a lender.
The Tahoe Lending Group has seen similar problems with the success rate of loan readjustments, according to Ferrall.
Of the 20 cases the group has dealt with, six have turned out successful while the rest are still waiting for the lender’s judgment.
This may be because meeting the standards to qualify for a loan modification are difficult, Giocomini said.
“The problem is unless you have been delinquent for more than 30 days they won’t talk to you,” he said.
Giocomini also added that some loan modifications have been denied because the debt-to-income ratio is too high.
According to Ferrall, banks are likely to approve a loan modification if they see the original loan is more than the house is worth. Personal hardships like a death in the family or divorce can also influence bank decisions, he said.
Many loan modifications end in default. Some lending officers said that loan modifications could be more trouble then they’re worth.
“They don’t work well. I guess with some folks the relief is a good thing, but it just postpones the inevitable,” said Bill Herr, Plumas Bank’s Chief Lending Officer.
However, Herr also said loan modification is a good option for homeowners committed to staying in their homes instead of defaulting, renting an apartment and waiting to build credit to try again.
According to a report released earlier this month by the Office of the Comptroller of the Currency — the federal agency that charters, regulates and supervises all national banks — more than half of the “rescued” mortgages nationwide have defaulted, or as many are calling it “re-defaulted.”
“After three months, nearly 36 percent of the borrowers had re-defaulted by being more than 30 days past due,” Comptroller John Dugan said in a statement. “After six months, the rate was nearly 53 percent, and after eight months, 58 percent.”
The Mortgage Bankers Association also filed a report earlier this month that shows a record 1-in-10 American homeowners with a mortgage were at least a month behind on their payments or in foreclosure at the end of September. The report reflects conditions prior to October’s stock market plunge.
Rumors of lower loans may lower demand. Some local lenders think that some homeowners may be waiting for interest rates for home mortgage to drop lower. On Wednesday Freddie Mac reported that the average rates on 30-year fixed-rate mortgages dropped to 5.19 percent, down from 5.47 percent last week, according to the Associated Press. Lowering interest rates like these may keep buyers on the sidelines in the real estate market, Ferrall said. If the current rate for a 30-year home mortgage is around 5.5 percent, who wouldn’t want to wait for 4.5 percent, Ferrall said.
“They are putting a roadblock to recovery in place,” Ferrall said.But as Herr sees it, lowering the rates, in theory, should stimulate the bottoming out of the market.
“The idea is to have more people qualifying for loans,” he said. “The lower you drive the interest rates, the more people can afford to buy a home.”
And when people see the bottom is coming, Herr said the “psychology of the market” will change.
“What’s holding people back is they don’t think prices are at the bottom,” he said. “When Good Morning America and the evening news says we have hit the bottom, then the public will start to believe it and will start buying homes.”
Article Published in the North Tahoe Bonanza 12/19/08
By Nick Cruit-Bonanza Staff Writer
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
In November, the Federal Housing Finance Agency announced an initiative to reduce the number of preventable foreclosures with a streamline loan modification program. The program targets high-risk borrowers who have missed three payments or more, own and live in the primary residence, and have not filed for bankruptcy, according to a November FHFA announcement.
The program aims to help troubled borrowers reach an affordable mortgage payment, defined as no more than 38 percent of the gross household monthly income.
This is a change from the past when banks rarely changed the terms of a home loan, said Bill Ferrall, Owner of the Tahoe Lending Group in Incline Village. If you were unable to make the monthly payments, you were foreclosed on.
Because of the high amount of second-home ownership, foreclosure problems are not as rampant in Tahoe as they are in Reno and Sacramento, said Ferrall. There are 29 bank-owned properties in Incline Village, he added.
Since banks only recoup about 70 cents on the dollar for a foreclosed property, it makes sense that they would rather have the borrower stay in their home and pay the mortgage then foreclose on the property, Ferrall said.
“It can be a good thing for a homeowner committed to staying in their home,” said Ferrall.
Loans in Lake Tahoe. Despite the streamlining initiative, Dave Giocomini, President of Truckee’s Sierra Mountain Mortgage Inc., said he has had difficulties getting loans modified.
Out of the 10 loans Sierra Mountain Mortgage Inc. has submitted to be readjusted, not one has been approved by a lender.
The Tahoe Lending Group has seen similar problems with the success rate of loan readjustments, according to Ferrall.
Of the 20 cases the group has dealt with, six have turned out successful while the rest are still waiting for the lender’s judgment.
This may be because meeting the standards to qualify for a loan modification are difficult, Giocomini said.
“The problem is unless you have been delinquent for more than 30 days they won’t talk to you,” he said.
Giocomini also added that some loan modifications have been denied because the debt-to-income ratio is too high.
According to Ferrall, banks are likely to approve a loan modification if they see the original loan is more than the house is worth. Personal hardships like a death in the family or divorce can also influence bank decisions, he said.
Many loan modifications end in default. Some lending officers said that loan modifications could be more trouble then they’re worth.
“They don’t work well. I guess with some folks the relief is a good thing, but it just postpones the inevitable,” said Bill Herr, Plumas Bank’s Chief Lending Officer.
However, Herr also said loan modification is a good option for homeowners committed to staying in their homes instead of defaulting, renting an apartment and waiting to build credit to try again.
According to a report released earlier this month by the Office of the Comptroller of the Currency — the federal agency that charters, regulates and supervises all national banks — more than half of the “rescued” mortgages nationwide have defaulted, or as many are calling it “re-defaulted.”
“After three months, nearly 36 percent of the borrowers had re-defaulted by being more than 30 days past due,” Comptroller John Dugan said in a statement. “After six months, the rate was nearly 53 percent, and after eight months, 58 percent.”
The Mortgage Bankers Association also filed a report earlier this month that shows a record 1-in-10 American homeowners with a mortgage were at least a month behind on their payments or in foreclosure at the end of September. The report reflects conditions prior to October’s stock market plunge.
Rumors of lower loans may lower demand. Some local lenders think that some homeowners may be waiting for interest rates for home mortgage to drop lower. On Wednesday Freddie Mac reported that the average rates on 30-year fixed-rate mortgages dropped to 5.19 percent, down from 5.47 percent last week, according to the Associated Press. Lowering interest rates like these may keep buyers on the sidelines in the real estate market, Ferrall said. If the current rate for a 30-year home mortgage is around 5.5 percent, who wouldn’t want to wait for 4.5 percent, Ferrall said.
“They are putting a roadblock to recovery in place,” Ferrall said.But as Herr sees it, lowering the rates, in theory, should stimulate the bottoming out of the market.
“The idea is to have more people qualifying for loans,” he said. “The lower you drive the interest rates, the more people can afford to buy a home.”
And when people see the bottom is coming, Herr said the “psychology of the market” will change.
“What’s holding people back is they don’t think prices are at the bottom,” he said. “When Good Morning America and the evening news says we have hit the bottom, then the public will start to believe it and will start buying homes.”
Article Published in the North Tahoe Bonanza 12/19/08
By Nick Cruit-Bonanza Staff Writer
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Wednesday, December 17, 2008
Good News On Foreclosure Prevention Scorecard
Written by: Phoebe Chongchua / Realty Times
Private mortgage insurance helped save families from foreclosures this year, claims Genworth Financial. The company recently released its Foreclosure Prevention Scorecard that touts that more than 11,000 homeowners were helped in the last 12 months.
The top 10 states where a form of a "workout" -- (repayment plan) or loan modification -- to avoid foreclosure occurred were Texas, Florida, Georgia, Ohio, Pennsylvania, Michigan, North Carolina, Illinois, New York, and Indiana.
"Foreclosure doesn't benefit anybody. As a mortgage insurer, we're trying to do our best to work with the borrower and keep that person in the home as well as work with the mortgage servicer and the investor so that all parties win," says Alan Goldberg, Vice President Homeowner Assistance Program at Genworth Financial Mortgage Insurance.
Some borrowers believe that private mortgage insurance doesn't benefit them, but the company's Scorecard shows differently.
Chris Antonello, Senior Vice President of Marketing, Genworth Financial Mortgage Insurance discussed the Scorecard with me. It revealed that workouts increased 56 percent over the same period last year. Nationally, homeowners were helped mostly by repayment plans and loan modifications. Repayment plans accounted for 50 percent of all workouts, and loan modifications 32 percent. Antonello says that, nationally, 89 percent of homes were rescued. "Basically nine out of 10 homeowners that we deal with are able to stay in their home. The balance are people who either have to go through a short sale or deed in lieu -- they do leave the home but it's only 11 percent," says Antonello.
"We're also trying to highlight that a significant amount of these borrowers have monthly payments of under $1,000 which is important because people who need the help are getting it," says Antonello. The scorecard shows that 53 percent of those helped have monthly payments under $1,000.
Goldberg says Homeowner Assistance Program works directly with the mortgage servicers and the borrowers when there is a problem. "If the mortgage servicer hasn't put the borrower on a workout by the fourth month of delinquency, we start contacting the borrowers -- and we have a whole campaign where we send them written material and a calling campaign to let them know that workout assistance is available and that we can help them avoid foreclosure."
Goldberg's team seeks to create a repayment plan that works for all or a loan modification.
"If borrowers cannot afford the house, then we help them to sell the house and still avoid foreclosure," says Goldberg. He adds, "If they're upside down, we would reduce the payoff on the loan, effectively paying the claim, so the difference between what the home sold for and what the payoff was, would be up to the amount of the loss assuming it didn't exceed the amount of the coverage that we had."
"It's very important that we reach out to people who are struggling to let them know that mortgage insurance does provide this benefit. As they're going through hard times, the more people we can save and keep in their homes the better and at the same time as they make new decisions they should consider mortgage insurance," says Antonello.
For those who are looking for either a new loan or to buy a home, Antonello says he hopes the same mistakes aren't repeated. "Part of what drove the problem was that it was en vogue to avoid private mortgage insurance. Instead a lot of people did piggyback loans -- the 80-10-10 or 80-20 -- so they were highly leveraged and now, when they're running into a situation, they don't have somebody like [Genworth and Homeowners Assistance] trying to help them," says Antonello.
Antonello says, "One of the things with private mortgage assistance is that it not only gets you into the home sooner but it keeps you in the home and it's less risky than other alternatives that are out there and we provide this service so that, if you do run into a problem, our Homeowner Assistance Program comes at no-added cost -- it's free protection -- it's already built into the premium that the borrower pays."
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Private mortgage insurance helped save families from foreclosures this year, claims Genworth Financial. The company recently released its Foreclosure Prevention Scorecard that touts that more than 11,000 homeowners were helped in the last 12 months.
The top 10 states where a form of a "workout" -- (repayment plan) or loan modification -- to avoid foreclosure occurred were Texas, Florida, Georgia, Ohio, Pennsylvania, Michigan, North Carolina, Illinois, New York, and Indiana.
"Foreclosure doesn't benefit anybody. As a mortgage insurer, we're trying to do our best to work with the borrower and keep that person in the home as well as work with the mortgage servicer and the investor so that all parties win," says Alan Goldberg, Vice President Homeowner Assistance Program at Genworth Financial Mortgage Insurance.
Some borrowers believe that private mortgage insurance doesn't benefit them, but the company's Scorecard shows differently.
Chris Antonello, Senior Vice President of Marketing, Genworth Financial Mortgage Insurance discussed the Scorecard with me. It revealed that workouts increased 56 percent over the same period last year. Nationally, homeowners were helped mostly by repayment plans and loan modifications. Repayment plans accounted for 50 percent of all workouts, and loan modifications 32 percent. Antonello says that, nationally, 89 percent of homes were rescued. "Basically nine out of 10 homeowners that we deal with are able to stay in their home. The balance are people who either have to go through a short sale or deed in lieu -- they do leave the home but it's only 11 percent," says Antonello.
"We're also trying to highlight that a significant amount of these borrowers have monthly payments of under $1,000 which is important because people who need the help are getting it," says Antonello. The scorecard shows that 53 percent of those helped have monthly payments under $1,000.
Goldberg says Homeowner Assistance Program works directly with the mortgage servicers and the borrowers when there is a problem. "If the mortgage servicer hasn't put the borrower on a workout by the fourth month of delinquency, we start contacting the borrowers -- and we have a whole campaign where we send them written material and a calling campaign to let them know that workout assistance is available and that we can help them avoid foreclosure."
Goldberg's team seeks to create a repayment plan that works for all or a loan modification.
"If borrowers cannot afford the house, then we help them to sell the house and still avoid foreclosure," says Goldberg. He adds, "If they're upside down, we would reduce the payoff on the loan, effectively paying the claim, so the difference between what the home sold for and what the payoff was, would be up to the amount of the loss assuming it didn't exceed the amount of the coverage that we had."
"It's very important that we reach out to people who are struggling to let them know that mortgage insurance does provide this benefit. As they're going through hard times, the more people we can save and keep in their homes the better and at the same time as they make new decisions they should consider mortgage insurance," says Antonello.
For those who are looking for either a new loan or to buy a home, Antonello says he hopes the same mistakes aren't repeated. "Part of what drove the problem was that it was en vogue to avoid private mortgage insurance. Instead a lot of people did piggyback loans -- the 80-10-10 or 80-20 -- so they were highly leveraged and now, when they're running into a situation, they don't have somebody like [Genworth and Homeowners Assistance] trying to help them," says Antonello.
Antonello says, "One of the things with private mortgage assistance is that it not only gets you into the home sooner but it keeps you in the home and it's less risky than other alternatives that are out there and we provide this service so that, if you do run into a problem, our Homeowner Assistance Program comes at no-added cost -- it's free protection -- it's already built into the premium that the borrower pays."
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, December 15, 2008
Investor Report: Rethinking Controversial Limits
Written by: Kenneth R. Harney / Realty Times
December 12, 2008
Here's some potentially good news for investors from the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac.
James Lockhart, who runs the agency, says there's been some "re-thinking" underway on the controversial limits on the numbers of rental properties investors can own if they're seeking new financing.
Both Fannie Mae and Freddie Mac have imposed a four-unit limit, reversing their previous investor maximum of ten units.
The rationale for the change, according to the agencies, was their belief that investors who own higher numbers of rental condos and houses pose a greater risk of default, foreclosure and loss for the companies.
The restriction effectively shut out many small investors from Fannie's and Freddie's standard programs -- and pushed them into much higher-cost financing from so-called "hard money" lenders.
In a letter to Charles McMillan, president of the National Association of Realtors, Lockhart said, "While no final decisions have been made, I can share with you the fact that the issue of raising the selling guide ceiling on investors loans is under active consideration at one of the (corporations), and reflects an appreciation of the role for investors in the housing recovery."
Realty Times obtained a copy of Lockhart's letter to McMillan, which was intended to respond to issues raised at the Realtors' annual convention in Orlando in November, where Lockhart spoke to two sessions. Lockhart did not disclose which company may soften its rule, but when one changes its standards, the other typically follows suit.
Lockhart addressed another issue of concern to investors and other buyers of condo units: The negative impacts of growing numbers of foreclosed units and bank-owned REO in condo projects.
Under current rules, Fannie and Freddie generally avoid loans in condominium developments where less than 51 percent of the units are owner-occupied. The problem is that both companies define REO and foreclosed units as non-owner-occupied, even though they are temporarily vacant and not owned by investors.
Lockhart said in his letter that "at least one" of the two corporations -- either Fannie or Freddie -- "is considering a clarification of the 51 percent (rule) that would exclude REO units from being counted as investor units … in the owner-occupancy ratio."
Lockhart offered no timetables for either of these key potential policy improvements, but investors may well see one or both changes within weeks.
At the very least, it's good news that the top executive regulating Fannie and Freddie recognizes the significant roles investors can play in helping the industry dig out of the current mortgage mess.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
December 12, 2008
Here's some potentially good news for investors from the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac.
James Lockhart, who runs the agency, says there's been some "re-thinking" underway on the controversial limits on the numbers of rental properties investors can own if they're seeking new financing.
Both Fannie Mae and Freddie Mac have imposed a four-unit limit, reversing their previous investor maximum of ten units.
The rationale for the change, according to the agencies, was their belief that investors who own higher numbers of rental condos and houses pose a greater risk of default, foreclosure and loss for the companies.
The restriction effectively shut out many small investors from Fannie's and Freddie's standard programs -- and pushed them into much higher-cost financing from so-called "hard money" lenders.
In a letter to Charles McMillan, president of the National Association of Realtors, Lockhart said, "While no final decisions have been made, I can share with you the fact that the issue of raising the selling guide ceiling on investors loans is under active consideration at one of the (corporations), and reflects an appreciation of the role for investors in the housing recovery."
Realty Times obtained a copy of Lockhart's letter to McMillan, which was intended to respond to issues raised at the Realtors' annual convention in Orlando in November, where Lockhart spoke to two sessions. Lockhart did not disclose which company may soften its rule, but when one changes its standards, the other typically follows suit.
Lockhart addressed another issue of concern to investors and other buyers of condo units: The negative impacts of growing numbers of foreclosed units and bank-owned REO in condo projects.
Under current rules, Fannie and Freddie generally avoid loans in condominium developments where less than 51 percent of the units are owner-occupied. The problem is that both companies define REO and foreclosed units as non-owner-occupied, even though they are temporarily vacant and not owned by investors.
Lockhart said in his letter that "at least one" of the two corporations -- either Fannie or Freddie -- "is considering a clarification of the 51 percent (rule) that would exclude REO units from being counted as investor units … in the owner-occupancy ratio."
Lockhart offered no timetables for either of these key potential policy improvements, but investors may well see one or both changes within weeks.
At the very least, it's good news that the top executive regulating Fannie and Freddie recognizes the significant roles investors can play in helping the industry dig out of the current mortgage mess.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Friday, December 12, 2008
30-Year Rates at it's Lowest in 4 Years
Just in case you haven't seen this press release!! We are seeing a lot of refis coming through driven by lower rates.
30-Year Rates at Lowest in 4 Years
Freddie Mac reports a decline in the 30-year fixed mortgage rate to 5.47 percent during the week ended Dec. 11 from 5.53 percent last week and 6.11 percent a year ago.
Some lenders are locking in even lower rates as they build on momentum started when the Federal Reserve announced plans last month to purchase a substantial number of mortgage-backed securities. HSH Associates and Inside Mortgage Finance are reporting interest on 30-year fixed loans at 5.33 percent and 5.09 percent, respectively.
Freddie Mac chief economist Frank Nothaft says mortgage rates also were driven downward by the recession and rising unemployment.
Source: The Washington Post, Dina ElBoghdady (12/12/08)
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
30-Year Rates at Lowest in 4 Years
Freddie Mac reports a decline in the 30-year fixed mortgage rate to 5.47 percent during the week ended Dec. 11 from 5.53 percent last week and 6.11 percent a year ago.
Some lenders are locking in even lower rates as they build on momentum started when the Federal Reserve announced plans last month to purchase a substantial number of mortgage-backed securities. HSH Associates and Inside Mortgage Finance are reporting interest on 30-year fixed loans at 5.33 percent and 5.09 percent, respectively.
Freddie Mac chief economist Frank Nothaft says mortgage rates also were driven downward by the recession and rising unemployment.
Source: The Washington Post, Dina ElBoghdady (12/12/08)
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Wednesday, December 10, 2008
Making the Holidays Merry and Bright
This article appeared in the North Lake Tahoe Bonanza on December 10, 2008
Written by: Jean Eick, Bonanza Community Editor
Holiday Events Aplenty in Incline/Crystal Bay:
As the holiday season approaches, many in Incline Village hope for something as basic as being able to find food, clothing or shelter for the holiday. The community has always had many traditional ways to share with others and this year is no exception.
“This is an extremely challenging year for the North Tahoe Hebrew Congregation’s Holiday Food and Clothing Project,” said Jeff Corpuel, project coordinator. “With the struggling economy, local families in need are hurting more than ever. Not only are individual families more distressed, but there are a greater number of families in need.What makes this year particularly precarious is that the needs of recipient families are greater yet community members who typically donate money to our event are more stressed financially and therefore have less to give. The end result is that our monetary donations are down from previous years while we face the task of providing food and winter clothing to more families than ever.”
The North Tahoe Hebrew Congregation is conducting its Holiday Food and Clothing Project between 9:30 a.m. and 12:30 p.m. Saturday, Dec. 20, at the North Tahoe Conference Center in Kings Beach. The goal of the project is to distribute food and winter clothing to local families in need and the project is funded by the NTHC, community members as well as local organizations and businesses.
Money is needed to help pay for the food that is purchased for this project. Please make checks payable to: “NTHC Holiday Food and Clothing Project” and mail to: Holiday Food and Clothing Project, North Tahoe Hebrew Congregation, P.O. Box 201, TahoeVista, CA 96148.
Volunteers also are needed to help at the North Tahoe Conference Center from noon to 2 p.m. Sunday, Dec. 14 and from 8 a.m. to 1 p.m. Saturday, Dec. 20.
Donations of warm winter clothing items (in good condition) such as coats, boots, hats and snowsuits are needed. Drop off winter clothing in the lobby of the North Tahoe Hebrew Congregation at 7000 Latone Avenue (off National Avenue) in Tahoe Vista. Call Corpuel with any questions at (775) 831-5513.
If you are in need of a food and clothing distribution or know of a family that is in need of a distribution, please call (530) 584-5855.
Coldwell Banker is in its 29th year of asking for unwrapped, new, good quality toys to be placed in the collection barrels for Toys for Tots around the Village by Dec. 18. This project will provide gifts to local children who otherwise might not receive one.
To donate food, Raley’s sponsors a Food for Families Holiday Bag Program that continues through Wednesday, Dec. 24. To participate, stop at Raley’s and purchase one of the bags available for $10.
The Lions Club sponsors See’s Candy Sale until December 24. From 10 a.m. to 5 p.m. at the Ace Hardware you can purchase boxes of chocolate and specialty items. Proceeds from the purchases are used for local eye exams and glasses, the Lion’s Eye Foundation, Hearing Foundation, Boys and Girls Club, Camp DatSo-La-Lee, Tahoe Women’s Services, Kids and Horses, high school scholarships and many other programs in the Incline community.
The Incline Village General Improvement District Senior Programs and the Social Service Team of the Parasol Tahoe Community Collaboration sponsor the Holiday Giving Program for seniors to reach seniors who are homebound, living alone or in any type of need. Referrals for recipients can be made by calling (775) 832-1310 and the deadline to apply is Dec. 10. To contribute to this program visit the Incline Village Recreation Center by Monday, Dec. 15 and select an angel from the tree. If you want to donate a check instead of selecting an angel, make a check payable to Parasol Tahoe Community Foundation - Seniors and mail to The Donald W. Reynolds Community Non-Profit Center, 948 Incline Way, Incline Village, NV 89451.
Adopt-a-Family program helps local low-income families not only during the holidays but throughout the year. This program is sponsored by The Children’s Cabinet and the Lake Tahoe School. To participate, stop at the Lake Tahoe School by Wednesday, Dec. 17 and select an ornament off the tree in the foyer, then purchase the item on the wish list and return the item, unwrapped to the Lake Tahoe School.
Stop at the Raley’s parking lot to purchase a Christmas Tree or wreath from the Incline-Tahoe Rotary Club.
“Sales this past weekend picked up,” said Alan Castator who is in charge of the project for the club. “Sales from this organization are used to support many different charities in the Incline community. “The Power Hour” at the Boys and Girls Club in Kings Beach is one of the programs we support,” Castator said. This program has more than 50 children enrolled in the after-school program.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Written by: Jean Eick, Bonanza Community Editor
Holiday Events Aplenty in Incline/Crystal Bay:
As the holiday season approaches, many in Incline Village hope for something as basic as being able to find food, clothing or shelter for the holiday. The community has always had many traditional ways to share with others and this year is no exception.
“This is an extremely challenging year for the North Tahoe Hebrew Congregation’s Holiday Food and Clothing Project,” said Jeff Corpuel, project coordinator. “With the struggling economy, local families in need are hurting more than ever. Not only are individual families more distressed, but there are a greater number of families in need.What makes this year particularly precarious is that the needs of recipient families are greater yet community members who typically donate money to our event are more stressed financially and therefore have less to give. The end result is that our monetary donations are down from previous years while we face the task of providing food and winter clothing to more families than ever.”
The North Tahoe Hebrew Congregation is conducting its Holiday Food and Clothing Project between 9:30 a.m. and 12:30 p.m. Saturday, Dec. 20, at the North Tahoe Conference Center in Kings Beach. The goal of the project is to distribute food and winter clothing to local families in need and the project is funded by the NTHC, community members as well as local organizations and businesses.
Money is needed to help pay for the food that is purchased for this project. Please make checks payable to: “NTHC Holiday Food and Clothing Project” and mail to: Holiday Food and Clothing Project, North Tahoe Hebrew Congregation, P.O. Box 201, TahoeVista, CA 96148.
Volunteers also are needed to help at the North Tahoe Conference Center from noon to 2 p.m. Sunday, Dec. 14 and from 8 a.m. to 1 p.m. Saturday, Dec. 20.
Donations of warm winter clothing items (in good condition) such as coats, boots, hats and snowsuits are needed. Drop off winter clothing in the lobby of the North Tahoe Hebrew Congregation at 7000 Latone Avenue (off National Avenue) in Tahoe Vista. Call Corpuel with any questions at (775) 831-5513.
If you are in need of a food and clothing distribution or know of a family that is in need of a distribution, please call (530) 584-5855.
Coldwell Banker is in its 29th year of asking for unwrapped, new, good quality toys to be placed in the collection barrels for Toys for Tots around the Village by Dec. 18. This project will provide gifts to local children who otherwise might not receive one.
To donate food, Raley’s sponsors a Food for Families Holiday Bag Program that continues through Wednesday, Dec. 24. To participate, stop at Raley’s and purchase one of the bags available for $10.
The Lions Club sponsors See’s Candy Sale until December 24. From 10 a.m. to 5 p.m. at the Ace Hardware you can purchase boxes of chocolate and specialty items. Proceeds from the purchases are used for local eye exams and glasses, the Lion’s Eye Foundation, Hearing Foundation, Boys and Girls Club, Camp DatSo-La-Lee, Tahoe Women’s Services, Kids and Horses, high school scholarships and many other programs in the Incline community.
The Incline Village General Improvement District Senior Programs and the Social Service Team of the Parasol Tahoe Community Collaboration sponsor the Holiday Giving Program for seniors to reach seniors who are homebound, living alone or in any type of need. Referrals for recipients can be made by calling (775) 832-1310 and the deadline to apply is Dec. 10. To contribute to this program visit the Incline Village Recreation Center by Monday, Dec. 15 and select an angel from the tree. If you want to donate a check instead of selecting an angel, make a check payable to Parasol Tahoe Community Foundation - Seniors and mail to The Donald W. Reynolds Community Non-Profit Center, 948 Incline Way, Incline Village, NV 89451.
Adopt-a-Family program helps local low-income families not only during the holidays but throughout the year. This program is sponsored by The Children’s Cabinet and the Lake Tahoe School. To participate, stop at the Lake Tahoe School by Wednesday, Dec. 17 and select an ornament off the tree in the foyer, then purchase the item on the wish list and return the item, unwrapped to the Lake Tahoe School.
Stop at the Raley’s parking lot to purchase a Christmas Tree or wreath from the Incline-Tahoe Rotary Club.
“Sales this past weekend picked up,” said Alan Castator who is in charge of the project for the club. “Sales from this organization are used to support many different charities in the Incline community. “The Power Hour” at the Boys and Girls Club in Kings Beach is one of the programs we support,” Castator said. This program has more than 50 children enrolled in the after-school program.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, December 8, 2008
Should I Take My Home Off the Market During the Holidays?
Written by: Blanche Evans / Realty Times
When you look at your calendar you may find the months already overloaded with seasonal obligations -- shopping, entertaining, children's pageants, charity work, decorating the house, and so much more. If you are also trying to sell your home, you are under extra pressure to keep your home in "showtime" condition. And that could be the last thing you need before the holiday spirit is broken.
It is understandable why you would be tempted to take your home off the market during the holidays. And the list of justifications is long. If you are too busy, buyers may be also, and you may find your efforts unrewarded with not enough showings. And what if you do get an offer? You may be faced with the possibility of packing and moving during the busiest time of the year. Besides, you can give your house a rest, and it will have better momentum after the holidays. Better to just pack it in and start fresh in January, right?
But wait! Most top Realtors agree that taking your home off the market during the Christmas season is a mistake. The house surely isn't going to sell off the market! What is the advantage of that? So you're busy. Let your Realtor do the work. You can leave in the morning, go to work, go shopping, and let your Realtor take care of things.
The holidays are a wonderful selling period. Why? Because most people take off work sometime during the season. The husband and wife are both off and want to see houses. Most agents like the holidays because the buyers have more time, and they can look at homes together.
Before you take your home off the market, consider the following points:
Although buyer activity may appear to slow down, the buyers who are actively looking during the holidays are that much more serious. Agents believe the home market is no more affected at Christmas than during other "busy" periods. If that were so, the market would shut down throughout the year as families concentrate on spring weddings, June graduations, summer vacations, and autumn back-to-school activities.
Many buyers deliberately choose to shop for a home after the busy spring and summer rush. They know that it will be easier to look, and that negotiations will be less stressful. They may not have children, or they may have grown children, so moving to accommodate the school year isn't a consideration. Finding the right home at the right price, however, is.
Relocating families often don't have a choice when they can leave for their new destination. Although 68% of transferring families have children, many families have to transfer during the middle of the school year. These families are that much more motivated to get their families settled in before either the January semester begins, or to arrange for the move during spring break in March. If you sign a contract by New Year's Eve, the timing couldn't be more perfect.
At Christmas time, our culture focuses on family and the home. Preparing for the indoor activities of winter is one of the most enjoyable periods of family life. Allowing buyers to view your home during this most hospitable of seasons lets them better picture their own family life in the attractive environment you have created.
When is your home ever more beautiful and inviting? You have cleaned and decorated, and your home looks like a picture postcard. If the results are good enough for family and friends, they will surely be good enough to impress your buyers. Get the family team on board to do a five-minute blitz pick-up every morning to keep holiday messes to a minimum.
With reduced inventories and motivated buyers, you will have all the members of the MLS on your team. You may find you have more showings than you would if you marketed your home during a busier time of the year.
If you do get a contract, you can arrange the terms to suit your needs. If moving during the holidays isn't an option, you can put in the closing date of your choice. Most people can close 30 to 60 days after a contract is written, so there is plenty of time. Possession and closings are very negotiable.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
When you look at your calendar you may find the months already overloaded with seasonal obligations -- shopping, entertaining, children's pageants, charity work, decorating the house, and so much more. If you are also trying to sell your home, you are under extra pressure to keep your home in "showtime" condition. And that could be the last thing you need before the holiday spirit is broken.
It is understandable why you would be tempted to take your home off the market during the holidays. And the list of justifications is long. If you are too busy, buyers may be also, and you may find your efforts unrewarded with not enough showings. And what if you do get an offer? You may be faced with the possibility of packing and moving during the busiest time of the year. Besides, you can give your house a rest, and it will have better momentum after the holidays. Better to just pack it in and start fresh in January, right?
But wait! Most top Realtors agree that taking your home off the market during the Christmas season is a mistake. The house surely isn't going to sell off the market! What is the advantage of that? So you're busy. Let your Realtor do the work. You can leave in the morning, go to work, go shopping, and let your Realtor take care of things.
The holidays are a wonderful selling period. Why? Because most people take off work sometime during the season. The husband and wife are both off and want to see houses. Most agents like the holidays because the buyers have more time, and they can look at homes together.
Before you take your home off the market, consider the following points:
Although buyer activity may appear to slow down, the buyers who are actively looking during the holidays are that much more serious. Agents believe the home market is no more affected at Christmas than during other "busy" periods. If that were so, the market would shut down throughout the year as families concentrate on spring weddings, June graduations, summer vacations, and autumn back-to-school activities.
Many buyers deliberately choose to shop for a home after the busy spring and summer rush. They know that it will be easier to look, and that negotiations will be less stressful. They may not have children, or they may have grown children, so moving to accommodate the school year isn't a consideration. Finding the right home at the right price, however, is.
Relocating families often don't have a choice when they can leave for their new destination. Although 68% of transferring families have children, many families have to transfer during the middle of the school year. These families are that much more motivated to get their families settled in before either the January semester begins, or to arrange for the move during spring break in March. If you sign a contract by New Year's Eve, the timing couldn't be more perfect.
At Christmas time, our culture focuses on family and the home. Preparing for the indoor activities of winter is one of the most enjoyable periods of family life. Allowing buyers to view your home during this most hospitable of seasons lets them better picture their own family life in the attractive environment you have created.
When is your home ever more beautiful and inviting? You have cleaned and decorated, and your home looks like a picture postcard. If the results are good enough for family and friends, they will surely be good enough to impress your buyers. Get the family team on board to do a five-minute blitz pick-up every morning to keep holiday messes to a minimum.
With reduced inventories and motivated buyers, you will have all the members of the MLS on your team. You may find you have more showings than you would if you marketed your home during a busier time of the year.
If you do get a contract, you can arrange the terms to suit your needs. If moving during the holidays isn't an option, you can put in the closing date of your choice. Most people can close 30 to 60 days after a contract is written, so there is plenty of time. Possession and closings are very negotiable.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Friday, December 5, 2008
Top Ways To Boost Curb Appeal
Whether selling or staying, first impression makes world of difference
By Paul Bianchina, Inman News
You've no doubt heard the term "curb appeal," which is the first impression that your home makes when a visitor arrives. Whether you have your home up for sale or just want things to look a little nicer when you or someone else pulls up out in front, the best place to start is by giving the front of your home a critical examination.
Driveway: A driveway, by necessity, tends to be a fairly dominant feature, and it is often one of the first things that a person sees when they arrive at your home. If you have a concrete driveway that is oil-stained, check with your local home center for cleaners that can spruce it up. While you're there, get a crack repair compound and take care of smaller cracks before they become larger. For asphalt driveways, a seal-coat can often make a big difference in appearance and help prolong the asphalt as well.
For concrete or asphalt that is badly damaged, it's time to be thinking about replacement. You can replace the driveway with the same material as before, or consider an updated look by using paving stones instead -- they hold up well in all types of weather, and can even be a very satisfying do-it-yourself project.
Walkways: When someone arrives, is there a clear and safe path to your front door? You may not mind walking across your front lawn, but guests and prospective buyers would definitely prefer a walkway. There are lots of options for creating a new front walkway or replacing an existing one, so check out your home center or some landscaping magazines for ideas.
Landscaping: Speaking of landscaping, do you actually have any? Is it well maintained? Few things look worse out front than an overgrown or neglected yard, and you can often remedy things with a little hard work and some minimal expense. Cut back or remove trees and bushes that have gotten out of control. Feed the lawn to get it to green up again, or consider removing all or part of it and replacing it with low-maintenance materials.
If you have planter beds, be sure they're weeded and have fresh bark in them. Plan your landscaping to create a visual appeal by not having all the same type of plant. Intersperse some plants that provide spots of color at different times of the year, and mix plants for different heights as well.
Shade Trees: Consider adding a couple of new shade trees in front. Trees are good for the environment in general; they help a home look more established and appealing; and they can help lower your summer cooling costs as well. Trees look best planted in odd numbers -- a grouping of three or five, for example -- and the folks at your local nursery can help you with proper spacing.
Exterior Paint: There is probably nothing that will help or hurt the outside of your home as much as how your paint job looks. A fresh coat of paint in up-to-date colors works wonders, while old, peeling paint in a color scheme that went out of style when Eisenhower was president can really ruin a first impression.
If the paint is in generally good condition and just has a few bad spots, spend a couple of hours with a paint scraper and a can of exterior primer to get things ready for touch up, then have your local paint store match you up a gallon of paint and touch up the primed areas so they blend in. You might also want to consider repainting the eaves or window trim in a fresh new color to liven things up a little.
A New Entrance: Your front door is one spot that every visitor has to pass though, and it can make a lasting impression. A fresh coat of paint or stain can sometimes do the trick, but if your door is badly beat up you should consider replacing it. Check with a local company that specializes in doors (not a home center) and see about having a new door matched to your existing frame. The door company will cut the door, mortise the hinges, and drill for the locks using your old door as a pattern, so you can slip the new door right into place without expensive frame alterations or extensive carpentry.
Whether you're getting a new door or working with your old one, make sure that there are no squeaks or groans when it opens, and that it fits well in the frame without binding. Check the operation of the door handle and deadbolt; check the condition of the weatherstripping; and don't forget the operation of any screen and storm doors.
Cleaning: Last but far from least, clean things up a little. Pick up any trash that's accumulated, including dead leaves, cigarette butts and other small debris. Wash the siding to remove dirt, dust and cobwebs, and wash the windows. Hose off the walkways periodically, and make sure that all exterior lighting is operational. Finally, clean off the front porch -- including porch furniture and knick-knacks -- so that that area is clean and inviting as well.
Seasons Greetings!
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
By Paul Bianchina, Inman News
You've no doubt heard the term "curb appeal," which is the first impression that your home makes when a visitor arrives. Whether you have your home up for sale or just want things to look a little nicer when you or someone else pulls up out in front, the best place to start is by giving the front of your home a critical examination.
Driveway: A driveway, by necessity, tends to be a fairly dominant feature, and it is often one of the first things that a person sees when they arrive at your home. If you have a concrete driveway that is oil-stained, check with your local home center for cleaners that can spruce it up. While you're there, get a crack repair compound and take care of smaller cracks before they become larger. For asphalt driveways, a seal-coat can often make a big difference in appearance and help prolong the asphalt as well.
For concrete or asphalt that is badly damaged, it's time to be thinking about replacement. You can replace the driveway with the same material as before, or consider an updated look by using paving stones instead -- they hold up well in all types of weather, and can even be a very satisfying do-it-yourself project.
Walkways: When someone arrives, is there a clear and safe path to your front door? You may not mind walking across your front lawn, but guests and prospective buyers would definitely prefer a walkway. There are lots of options for creating a new front walkway or replacing an existing one, so check out your home center or some landscaping magazines for ideas.
Landscaping: Speaking of landscaping, do you actually have any? Is it well maintained? Few things look worse out front than an overgrown or neglected yard, and you can often remedy things with a little hard work and some minimal expense. Cut back or remove trees and bushes that have gotten out of control. Feed the lawn to get it to green up again, or consider removing all or part of it and replacing it with low-maintenance materials.
If you have planter beds, be sure they're weeded and have fresh bark in them. Plan your landscaping to create a visual appeal by not having all the same type of plant. Intersperse some plants that provide spots of color at different times of the year, and mix plants for different heights as well.
Shade Trees: Consider adding a couple of new shade trees in front. Trees are good for the environment in general; they help a home look more established and appealing; and they can help lower your summer cooling costs as well. Trees look best planted in odd numbers -- a grouping of three or five, for example -- and the folks at your local nursery can help you with proper spacing.
Exterior Paint: There is probably nothing that will help or hurt the outside of your home as much as how your paint job looks. A fresh coat of paint in up-to-date colors works wonders, while old, peeling paint in a color scheme that went out of style when Eisenhower was president can really ruin a first impression.
If the paint is in generally good condition and just has a few bad spots, spend a couple of hours with a paint scraper and a can of exterior primer to get things ready for touch up, then have your local paint store match you up a gallon of paint and touch up the primed areas so they blend in. You might also want to consider repainting the eaves or window trim in a fresh new color to liven things up a little.
A New Entrance: Your front door is one spot that every visitor has to pass though, and it can make a lasting impression. A fresh coat of paint or stain can sometimes do the trick, but if your door is badly beat up you should consider replacing it. Check with a local company that specializes in doors (not a home center) and see about having a new door matched to your existing frame. The door company will cut the door, mortise the hinges, and drill for the locks using your old door as a pattern, so you can slip the new door right into place without expensive frame alterations or extensive carpentry.
Whether you're getting a new door or working with your old one, make sure that there are no squeaks or groans when it opens, and that it fits well in the frame without binding. Check the operation of the door handle and deadbolt; check the condition of the weatherstripping; and don't forget the operation of any screen and storm doors.
Cleaning: Last but far from least, clean things up a little. Pick up any trash that's accumulated, including dead leaves, cigarette butts and other small debris. Wash the siding to remove dirt, dust and cobwebs, and wash the windows. Hose off the walkways periodically, and make sure that all exterior lighting is operational. Finally, clean off the front porch -- including porch furniture and knick-knacks -- so that that area is clean and inviting as well.
Seasons Greetings!
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Wednesday, December 3, 2008
Real Estate Outlook: Sales Picking Up Tempo
Written by: Kenneth R. Harney / Realty Times
Here's a key question about the current market: Do you look at home prices to figure out where we are in the real estate recovery cycle, or do you focus on sales?
In an economy where an estimated 35 to 40 percent of all home transactions are foreclosures or short sales - distress situations in other words -- prices won't really guide you much beyond the conclusion that: We're still "correcting” the excesses of the boom years, still peeling back those wild and unsustainable hyperinflationary price run ups.
So it's no surprise that median prices are down, year to year, in a majority of large markets across the country.
Sales statistics, on the other hand, tell you how fast buyers are responding to those lower prices -- and greatly improved affordability.
Right now, in market after market, sales are picking up tempo -- especially in places where prices once spiraled out of control.
Third quarter sales of existing homes in the U.S. were up by 2.6 percent over second quarter 2008 levels, according to the National Association of Realtors' latest study.
That's not spectacular -- but let's face it: It's forward movement … and we're in a recession.
In the Western states, sales were up by 13.1 percent in the third quarter! In Florida, sales jumped by 5 percent from year earlier levels, while median selling prices were down by 20 percent.
In a majority of Florida's metropolitan markets, sales were up, year over year. For example, Orlando sales were 10 percent higher this October than the year before. Sales were up strongly as well in hard-hit Ft. Myers and much of the west coast of the state, and Fort Lauderdale, north of Miami.
Similar recent upturns in sales are occurring in many of the California markets where prices have plummeted during the past two years.
No question that a high proportion of these sales are distress situations.
But that's what the bottom of a real estate cycle looks like: Value-savvy buyers see the opportunities, move in and mop up the mess left over after the big party.
Happily, in this cycle, they're getting real help from the capital markets: Mortgage money is at historically-attractive low levels, and is readily available to anyone with a downpayment and reasonable credit.
Rates fell again last week to an average 6.16 percent for 30-year fixed loans, according to the Mortgage Bankers Association, and to 5.87 percent on average for 15 year loans.
If you can spot the opportunities -- and have the resources -- it's not a bad time to be a buyer.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Here's a key question about the current market: Do you look at home prices to figure out where we are in the real estate recovery cycle, or do you focus on sales?
In an economy where an estimated 35 to 40 percent of all home transactions are foreclosures or short sales - distress situations in other words -- prices won't really guide you much beyond the conclusion that: We're still "correcting” the excesses of the boom years, still peeling back those wild and unsustainable hyperinflationary price run ups.
So it's no surprise that median prices are down, year to year, in a majority of large markets across the country.
Sales statistics, on the other hand, tell you how fast buyers are responding to those lower prices -- and greatly improved affordability.
Right now, in market after market, sales are picking up tempo -- especially in places where prices once spiraled out of control.
Third quarter sales of existing homes in the U.S. were up by 2.6 percent over second quarter 2008 levels, according to the National Association of Realtors' latest study.
That's not spectacular -- but let's face it: It's forward movement … and we're in a recession.
In the Western states, sales were up by 13.1 percent in the third quarter! In Florida, sales jumped by 5 percent from year earlier levels, while median selling prices were down by 20 percent.
In a majority of Florida's metropolitan markets, sales were up, year over year. For example, Orlando sales were 10 percent higher this October than the year before. Sales were up strongly as well in hard-hit Ft. Myers and much of the west coast of the state, and Fort Lauderdale, north of Miami.
Similar recent upturns in sales are occurring in many of the California markets where prices have plummeted during the past two years.
No question that a high proportion of these sales are distress situations.
But that's what the bottom of a real estate cycle looks like: Value-savvy buyers see the opportunities, move in and mop up the mess left over after the big party.
Happily, in this cycle, they're getting real help from the capital markets: Mortgage money is at historically-attractive low levels, and is readily available to anyone with a downpayment and reasonable credit.
Rates fell again last week to an average 6.16 percent for 30-year fixed loans, according to the Mortgage Bankers Association, and to 5.87 percent on average for 15 year loans.
If you can spot the opportunities -- and have the resources -- it's not a bad time to be a buyer.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, December 1, 2008
November Round Up: Rates Falling
Written by: Realty Times Staff
In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage averaged 5.97 percent with an average 0.7 point for the week ending November 26, 2008, down from the previous week when it averaged 6.04 percent. Last year at this time, the 30-year FRM averaged 6.10 percent. The 30-year FRM has not been this low since October 9, 2008, when it was 5.94 percent.
The 15-year FRM this week averaged 5.74 percent with an average 0.7 point, up slightly from the previous week when it averaged 5.73 percent. A year ago at this time, the 15-year FRM averaged 5.73 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.86 percent, with an average 0.6 point, down slightly from the previous week when it averaged 5.87 percent. A year ago, the 5-year ARM averaged 5.86 percent.
One-year Treasury-indexed ARMs averaged 5.18 percent with an average 0.5 point, down from the previous week when it averaged 5.29 percent. At this time last year, the 1-year ARM averaged 5.43 percent.
"Interest rates for 30-year fixed-rate mortgages fell for the fourth consecutive week as signs the overall economy is flagging lowered most interest rates market-wide," said Frank Nothaft, Freddie Mac vice president and chief economist. "And economic growth in the third quarter was revised downward this week, led by the first decline in consumer spending since the fourth quarter of 1991 and the largest drop since the second quarter of 1980.
"However, declining house prices and low mortgage rates have raised housing affordability in September to the highest level since February of this year, according to the National Association of Realtors®."
Buyers With Great Credit Scores in Driver's Seat:
Potential home buyers with great credit scores, enough cash for a 20 percent down payment, and some determination can get a very good deal right now.
"There are a lot of hungry mortgage originators, so great credit-quality borrowers are in the driver's seat," says Keith T. Gumbinger, vice-president of HSH, a mortgage market analyst.
Borrowers need a credit score of at least 750 to get the best deals. Keeping credit-card balances below 35 percent of their credit line is very important, but 20 percent is the maximum allowed for a top score.
Buyers in a strong-enough position can ask sellers to agree to a contingency clause that gives them an out if they can't get the best interest rate on a mortgage.
Tax Credits Give Solar Power a Boost:
A series of tax credits for wind, solar, geothermal, tidal energy and others was among the tenets of the October congressional financial rescue legislation.
The law increased the investment credit for solar from $2,000 to $7,500 for a buyer who spends $25,000 to install solar panels on his roof.
In states like California, Connecticut, and New Jersey, where the cost of power is considerable, the pretax compound rate of return on a typical home solar system will be greater than 15 percent per year, says Andy Black, CEO of OnGrid Solar, an industry research firm.
Home builders, including some of the biggest, such as Centex, Lennar, Pulte Homes, and Woodside Homes, are seeing advantages to including solar. All are developing successful communities where all of the homes have solar panels capable of making most if not all power.
More First-Time Buyers Entering the Market:
The 2008 National Association of REALTORS® Profile of Home Buyers and Sellers reveals that the number of first-time buyers have risen as a percentage of the market share and they plan to own their homes longer than buyers in the past.
Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it's a trend he expects to grow.
"First-time buyers are much more flexible in entering the market because they aren't concerned about selling an existing home," he said. "Given low home prices, plentiful supply, and affordable interest rates, it's been an optimal time for entry-level buyers with a long-term view.
"Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves – that, in turn, should free more existing owners to make a trade in 2009."
The number of first-time buyers rose to 41 percent from 39 percent of transactions in last year's survey and 36 percent in 2006. "Although modest, this is a meaningful gain for the 12-month period ending at the close of June, and more recent independent data show a stronger uptrend in first-time buyers who are helping to reduce excess inventory," Yun said.
According to the NAR study, the median age of first-time buyers was 30, down from 31 in 2007, and the median income was $60,600. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years, up from seven years in 2007.
The median down payment by first-time buyers was 4 percent, up from 2 percent in 2007; the number purchasing with no money down fell from 45 percent in 2007 to 34 percent in the current survey.
"The study covers transactions through the middle of 2008, so we can assume the down payment numbers have shifted recently because credit tightened and no-down payment loans all but disappeared around the close of the survey," Yun explained.
Of first-time buyers who made a down payment, 69 percent used savings and 26 percent received a gift from a friend or relative, typically from their parents. Another 7 percent received a loan from a relative or friend, while 16 percent tapped into a 401(k) fund, stocks or bonds. Ninety-two percent chose a fixed-rate mortgage.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage averaged 5.97 percent with an average 0.7 point for the week ending November 26, 2008, down from the previous week when it averaged 6.04 percent. Last year at this time, the 30-year FRM averaged 6.10 percent. The 30-year FRM has not been this low since October 9, 2008, when it was 5.94 percent.
The 15-year FRM this week averaged 5.74 percent with an average 0.7 point, up slightly from the previous week when it averaged 5.73 percent. A year ago at this time, the 15-year FRM averaged 5.73 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.86 percent, with an average 0.6 point, down slightly from the previous week when it averaged 5.87 percent. A year ago, the 5-year ARM averaged 5.86 percent.
One-year Treasury-indexed ARMs averaged 5.18 percent with an average 0.5 point, down from the previous week when it averaged 5.29 percent. At this time last year, the 1-year ARM averaged 5.43 percent.
"Interest rates for 30-year fixed-rate mortgages fell for the fourth consecutive week as signs the overall economy is flagging lowered most interest rates market-wide," said Frank Nothaft, Freddie Mac vice president and chief economist. "And economic growth in the third quarter was revised downward this week, led by the first decline in consumer spending since the fourth quarter of 1991 and the largest drop since the second quarter of 1980.
"However, declining house prices and low mortgage rates have raised housing affordability in September to the highest level since February of this year, according to the National Association of Realtors®."
Buyers With Great Credit Scores in Driver's Seat:
Potential home buyers with great credit scores, enough cash for a 20 percent down payment, and some determination can get a very good deal right now.
"There are a lot of hungry mortgage originators, so great credit-quality borrowers are in the driver's seat," says Keith T. Gumbinger, vice-president of HSH, a mortgage market analyst.
Borrowers need a credit score of at least 750 to get the best deals. Keeping credit-card balances below 35 percent of their credit line is very important, but 20 percent is the maximum allowed for a top score.
Buyers in a strong-enough position can ask sellers to agree to a contingency clause that gives them an out if they can't get the best interest rate on a mortgage.
Tax Credits Give Solar Power a Boost:
A series of tax credits for wind, solar, geothermal, tidal energy and others was among the tenets of the October congressional financial rescue legislation.
The law increased the investment credit for solar from $2,000 to $7,500 for a buyer who spends $25,000 to install solar panels on his roof.
In states like California, Connecticut, and New Jersey, where the cost of power is considerable, the pretax compound rate of return on a typical home solar system will be greater than 15 percent per year, says Andy Black, CEO of OnGrid Solar, an industry research firm.
Home builders, including some of the biggest, such as Centex, Lennar, Pulte Homes, and Woodside Homes, are seeing advantages to including solar. All are developing successful communities where all of the homes have solar panels capable of making most if not all power.
More First-Time Buyers Entering the Market:
The 2008 National Association of REALTORS® Profile of Home Buyers and Sellers reveals that the number of first-time buyers have risen as a percentage of the market share and they plan to own their homes longer than buyers in the past.
Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it's a trend he expects to grow.
"First-time buyers are much more flexible in entering the market because they aren't concerned about selling an existing home," he said. "Given low home prices, plentiful supply, and affordable interest rates, it's been an optimal time for entry-level buyers with a long-term view.
"Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves – that, in turn, should free more existing owners to make a trade in 2009."
The number of first-time buyers rose to 41 percent from 39 percent of transactions in last year's survey and 36 percent in 2006. "Although modest, this is a meaningful gain for the 12-month period ending at the close of June, and more recent independent data show a stronger uptrend in first-time buyers who are helping to reduce excess inventory," Yun said.
According to the NAR study, the median age of first-time buyers was 30, down from 31 in 2007, and the median income was $60,600. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years, up from seven years in 2007.
The median down payment by first-time buyers was 4 percent, up from 2 percent in 2007; the number purchasing with no money down fell from 45 percent in 2007 to 34 percent in the current survey.
"The study covers transactions through the middle of 2008, so we can assume the down payment numbers have shifted recently because credit tightened and no-down payment loans all but disappeared around the close of the survey," Yun explained.
Of first-time buyers who made a down payment, 69 percent used savings and 26 percent received a gift from a friend or relative, typically from their parents. Another 7 percent received a loan from a relative or friend, while 16 percent tapped into a 401(k) fund, stocks or bonds. Ninety-two percent chose a fixed-rate mortgage.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Friday, November 28, 2008
Sierra Nevada College Hosts “Green” Community Tree Lighting
This information appeared in the North Lake Tahoe Bonanza on Friday, November 28, 2008
Sierra Nevada College is joining the community in celebrating the holidays, Incline-style. Along with other community holiday events taking place the first week in December, add to the list one more: SNC’s Inaugural Tree Lighting on Friday, Dec. 5. The family-friendly festivities begin at 4 p.m. in the Patterson Hall area and will feature Incline Village’s very own Santa (parents, bring your cameras for picture-taking — Santa will be visiting for about an hour at 4:30 p.m.), a special “Santa’s Mailbox” for letters, handcrafted ornaments made by SNC’s international students, cookie decorating, a gingerbread house contest among the SNC students, caroling, various craft activities, refreshments and, at 5:30 p.m., lighting of the tree. Santa will be leading the procession over to the tree on a custom mountain bike-moped, courtesy of Dr. Paul Guttman, as part of the “Santa Goes Green” campaign, a Parasol Community Collaboration between the Santa Claus Foundation, Space Science for Schools, and the UNR Cooperative Extension. The tree’s lights are also green (LED), and, thanks to friend of the college Ben Solomon, are powered by a car battery and supplemented by solar panels. This event is free and open to the public. Afterward, families are encouraged to stay for dinner at SNC in Patterson Hall; the all-you-can-eat affair is $8 for adults and $6 for children under age 10 — the best deal in town! For information, please contact Director of Special Events Debi Noonan at (775) 881-7420 or dnoonan@sierranevada.edu.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Sierra Nevada College is joining the community in celebrating the holidays, Incline-style. Along with other community holiday events taking place the first week in December, add to the list one more: SNC’s Inaugural Tree Lighting on Friday, Dec. 5. The family-friendly festivities begin at 4 p.m. in the Patterson Hall area and will feature Incline Village’s very own Santa (parents, bring your cameras for picture-taking — Santa will be visiting for about an hour at 4:30 p.m.), a special “Santa’s Mailbox” for letters, handcrafted ornaments made by SNC’s international students, cookie decorating, a gingerbread house contest among the SNC students, caroling, various craft activities, refreshments and, at 5:30 p.m., lighting of the tree. Santa will be leading the procession over to the tree on a custom mountain bike-moped, courtesy of Dr. Paul Guttman, as part of the “Santa Goes Green” campaign, a Parasol Community Collaboration between the Santa Claus Foundation, Space Science for Schools, and the UNR Cooperative Extension. The tree’s lights are also green (LED), and, thanks to friend of the college Ben Solomon, are powered by a car battery and supplemented by solar panels. This event is free and open to the public. Afterward, families are encouraged to stay for dinner at SNC in Patterson Hall; the all-you-can-eat affair is $8 for adults and $6 for children under age 10 — the best deal in town! For information, please contact Director of Special Events Debi Noonan at (775) 881-7420 or dnoonan@sierranevada.edu.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Wednesday, November 26, 2008
FHA Still Going Strong
Written by: Kenneth R. Harney / Realty Times
The country's top housing official has an urgent message for potential home buyers: You may have heard that the credit markets were "frozen," but FHA has been open for business throughout the credit squeeze, and so are Fannie Mae and Freddie Mac. In fact, FHA's volume has tripled and the agency is now insuring well over a hundred thousand new loans a month.
In an exclusive one-on-one interview with Realty Times, Housing and Urban Development Secretary Steve Preston said that FHA, Fannie and Freddie -- who account for a combined 90 percent plus share of the entire U.S. mortgage market -- "have kept liquidity alive" for home buyers -- and have virtually unlimited funds for new mortgages.
"There is no credit crisis" for individual home buyers who have at least three percent to put down, documentable employment, and at least a moderately good credit record, said Preston.
Business loans and various other types of credit may have been more difficult to obtain in recent weeks, Preston told Realty Times, but thanks to the government's backing of the three biggest sources of mortgages, buyers and refinancers of houses have had no unusual problems.
Preston and HUD are playing key roles in the $700 billion financial system bailout plan now getting underway. Preston is one of just five members of the Financial Stability Oversight Board that oversees the entire effort. HUD's main task in the weeks ahead, he said, will be to either refinance or help work out thousands of delinquent subprime and underwater homes financed by private lenders during the boom years.
The agency's new "Hope for Homeowners" program, which started October 1, allows it to cut the principal debt, monthly payments and interest rates of delinquent loans through refinancings into fixed-rate FHA mortgages.
In the interview, Preston emphasized the importance of a new, $3.9 billion program that has received virtually no attention in the press, but which could have huge positive impacts on neighborhoods and communities struggling with large numbers of foreclosures.
Congress authorized HUD to provide funds and other assistance to local governments to buy, fix up, resell or rent out foreclosed houses that are dragging down local property values.
Known as the Neighborhood Stabilization program, it offers not only roles for local governments to fight housing blight, but also provides opportunities for alert realty agents, rehab contractors, builders and investors to be involved -- profitably -- in the turnaround efforts.
If you're interested, talk to your city or county housing and community development officials for details. Though HUD will be providing the funds, local officials will be calling the shots.
The country's top housing official has an urgent message for potential home buyers: You may have heard that the credit markets were "frozen," but FHA has been open for business throughout the credit squeeze, and so are Fannie Mae and Freddie Mac. In fact, FHA's volume has tripled and the agency is now insuring well over a hundred thousand new loans a month.
In an exclusive one-on-one interview with Realty Times, Housing and Urban Development Secretary Steve Preston said that FHA, Fannie and Freddie -- who account for a combined 90 percent plus share of the entire U.S. mortgage market -- "have kept liquidity alive" for home buyers -- and have virtually unlimited funds for new mortgages.
"There is no credit crisis" for individual home buyers who have at least three percent to put down, documentable employment, and at least a moderately good credit record, said Preston.
Business loans and various other types of credit may have been more difficult to obtain in recent weeks, Preston told Realty Times, but thanks to the government's backing of the three biggest sources of mortgages, buyers and refinancers of houses have had no unusual problems.
Preston and HUD are playing key roles in the $700 billion financial system bailout plan now getting underway. Preston is one of just five members of the Financial Stability Oversight Board that oversees the entire effort. HUD's main task in the weeks ahead, he said, will be to either refinance or help work out thousands of delinquent subprime and underwater homes financed by private lenders during the boom years.
The agency's new "Hope for Homeowners" program, which started October 1, allows it to cut the principal debt, monthly payments and interest rates of delinquent loans through refinancings into fixed-rate FHA mortgages.
In the interview, Preston emphasized the importance of a new, $3.9 billion program that has received virtually no attention in the press, but which could have huge positive impacts on neighborhoods and communities struggling with large numbers of foreclosures.
Congress authorized HUD to provide funds and other assistance to local governments to buy, fix up, resell or rent out foreclosed houses that are dragging down local property values.
Known as the Neighborhood Stabilization program, it offers not only roles for local governments to fight housing blight, but also provides opportunities for alert realty agents, rehab contractors, builders and investors to be involved -- profitably -- in the turnaround efforts.
If you're interested, talk to your city or county housing and community development officials for details. Though HUD will be providing the funds, local officials will be calling the shots.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Tuesday, November 25, 2008
Incline Village Holiday Events in December
Brunch with Santa on December 13th:
Join us at the Chateau for a fun filled brunch with Santa and his elves. There are two different seating times 8:00am – 10:00am and 11:00am – 1:00pm.
This event has pictures with Santa, arts & crafts, a magic show, and yummy food. If you purchase your tickets in advance price is $15/adults and $5/child. At the door tickets will be $20/adults and $10/child. Click here for more information!
Chateau Holiday Ball December 18th:
Celebrate a night of dinner and dancing at The Chateau Holiday Ball on December 18th from 6-11 pm. Enjoy an elegant array of holiday cuisine including chef appointed stations, full cash bar and wine selections by the bottle, music provided by a DJ, and free child care at Aspen Grove with your reservation from 5:30-11:30 pm (space limited). The cost is $65 per person, call (775) 832-1240 to make reservations!
Click here to see the flyer!
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Join us at the Chateau for a fun filled brunch with Santa and his elves. There are two different seating times 8:00am – 10:00am and 11:00am – 1:00pm.
This event has pictures with Santa, arts & crafts, a magic show, and yummy food. If you purchase your tickets in advance price is $15/adults and $5/child. At the door tickets will be $20/adults and $10/child. Click here for more information!
Chateau Holiday Ball December 18th:
Celebrate a night of dinner and dancing at The Chateau Holiday Ball on December 18th from 6-11 pm. Enjoy an elegant array of holiday cuisine including chef appointed stations, full cash bar and wine selections by the bottle, music provided by a DJ, and free child care at Aspen Grove with your reservation from 5:30-11:30 pm (space limited). The cost is $65 per person, call (775) 832-1240 to make reservations!
Click here to see the flyer!
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Thursday, November 20, 2008
All the "buzz" in Incline Village
Article By: Kevin MacMillan - Bonanza EditorPublished in the North Lake Tahoe Bonanza
What started as a half day meeting of some substance five years ago has spawned into a two-day strategic planning session that could go a long way in determining the face of the district for years to come.
The Incline Village General Improvement District will meet for its annual board retreat, beginning today at 9 a.m. at IVGID’s Administrative Offices at 893 Southwood Blvd. Today’s proceedings will wrap up around 4 p.m., and the retreat will reconvene for an all-day Thursday session.
“With any business or municipality, it is necessary for good operations to look into the future and determine where you want your business or town to go,” said Gene Brockman, IVGID Board vice chairman. “That is what this is meant to do because it’s very difficult to do that sort of talking or planning in our regular bi-monthly meetings.”
The two-day retreat is treated as a normal IVGID board meeting in the sense that the public can attend to observe the board, and it can comment on certain items during regular public comment sections.
However, the thrust of the retreat is for the board to discuss its many agenda items and work toward establishing future goals for the district, Brockman said.
This year’s retreat is the most in-depth ever, with two days devoted to about 20 agenda items, on which action may or may not be taken, according to the agenda, which can be viewed in full at http://www.ivgid.org/.
Brockman said the drive to spend more time on the annual retreat is telling that recent boards are devoted to the district’s future.
“The first one was much shorter and simpler,” Brockman said. “But as the value of this kind of session has become apparent, it has taken on a new life.”
For example, last year’s retreat marked the first time the board assessed business plans for IVGID’s facilities for the coming year, including Diamond Peak Ski Resort, the Mountain and Championship golf courses, the Recreation Center, the beaches and IVGID’s Public Works department.
This year, trustees again will review business plans for the upcoming fiscal year, along with other items of business, including discussion on the next steps for the district’s pending 5-acre Incline Lake purchase; discussion on possible expansion of the district’s recycling program; and discussion about possible advancements with the Town of Incline Village.
What’s on the agenda:
While the full agenda can be viewed at http://www.ivgid.org/, below are some of the items that will be discussed today and Thursday.
Notable agenda times for today:
1. Review changes to the Championship Course business plan.
2. Review changes to Tennis Center business plan.
3. Review The Chateau business plan, specifically catering prices.
4. Review changes of business plans for Public Works, Mountain Course, Parks and Recreation and Ski.
Notable agenda items for Thursday:
1. Capital spending for infrastructure versus operations.
2. Discuss the Recreation Fee allocation table.
3. Discuss defensible space maintenance plan developed by the North Lake Tahoe Fire Protection District for district lands.
4. Discuss the next step for Ordinance 7 — revising, updating or leaving as is.
5. Parcel Splits and the Recreation Roll to include but not limited to parcels, Assessor Parcel Numbers, dwelling units, what properties get charged and which ones don’t get charged, as well as how they apply to the Recreation Roll.
6. Discussion of expansion of the Blue Bag Recycling Program.
7. Discuss next steps for Incline Lake.
8. Town of Incline Village: Changes to Nevada Revised Statute Chapter 269 and appointment of a committee.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Wednesday, November 19, 2008
Real Estate Outlook: Housing in Recovery
Written by: Kenneth R. Harney / Realty Times
With all the turbulence and losses in stocks and bad economic news in the headlines lately, you can easily lose perspective on what's really going on in the real estate sector.
For example, new mortgage applications increased last week by 12 percent, according to the Mortgage Bankers Association. Applications from people looking to buy houses with FHA loans were up by 15.3 percent, while applications from purchasers seeking conventional mortgages rose by six and a half percent.
How could that be, with all the grim economic news? Well, remember that there is a huge pent-up demand simmering away out there for housing -- especially from first-time buyers who want to scoop up low-priced deals.
When fixed interest rates drop -- and last week they were down by a quarter of a percentage point -- those buyers start doing the math and getting into the market with offers.
Fixed thirty year rates fell from six and a half percent to 6.24 percent during the week. Fifteen year rates broke below six percent to 5.9 percent, down from 6.14 percent.
Another piece of positive news you may not have noticed: Pending home sales were higher than year-earlier levels for the second straight month -- 1.6 percent higher than September 2007 .
Although pending sales contracts were down slightly for the month, in the western states they were up by 3.7 percent, and now stand at an extraordinary 39.7 percent higher than they were at the same time in 2007.
At the National Association of Realtors' convention in Orlando, chief economist Lawrence Yun, warned the delegates not to expect a housing recovery overnight, certainly not with unemployment on the rise. But he projected a slow, steady, multi-year upward trend, with 5.02 million total sales this year, 5.3 million for 2009, and 5.6 million for 2010.
Already sales are up significantly in major markets in many parts of the U.S. Yun specifically mentioned the west coast of Florida, the Phoenix area, Virginia, Long Island New York, Kansas City, Minnesota and Idaho.
So here's the key point to keep in mind as you try to make sense of the headlines: The stock market is NOT the housing market. It's on a whole different set of tracks. And it's been in a highly volatile state for more than a month.
Housing, on the other hand, has already endured its painful correction for two and a half years … is now pretty much stabilized … and is slowing moving toward its cyclical recovery.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
With all the turbulence and losses in stocks and bad economic news in the headlines lately, you can easily lose perspective on what's really going on in the real estate sector.
For example, new mortgage applications increased last week by 12 percent, according to the Mortgage Bankers Association. Applications from people looking to buy houses with FHA loans were up by 15.3 percent, while applications from purchasers seeking conventional mortgages rose by six and a half percent.
How could that be, with all the grim economic news? Well, remember that there is a huge pent-up demand simmering away out there for housing -- especially from first-time buyers who want to scoop up low-priced deals.
When fixed interest rates drop -- and last week they were down by a quarter of a percentage point -- those buyers start doing the math and getting into the market with offers.
Fixed thirty year rates fell from six and a half percent to 6.24 percent during the week. Fifteen year rates broke below six percent to 5.9 percent, down from 6.14 percent.
Another piece of positive news you may not have noticed: Pending home sales were higher than year-earlier levels for the second straight month -- 1.6 percent higher than September 2007 .
Although pending sales contracts were down slightly for the month, in the western states they were up by 3.7 percent, and now stand at an extraordinary 39.7 percent higher than they were at the same time in 2007.
At the National Association of Realtors' convention in Orlando, chief economist Lawrence Yun, warned the delegates not to expect a housing recovery overnight, certainly not with unemployment on the rise. But he projected a slow, steady, multi-year upward trend, with 5.02 million total sales this year, 5.3 million for 2009, and 5.6 million for 2010.
Already sales are up significantly in major markets in many parts of the U.S. Yun specifically mentioned the west coast of Florida, the Phoenix area, Virginia, Long Island New York, Kansas City, Minnesota and Idaho.
So here's the key point to keep in mind as you try to make sense of the headlines: The stock market is NOT the housing market. It's on a whole different set of tracks. And it's been in a highly volatile state for more than a month.
Housing, on the other hand, has already endured its painful correction for two and a half years … is now pretty much stabilized … and is slowing moving toward its cyclical recovery.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, November 17, 2008
Diamond Peak Base Lodge Grand Opening is December 6th!
Join us for the Diamond Peak Base Lodge Grand Opening on December 6th from 3:00-5:00 pm! The Grand Opening features a Kids Art Contest Award Ceremony, a Passport Adventure (get your passport stamped for your chance to win prizes), kids games, live music by Emily Tessmer, appetizers and refreshments, and more! Proceeds from the Loft Bar will be donated to the Diamond Peak Ski Education Foundation and the Pet Network is bringing animals to adopt (weather permitting). It's an event not to miss! To RSVP, click here.
- Ski and stay for as little as $63 per night* (at the Parkside Inn, midweek). The Hyatt Regency Lake Tahoe offers a live Diamond Peak ticket booth, so you can grab your ticket and take our free ski shuttle directly to the slopes! More Diamond Peak Ski & Stay Packages.
- Get a free penguin toy with every Child Ski Center purchase!
- Get a 50% discount on rental equipment when you show your boarding pass with a Reno/Tahoe destination. Restrictions apply.
- Learn to ski or snowboard for only $25 during the NLTRA Learn to Ski & Ride Days December 13th & 14th.
For the first 10 people that answer this question correctly, we'll send a Diamond Peak chapstick, sticker and Sierra Summits sunblock!
How much does it cost for a 5-day Diamond Peak mini-pass?
Email your answer to mediainfo@diamondpeak.com.
How much does it cost for a 5-day Diamond Peak mini-pass?
Email your answer to mediainfo@diamondpeak.com.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Friday, November 14, 2008
Shop locally and save our communities!
The weather outside is frightful, which is all the more reason to shop locally.
As the holidays roll around, we are all tempted to save by shopping the big box stores. But when you patronize local businesses, the money stays in our town and benefits the community. Small businesses are the backbone for local nonprofits. They have given countless in-kind gifts, and generous sums of cash. They support everything from kids’ soccer to environmental awareness. By shopping locally, you help maintain a vibrant area. You are helping to improve our local economy, create local jobs and support the functions that make ours a real community, not just a pretty place to visit.
This year, before you make your pilgrimage over Mount Rose, check out what our local businesses have to offer. It could save you time and gas while revitalizing our town.
Get a tax break
In October, Congress passed a brief extension of the IRA charitable rollover provision. With this extension, donors 70 or older can make tax-free charitable gifts totaling up to $100,000 per year from their IRAs directly to charities. Prior, donors had to report the IRA gifts as ordinary income, taxable at regular rates.
The IRA donation rollover might be a good strategy for individuals who face donation limits based on income. Generally, donors cannot donate an amount that exceeds 50 percent of their adjusted gross income. But when the money goes directly to the charity from their IRA, it doesn’t count against that limit because it’s not included in donors’ gross income. By making a charitable distribution with all or part of their required IRA distribution, donors may reduce income and reduce the percentage of social security subject to taxation.
If this giving technique works for you, and you’re old enough to use it, make plans now. This provision expires at the end of 2009.
Parasol honored
For the second time in a year, the Parasol Tahoe Community Foundation was awarded four stars for sound fiscal management by Charity Navigator, the country’s foremost charity evaluator. Only 18 percent of all the charities rated have received consecutive 4-star evaluations. The designation means that Parasol consistently outperforms most other charities in America for fiscal responsibility, transparency and quantifiable results.
Claire Fortier is the Communications Director for the Parasol Tahoe Community Foundation.
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Wednesday, November 12, 2008
News Release from the Federal Housing Finance Agency
FOR IMMEDIATE RELEASE
November 11, 2008
Statement of FHFA Director: James B. Lockhart
Welcome. I am pleased that you are able to be here. I would also like to welcome Brian Montgomery, HUD Assistant Secretary and FHA Commissioner; Neel Kashkari, Interim Assistant Treasury Secretary for Financial Stability; Faith Schwartz, Executive Director of HOPE NOW and Michael Heid, Wells Fargo. As a Navy veteran, I do not like interfering with your Veterans Day, but as you all know there is a battle going on in the housing market.
As housing prices have fallen, delinquencies on mortgages have tripled, not just for subprime and Alt-A, but also for prime mortgages. Foreclosures have increased almost 150% from two years ago. Foreclosures hurt families, their neighbors, whole communities and the overall housing market. We need to stop this downward spiral.
Today we are announcing a major program designed to greatly reduce preventable foreclosures with a simplified, streamlined loan modification program to get struggling homeowners into mortgages that they can afford. It is an achievable goal if homeowners, banks, mortgage servicers, investors, Fannie Mae and Freddie Mac all work together.
As the regulator of Fannie Mae, Freddie Mac and the Federal Home Loan Banks (FHLBanks), the Federal Housing Finance Agency (FHFA) strongly supports the Enterprises’ leadership role in setting industry standards for assisting "at risk" borrowers who could lose their homes to foreclosure. This streamlined modification program with uniform eligibility requirements will be supported by a consistent, efficient process approved by key industry participants. This program resulted from a unified effort among the Enterprises, Hope Now and its twenty-seven servicer partners, the Department of the Treasury, the Federal Housing Administration (FHA) and FHFA.
In developing this program, we have drawn on the FDIC’s experience and assistance, and have greatly benefited from the FDIC’s input.
Fannie Mae and Freddie Mac own or guarantee almost 31 million mortgages, about 58% of all single family mortgages. Although these mortgages only represent 20% of serious delinquencies, I believe their leadership role combined with the many partners of HOPE NOW should spread this approach throughout the whole mortgage loan servicing business. The performance of private label mortgage backed securities that were sliced and diced and sold to investors is just the opposite of Fannie Mae’s and Freddie Mac’s. Private label securities represent less than 20% of the mortgages but 60% of the serious delinquencies. As the regulator of the housing GSEs that own over a quarter of a trillion dollars of private label securities, I ask the private label MBS servicers and investors to rapidly adopt this program as the industry standard. Not only will this streamlined program assist borrowers, but broad acceptance and effective implementation could stabilize communities and property values.
The program targets the highest risk borrower who has missed three payments or more, owns and occupies the property as a primary residence, and has not filed for bankruptcy. To be considered for the program, a seriously delinquent borrower should contact his or her servicer and provide the requested income information. The program creates a fast-track method of getting troubled borrowers to an affordable monthly payment where "affordable" is defined as a first mortgage payment, including homeowner association dues, of no more than 38 percent of the household’s monthly gross income. This affordable payment will be achieved through a mix of reducing the mortgage interest rate, extending the life of the loan or even deferring payment on part of the principal. Servicers will have flexibility in the mix used to get there, but the goal is to create a more affordable payment.
If the servicer is unable to create an affordable payment with this streamlined program, it will further evaluate the borrower’s situation through a customized process. The key to success is the borrower’s ongoing cooperation and communication with the servicer. Borrowers shouldn’t fear working with servicers. They have dedicated personnel who are experienced in working with borrowers who are struggling with finances, but who are eager to keep their homes.
The streamlined modification program complements existing loss mitigation programs. We expect that it could significantly increase the number of modifications completed. Borrowers who participate will be strongly encouraged to seek financial counseling through HUD-approved agencies – particularly, if the default is a result of being overextended or due to financial mismanagement.
Fannie Mae and Freddie Mac will soon issue specific guidance to their servicers implementing this program requiring implementation by December 15th. To encourage participation, servicers will receive a fixed payment of $800 for each loan modified through this program.
Troubled borrowers eligible for this program have already experienced significant erosion in their credit scores, making them unlikely to obtain mortgage credit, through typical means. Many also lack equity in their homes. This streamlined program is meant to reach as many of these borrowers as possible to give them a chance to save their homes and begin restoring their credit. The borrowers’ ultimate obligation to repay his or her current mortgage does not change.
Regrettably, there are many American families in this situation. This unified effort on the part of the Fannie Mae, Freddie Mac, private lenders and servicers, and the Federal agencies represented here is a bold attempt to move quickly in defining a nationwide program that can quickly and easily reach many of these troubled borrowers, thereby stabilizing those families and the communities and neighborhoods in which they live.
Thank you and now I will turn it over to Faith Schwartz.
###
QUESTIONS AND ANSWERS ON THE STREAMLINED MODIFICATION PROGRAM
Q: What is a modification?
A: A modification is a change to the original mortgage terms. It may include a change to the product (an ARM to a fixed rate mortgage), interest rate, amortization term and maturity date, and/or unpaid principal balance. The change/s is made to create a more affordable payment for the borrower.
Q: What is a streamlined modification?
A: A streamlined modification is a modification that requires less documentation and less processing. In this case, the streamlined modification seeks to create a monthly mortgage payment that is sustainable for troubled borrowers by targeting a benchmark ratio of housing payment to monthly gross household income.
Q: What is the benchmark ratio?
A: This is the first time the industry has agreed on an industry standard. The benchmark ratio for calculating the affordable payment is 38 percent of monthly gross household income. Once the affordable payment is determined, there are several steps the servicer can take to create that payment – extending the term, reducing the interest rate, and forbearing interest. In the event that the affordable payment is still beyond the borrower’s means, the borrower’s situation will be reviewed on a case-by-case basis using a cash flow budget.
Q: Who participated in creating the Streamlined Modification Program? Is this identical to the FDIC’s IndyMac protocol?
A: This program resulted from a unified effort among the Enterprises, Hope Now and its twenty-seven servicer partners, Treasury, the Federal Housing Administration (FHA) and FHFA. In addition, we’ve drawn on the FDIC’s experience and assistance from developing the IndyMac streamlined approach and have greatly benefited from the FDIC’s input and example. To accommodate the need for more flexibility among a larger number of servicers, the Streamlined Modification Program does differ from the IndyMac model in a few areas. However, it uses the same fundamental tools to achieve the same affordability target.
Q: How is this different from Citi’s announcement today?
A: This effort compliments efforts of those banks that have mortgage portfolios and can reach out directly to borrowers for loans they own and service. This is a significant announcement in that Fannie Mae, Freddie Mac and FHFA have mutually agreed as major investors to a single streamlined modification program with a common affordability standard. The majority of HOPE NOW banks who own portfolio mortgages will adopt or offer programs as or more aggressive then what’s being announced.
Q: What is the role of HOPE NOW?
A: HOPE NOW has the leading servicers as members. HOPE NOW collaborated with Fannie Mae, Freddie Mac and FHFA on arriving at a standard that is consistent and addresses the capacity challenge for servicers dealing with increased delinquencies. This will take on-going work to implement for servicers. We anticipate this being implemented by December 15th.
Q: Why is there not a foreclosure moratorium?
A: Any borrower who qualifies and responds to the servicer will be given the opportunity to provide the required information for consideration. If necessary, the scheduling of a foreclosure sale will be suspended. A suspension requires that the borrower maintain contact, desires to keep his or her home, has the ability to make the affordable payment offered, and promptly respond to requests for information and signed documents.
Q: Why is it necessary?
A: With the rise in serious delinquencies and increasing number of loans in foreclosure, this program will help borrowers who have missed three or more payments, but want to keep their homes. Because the eligibility requirements and process are streamlined and consistent, the program will allow servicers to reach more borrowers more quickly.
Q: Who is eligible?
A: The highest risk borrower, who has missed three payments or more, owns and occupies the property as a primary residence, and has not filed bankruptcy. The loan is a Freddie Mac, Fannie Mae or portfolio loan with participating investors. To qualify for the streamlined modification, the borrower must certify that he or she experienced a hardship or change in financial circumstances, and did not purposely default to obtain a modification.
Q: Why must the borrower be 90 days delinquent? Why not earlier in the delinquency cycle?
A: This is a streamlined solution targeted to reach the most at risk borrower. For borrowers who do not qualify, other solutions are available. This in no way substitutes for the meaningful efforts by all servicers and investors that are currently in place. The 212,000 workouts reported by HOPE NOW in September are testimony to that fact. We will continue to see those efforts produce meaningful results.
Q: How many people will this help?
A: While difficult to assess, it is clear delinquencies are predicted to continue well into 2009. Foreclosure estimates are significant. Having a streamlined approach will assist many borrowers who default and more quickly. We estimate this will ultimately help thousands of borrowers.
Q: What if a borrower is not eligible but still wants to save his/her home?
A: If the servicer is unable to create an affordable payment with this streamlined program, it will further evaluate the borrower’s situation via the standard process. The standard modification program requires a personal cash-flow budget customized to the borrower’s situation.
Q: How do borrowers apply?
A: To be considered for the program, a seriously delinquent borrower should contact his or her servicer and provide the requested information – monthly gross household income, association dues and fees, and a hardship statement.
Q: How do borrowers complete the modification process?
A: Upon receiving the Modification Agreement from the servicer, the borrower signs it and returns it with the 1st payment at the modified terms along with income verification. Once the borrower makes three payments at the modified terms and the account is current as of day 90 of the modified plan, the modification is complete.
Q: What are the goals of the program?
First, we hope that other industry participants -- portfolio lenders and representatives of private label security investors – readily and rapidly adopt this program as the industry standard. Second, the program could increase the number of modifications significantly. Third, broad acceptance and effective implementation could stabilize communities and property values.
Q: When will servicers start offering this program?
A: We expect that by December 15th, servicers will be positioned to work with eligible borrowers.
Q: Will servicers get more details on this program?
A: Both Fannie Mae and Freddie Mac will be communicating directly with their approved servicers through an announcement, letter or bulletin.
Links:
Hope Now http://www.hopenow.com/
HUD http://www.hud.gov/foreclosure/
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
November 11, 2008
Statement of FHFA Director: James B. Lockhart
Welcome. I am pleased that you are able to be here. I would also like to welcome Brian Montgomery, HUD Assistant Secretary and FHA Commissioner; Neel Kashkari, Interim Assistant Treasury Secretary for Financial Stability; Faith Schwartz, Executive Director of HOPE NOW and Michael Heid, Wells Fargo. As a Navy veteran, I do not like interfering with your Veterans Day, but as you all know there is a battle going on in the housing market.
As housing prices have fallen, delinquencies on mortgages have tripled, not just for subprime and Alt-A, but also for prime mortgages. Foreclosures have increased almost 150% from two years ago. Foreclosures hurt families, their neighbors, whole communities and the overall housing market. We need to stop this downward spiral.
Today we are announcing a major program designed to greatly reduce preventable foreclosures with a simplified, streamlined loan modification program to get struggling homeowners into mortgages that they can afford. It is an achievable goal if homeowners, banks, mortgage servicers, investors, Fannie Mae and Freddie Mac all work together.
As the regulator of Fannie Mae, Freddie Mac and the Federal Home Loan Banks (FHLBanks), the Federal Housing Finance Agency (FHFA) strongly supports the Enterprises’ leadership role in setting industry standards for assisting "at risk" borrowers who could lose their homes to foreclosure. This streamlined modification program with uniform eligibility requirements will be supported by a consistent, efficient process approved by key industry participants. This program resulted from a unified effort among the Enterprises, Hope Now and its twenty-seven servicer partners, the Department of the Treasury, the Federal Housing Administration (FHA) and FHFA.
In developing this program, we have drawn on the FDIC’s experience and assistance, and have greatly benefited from the FDIC’s input.
Fannie Mae and Freddie Mac own or guarantee almost 31 million mortgages, about 58% of all single family mortgages. Although these mortgages only represent 20% of serious delinquencies, I believe their leadership role combined with the many partners of HOPE NOW should spread this approach throughout the whole mortgage loan servicing business. The performance of private label mortgage backed securities that were sliced and diced and sold to investors is just the opposite of Fannie Mae’s and Freddie Mac’s. Private label securities represent less than 20% of the mortgages but 60% of the serious delinquencies. As the regulator of the housing GSEs that own over a quarter of a trillion dollars of private label securities, I ask the private label MBS servicers and investors to rapidly adopt this program as the industry standard. Not only will this streamlined program assist borrowers, but broad acceptance and effective implementation could stabilize communities and property values.
The program targets the highest risk borrower who has missed three payments or more, owns and occupies the property as a primary residence, and has not filed for bankruptcy. To be considered for the program, a seriously delinquent borrower should contact his or her servicer and provide the requested income information. The program creates a fast-track method of getting troubled borrowers to an affordable monthly payment where "affordable" is defined as a first mortgage payment, including homeowner association dues, of no more than 38 percent of the household’s monthly gross income. This affordable payment will be achieved through a mix of reducing the mortgage interest rate, extending the life of the loan or even deferring payment on part of the principal. Servicers will have flexibility in the mix used to get there, but the goal is to create a more affordable payment.
If the servicer is unable to create an affordable payment with this streamlined program, it will further evaluate the borrower’s situation through a customized process. The key to success is the borrower’s ongoing cooperation and communication with the servicer. Borrowers shouldn’t fear working with servicers. They have dedicated personnel who are experienced in working with borrowers who are struggling with finances, but who are eager to keep their homes.
The streamlined modification program complements existing loss mitigation programs. We expect that it could significantly increase the number of modifications completed. Borrowers who participate will be strongly encouraged to seek financial counseling through HUD-approved agencies – particularly, if the default is a result of being overextended or due to financial mismanagement.
Fannie Mae and Freddie Mac will soon issue specific guidance to their servicers implementing this program requiring implementation by December 15th. To encourage participation, servicers will receive a fixed payment of $800 for each loan modified through this program.
Troubled borrowers eligible for this program have already experienced significant erosion in their credit scores, making them unlikely to obtain mortgage credit, through typical means. Many also lack equity in their homes. This streamlined program is meant to reach as many of these borrowers as possible to give them a chance to save their homes and begin restoring their credit. The borrowers’ ultimate obligation to repay his or her current mortgage does not change.
Regrettably, there are many American families in this situation. This unified effort on the part of the Fannie Mae, Freddie Mac, private lenders and servicers, and the Federal agencies represented here is a bold attempt to move quickly in defining a nationwide program that can quickly and easily reach many of these troubled borrowers, thereby stabilizing those families and the communities and neighborhoods in which they live.
Thank you and now I will turn it over to Faith Schwartz.
###
QUESTIONS AND ANSWERS ON THE STREAMLINED MODIFICATION PROGRAM
Q: What is a modification?
A: A modification is a change to the original mortgage terms. It may include a change to the product (an ARM to a fixed rate mortgage), interest rate, amortization term and maturity date, and/or unpaid principal balance. The change/s is made to create a more affordable payment for the borrower.
Q: What is a streamlined modification?
A: A streamlined modification is a modification that requires less documentation and less processing. In this case, the streamlined modification seeks to create a monthly mortgage payment that is sustainable for troubled borrowers by targeting a benchmark ratio of housing payment to monthly gross household income.
Q: What is the benchmark ratio?
A: This is the first time the industry has agreed on an industry standard. The benchmark ratio for calculating the affordable payment is 38 percent of monthly gross household income. Once the affordable payment is determined, there are several steps the servicer can take to create that payment – extending the term, reducing the interest rate, and forbearing interest. In the event that the affordable payment is still beyond the borrower’s means, the borrower’s situation will be reviewed on a case-by-case basis using a cash flow budget.
Q: Who participated in creating the Streamlined Modification Program? Is this identical to the FDIC’s IndyMac protocol?
A: This program resulted from a unified effort among the Enterprises, Hope Now and its twenty-seven servicer partners, Treasury, the Federal Housing Administration (FHA) and FHFA. In addition, we’ve drawn on the FDIC’s experience and assistance from developing the IndyMac streamlined approach and have greatly benefited from the FDIC’s input and example. To accommodate the need for more flexibility among a larger number of servicers, the Streamlined Modification Program does differ from the IndyMac model in a few areas. However, it uses the same fundamental tools to achieve the same affordability target.
Q: How is this different from Citi’s announcement today?
A: This effort compliments efforts of those banks that have mortgage portfolios and can reach out directly to borrowers for loans they own and service. This is a significant announcement in that Fannie Mae, Freddie Mac and FHFA have mutually agreed as major investors to a single streamlined modification program with a common affordability standard. The majority of HOPE NOW banks who own portfolio mortgages will adopt or offer programs as or more aggressive then what’s being announced.
Q: What is the role of HOPE NOW?
A: HOPE NOW has the leading servicers as members. HOPE NOW collaborated with Fannie Mae, Freddie Mac and FHFA on arriving at a standard that is consistent and addresses the capacity challenge for servicers dealing with increased delinquencies. This will take on-going work to implement for servicers. We anticipate this being implemented by December 15th.
Q: Why is there not a foreclosure moratorium?
A: Any borrower who qualifies and responds to the servicer will be given the opportunity to provide the required information for consideration. If necessary, the scheduling of a foreclosure sale will be suspended. A suspension requires that the borrower maintain contact, desires to keep his or her home, has the ability to make the affordable payment offered, and promptly respond to requests for information and signed documents.
Q: Why is it necessary?
A: With the rise in serious delinquencies and increasing number of loans in foreclosure, this program will help borrowers who have missed three or more payments, but want to keep their homes. Because the eligibility requirements and process are streamlined and consistent, the program will allow servicers to reach more borrowers more quickly.
Q: Who is eligible?
A: The highest risk borrower, who has missed three payments or more, owns and occupies the property as a primary residence, and has not filed bankruptcy. The loan is a Freddie Mac, Fannie Mae or portfolio loan with participating investors. To qualify for the streamlined modification, the borrower must certify that he or she experienced a hardship or change in financial circumstances, and did not purposely default to obtain a modification.
Q: Why must the borrower be 90 days delinquent? Why not earlier in the delinquency cycle?
A: This is a streamlined solution targeted to reach the most at risk borrower. For borrowers who do not qualify, other solutions are available. This in no way substitutes for the meaningful efforts by all servicers and investors that are currently in place. The 212,000 workouts reported by HOPE NOW in September are testimony to that fact. We will continue to see those efforts produce meaningful results.
Q: How many people will this help?
A: While difficult to assess, it is clear delinquencies are predicted to continue well into 2009. Foreclosure estimates are significant. Having a streamlined approach will assist many borrowers who default and more quickly. We estimate this will ultimately help thousands of borrowers.
Q: What if a borrower is not eligible but still wants to save his/her home?
A: If the servicer is unable to create an affordable payment with this streamlined program, it will further evaluate the borrower’s situation via the standard process. The standard modification program requires a personal cash-flow budget customized to the borrower’s situation.
Q: How do borrowers apply?
A: To be considered for the program, a seriously delinquent borrower should contact his or her servicer and provide the requested information – monthly gross household income, association dues and fees, and a hardship statement.
Q: How do borrowers complete the modification process?
A: Upon receiving the Modification Agreement from the servicer, the borrower signs it and returns it with the 1st payment at the modified terms along with income verification. Once the borrower makes three payments at the modified terms and the account is current as of day 90 of the modified plan, the modification is complete.
Q: What are the goals of the program?
First, we hope that other industry participants -- portfolio lenders and representatives of private label security investors – readily and rapidly adopt this program as the industry standard. Second, the program could increase the number of modifications significantly. Third, broad acceptance and effective implementation could stabilize communities and property values.
Q: When will servicers start offering this program?
A: We expect that by December 15th, servicers will be positioned to work with eligible borrowers.
Q: Will servicers get more details on this program?
A: Both Fannie Mae and Freddie Mac will be communicating directly with their approved servicers through an announcement, letter or bulletin.
Links:
Hope Now http://www.hopenow.com/
HUD http://www.hud.gov/foreclosure/
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
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