Editor’s Note: Freddie Mac released the results of its Primary Mortgage Market Survey® in which the 30-year fixed-rate mortgage averaged 5.93 percent with 0.7 point for the week ending September 11, 2008, down from last week when it averaged 6.35 percent. Last year at this time, the 30-year FRM averaged 6.31 percent. This is the opportunity buyers have been waiting for to lock in a low rate and take advantage of this large inventory of homes. Low rates and low home prices will not coincide much longer, as rates should trend up going forward, to hedge inflationary fears. Now is the time to buy.
View the Mortgage Market Survey here.
The federal government takes over Fannie Mae and Freddie Mac. Interest rates decline. A greater sense of security grows in the mortgage market. Mortgage-backed securities have one of the world’s most secure buyers. This is all good news, but there are Fannie and Freddie stockholders who will simply lose their investment, and there are taxpayers–all of us–who will pay to keep the system truly solvent. And we don’t really know what will become of our mortgage industry in the near- to mid-term future.
Steve Peterson888-232-7687 office/ 775-219-7151 cell
Weekly Commentary
Thumbnail Sketch: The story of the week, if not of the decade, is that the government took over Fannie Mae and Freddie Mac. The consensus view: “It had to be done.”
No one is particularly happy about this event, but it is clear, from the haste with which the Treasury and Fed moved this past week, that there was an intense effort to stave off likely approaching panic about the weaknesses to be found in the two secondary market giants. For example, we learned that the fiscal reserves of the agencies had been greatly overstated. (Accounting techniques were blamed, but let’s face it, the markets were about to lose most of their confidence in the future of these corporations.)
So now we have a mortgage market that is effectively run by the U.S. government.
As you can see to the left, mortgage rates already seem to be declining because the federal takeover eliminates most of the uncertainties about whether we’ll have a viable mortgage financing system in the future. (The federal backing of Fannie and Freddie’s mortgage-backed securities, after all, is now explicit, rather than implicit.) The average rate on the 30-year fixed-rate mortgage is down by about a quarter of a percent. We can read this as something of a vote of confidence.
“The government’s action will have a beneficial effect on some mortgages, but not all. It will have little or no impact on jumbo mortgages — home loans for large amounts,“ writes Holden Lewis for Bankrate.com. “The government’s bailout of Fannie and Freddie won’t affect rates on home equity loans or home equity lines of credit, either.”
The long-term effects and results of this takeover are nearly impossible to predict. How will they be run? How soon will they be privatized again and in what form? What changes will this bring to the way mortgages are written in our nation and, most likely, in the world? Mark Zandi, chief economist of Moody’s Economy.com, acknowledges the far-reaching questions but points out that “the immediate impact of the takeover will be to lower mortgage rates and increase the availability of mortgage credit.” And that should help to hasten a meaningful recovery in the real estate market as well as the overall economy.
Still, it will cost Fannie and Freddie’s shareholders a great deal and also cost the American taxpayer, and the latter will doubtless be the subject of many angry editorials. An outright failure of Fannie and Freddie, though, would have been potentially devastating. Take the editorials, therefore, with at least a partial grain of salt.
For Additional Information please feel free to contact our office:
Alvin Steinberg, CRS
Coldwell Banker Incline Village Realty
917 Tahoe Blvd., Suite 103
Incline Village, NV 89451
800.666.4718 Toll Free
775.832.1888 Direct
775.832.1889 Fax
www.LivingLakeTahoe.com
email: Alvins@cbivr.com
Friday, September 12, 2008
Wednesday, September 10, 2008
Safely Refinance a 1031 Property
Refinancing Before or After an Exchange
Seasoned 1031 exchangers know that if they receive cash in an exchange, rather than investing it in the replacement property, the transaction will be partially taxable. It's not surprising, therefore, that many real estate investors plan to refinance the relinquished property immediately before an exchange, or the replacement property immediately after an exchange, in order to get cash out of the property without being taxed.
Although it is possible to refinance before or after an exchange without triggering tax, investors should carefully consider their options before doing this, because the IRS could take the position that the refinancing should be taxable when it is done to get around the 1031 exchange rules rather than for a separate business purpose. Despite this risk, an investor can refinance the relinquished or replacement properties and get tax free cash, as long as he establishes that the refinance had "independent economic substance" and wasn't done merely to get around the 1031 exchange rules.
Every situation is different, and investors should discuss their plans with their tax advisors, but here are a few suggestions that may help investors structure a refinance so that the funds received are not taxable:
1. The loan should have a clear business purpose (other
than just getting the equity out of the property) and that
business purpose should be well documented in the
investor's files.
2. The refinance should occur as far away in time as possible
from the closing of the relinquished or replacement
properties. 3. The refinance should be documented as a separate
transaction and should not appear on the same closing
statement as the closing of the relinquished or replacement
properties.
Some tax advisors believe that it is better to refinance the replacement property after an exchange rather than refinancing the relinquished property before an exchange. In any event, it is important to consider the risks and discuss your plans with your tax advisor.
1031 Tax-Deferred Exchange Webinar
"AN INTRODUCTION TO 1031 EXCHANGES"Tuesday, September 16 at 11:00 AM - 11:45 AM PST
Presented by:
Brenden Faber, Esq. - President of First American Exchange
You will learn:
What is a 1031 Exchange?What is 'like-kind'?What is Capital Gain?What are the requirements?What are the timeframes for a 1031 Exchange?How do I select a Qualified Intermediary?
CLICK HERE TO REGISTER
Seasoned 1031 exchangers know that if they receive cash in an exchange, rather than investing it in the replacement property, the transaction will be partially taxable. It's not surprising, therefore, that many real estate investors plan to refinance the relinquished property immediately before an exchange, or the replacement property immediately after an exchange, in order to get cash out of the property without being taxed.
Although it is possible to refinance before or after an exchange without triggering tax, investors should carefully consider their options before doing this, because the IRS could take the position that the refinancing should be taxable when it is done to get around the 1031 exchange rules rather than for a separate business purpose. Despite this risk, an investor can refinance the relinquished or replacement properties and get tax free cash, as long as he establishes that the refinance had "independent economic substance" and wasn't done merely to get around the 1031 exchange rules.
Every situation is different, and investors should discuss their plans with their tax advisors, but here are a few suggestions that may help investors structure a refinance so that the funds received are not taxable:
1. The loan should have a clear business purpose (other
than just getting the equity out of the property) and that
business purpose should be well documented in the
investor's files.
2. The refinance should occur as far away in time as possible
from the closing of the relinquished or replacement
properties. 3. The refinance should be documented as a separate
transaction and should not appear on the same closing
statement as the closing of the relinquished or replacement
properties.
Some tax advisors believe that it is better to refinance the replacement property after an exchange rather than refinancing the relinquished property before an exchange. In any event, it is important to consider the risks and discuss your plans with your tax advisor.
1031 Tax-Deferred Exchange Webinar
"AN INTRODUCTION TO 1031 EXCHANGES"Tuesday, September 16 at 11:00 AM - 11:45 AM PST
Presented by:
Brenden Faber, Esq. - President of First American Exchange
You will learn:
What is a 1031 Exchange?What is 'like-kind'?What is Capital Gain?What are the requirements?What are the timeframes for a 1031 Exchange?How do I select a Qualified Intermediary?
CLICK HERE TO REGISTER
Monday, September 8, 2008
Feds Take Control of Fannie Mae, Freddie Mac
Sam Zuckerman, Chronicle Staff Writer
Monday, September 8, 2008
The federal government took control of Fannie Mae and Freddie Mac on Sunday in a bid to keep the two mortgage giants from failing, catastrophes that would have made home loans harder to get and taken the nation's housing collapse to a new level of crisis.
The government agreed to pump billions of dollars into Fannie Mae and Freddie Mac and assume responsibility for trillions of dollars of their debt, while handing control of the companies to federal regulators. The takeovers mark the most dramatic government effort thus far to stem the financial chaos precipitated by the housing bust. At the same time, seizure of the two could ultimately cost taxpayers tens of billions of dollars, experts estimate, widening an already bloated federal deficit.
Officials said they moved because the potential failure of the companies threatened incalculable harm to the mortgage market, the financial system and the broader economy. Fannie Mae and Freddie Mac bankruptcies would have left them unable to finance mortgages, potentially wreaking more havoc than a failure of brokerage giant Bear Stearns, whose near collapse and government-forced sale earlier this year sent credit markets around the world into a panic.
"Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of them would cause great turmoil in our financial markets here at home and around the globe," said Treasury Secretary Henry Paulson. "A failure would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance."
Democratic leaders, including presidential nominee Barack Obama, said government intervention was necessary to keep the housing crisis from worsening.
Outside experts said the takeovers could stabilize the home loan market, making mortgages cheaper and easier to get. That, in turn, could act to limit any further downward spiral in home prices.
"The housing and mortgage market should benefit from the actions," said Sung Won Sohn, an economist at California State University Channel Islands in Camarillo (Ventura County). "Mortgage rates should be lower than they would be without the government guarantee."
How it works
Fannie Mae and Freddie Mac don't offer mortgages themselves. But they play a central, perhaps irreplaceable, role in the American system of home finance. Together, the two companies own or guarantee more than $5 trillion in mortgages, almost half the total outstanding in the United States.
They buy mortgages from banks and others lenders that make the loans, either keeping them as investments or packaging them for resale to investors. This ready market for mortgages multiplies the capacity of front-line lenders such as Wells Fargo and Washington Mutual to make loans and allows them to offer lower interest rates.
Fannie Mae and Freddie Mac accept only high-quality mortgages made to borrowers who meet strict financial standards. They buy only so-called conforming loans, mortgages made to prime borrowers up to a limit that varies by locality. In San Francisco, the conforming loan limit was recently raised to $729, 750.
Yet, as the housing boom has turned into a bust, even top-notch borrowers have fallen behind on their mortgages or defaulted altogether. The two companies have posted billions of dollars in losses, crippling their ability to raise money and buy additional loans, ultimately threatening their survival.
Congress chartered Fannie Mae in 1938 as the Federal National Mortgage Association and created Freddie Mac in 1970. Both later were reorganized as private, for-profit companies and sold off to shareholders. But their beginnings as government-sponsored enterprises and the vital part they play in the housing market convinced many experts that they were "too big to fail," meaning the government would not let them go under.
That implicit guarantee permitted the two companies to borrow money at nearly the same low rate as the federal government. Their ability to get money cheaply meant they could buy loans with low interest rates and still make a profit, a key factor in keeping mortgages affordable in the United States. In recent months though, the interest rates they have had to pay has jumped as skittish lenders backed off, despite the assumed federal protection.
Sunday's developments transformed the too-big-to-fail doctrine from a theory to a reality. Nonetheless, it's not a full bailout. Top Fannie Mae and Freddie Mac executives are being replaced and the companies will be put under the supervision of conservators. The companies will be forced to stop lobbying efforts.
Dividends suspended
Dividends to shareholders are suspended. And if losses continue, common shareholders, in two of the most widely held stocks in the United States, could find their stock worthless. However, holders of Fannie Mae and Freddie Mac mortgage securities and other debt will be paid in full.
The takeovers mean that if the capital of the two companies is wiped out, any further losses would be covered by the federal government. Given that home prices are still falling, it's probable that the government will have to pump many billions into the two companies, analysts say. Several months ago, the Congressional Budget Office estimated the potential cost of Fannie Mae and Freddie Mac takeovers at roughly $25 billion.
"The markets are still going down," said Dean Baker, an economist with the Center for Economic and Policy Research in Washington. "They're already holding debt that will go bad. And if they continue to make bad loans, it could get much worse. I would be surprised if we get off for less than $50 billion, and it could easily be as much as $100 billion."
The ultimate fate of the two companies remains in doubt. Some Democrats want to transform Fannie Mae and Freddie Mac into government agencies. Some conservatives want to keep them private and break them up into smaller companies.
"It's not clear at all what the government plans to do," said Michael Carney, professor of financial institutions at California Polytechnic State University Pomona.
Rescue provisions
The government's financial rescue of mortgage companies Fannie Mae and Freddie Mac includes the following provisions:
-- The two companies will modestly increase their holdings of mortgage securities through 2009, growth that is needed to stabilize the mortgage market. After that, they will be required to cut back their direct mortgage holdings to reduce risk.
-- The Treasury Department will buy up to $100 billion in preferred stock from each of the companies to ensure they have capital and are able to pay off their private debt.
-- Treasury will also lend directly to Fannie Mae and Freddie Mac as needed through 2009.
-- The department will buy mortgage securities from brokers to help keep the market healthy.
Source: U.S. Treasury Department
E-mail Sam Zuckerman at szuckerman@sfchronicle.com.
This article appeared on page A - 1 of the San Francisco Chronicle
Monday, September 8, 2008
The federal government took control of Fannie Mae and Freddie Mac on Sunday in a bid to keep the two mortgage giants from failing, catastrophes that would have made home loans harder to get and taken the nation's housing collapse to a new level of crisis.
The government agreed to pump billions of dollars into Fannie Mae and Freddie Mac and assume responsibility for trillions of dollars of their debt, while handing control of the companies to federal regulators. The takeovers mark the most dramatic government effort thus far to stem the financial chaos precipitated by the housing bust. At the same time, seizure of the two could ultimately cost taxpayers tens of billions of dollars, experts estimate, widening an already bloated federal deficit.
Officials said they moved because the potential failure of the companies threatened incalculable harm to the mortgage market, the financial system and the broader economy. Fannie Mae and Freddie Mac bankruptcies would have left them unable to finance mortgages, potentially wreaking more havoc than a failure of brokerage giant Bear Stearns, whose near collapse and government-forced sale earlier this year sent credit markets around the world into a panic.
"Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of them would cause great turmoil in our financial markets here at home and around the globe," said Treasury Secretary Henry Paulson. "A failure would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance."
Democratic leaders, including presidential nominee Barack Obama, said government intervention was necessary to keep the housing crisis from worsening.
Outside experts said the takeovers could stabilize the home loan market, making mortgages cheaper and easier to get. That, in turn, could act to limit any further downward spiral in home prices.
"The housing and mortgage market should benefit from the actions," said Sung Won Sohn, an economist at California State University Channel Islands in Camarillo (Ventura County). "Mortgage rates should be lower than they would be without the government guarantee."
How it works
Fannie Mae and Freddie Mac don't offer mortgages themselves. But they play a central, perhaps irreplaceable, role in the American system of home finance. Together, the two companies own or guarantee more than $5 trillion in mortgages, almost half the total outstanding in the United States.
They buy mortgages from banks and others lenders that make the loans, either keeping them as investments or packaging them for resale to investors. This ready market for mortgages multiplies the capacity of front-line lenders such as Wells Fargo and Washington Mutual to make loans and allows them to offer lower interest rates.
Fannie Mae and Freddie Mac accept only high-quality mortgages made to borrowers who meet strict financial standards. They buy only so-called conforming loans, mortgages made to prime borrowers up to a limit that varies by locality. In San Francisco, the conforming loan limit was recently raised to $729, 750.
Yet, as the housing boom has turned into a bust, even top-notch borrowers have fallen behind on their mortgages or defaulted altogether. The two companies have posted billions of dollars in losses, crippling their ability to raise money and buy additional loans, ultimately threatening their survival.
Congress chartered Fannie Mae in 1938 as the Federal National Mortgage Association and created Freddie Mac in 1970. Both later were reorganized as private, for-profit companies and sold off to shareholders. But their beginnings as government-sponsored enterprises and the vital part they play in the housing market convinced many experts that they were "too big to fail," meaning the government would not let them go under.
That implicit guarantee permitted the two companies to borrow money at nearly the same low rate as the federal government. Their ability to get money cheaply meant they could buy loans with low interest rates and still make a profit, a key factor in keeping mortgages affordable in the United States. In recent months though, the interest rates they have had to pay has jumped as skittish lenders backed off, despite the assumed federal protection.
Sunday's developments transformed the too-big-to-fail doctrine from a theory to a reality. Nonetheless, it's not a full bailout. Top Fannie Mae and Freddie Mac executives are being replaced and the companies will be put under the supervision of conservators. The companies will be forced to stop lobbying efforts.
Dividends suspended
Dividends to shareholders are suspended. And if losses continue, common shareholders, in two of the most widely held stocks in the United States, could find their stock worthless. However, holders of Fannie Mae and Freddie Mac mortgage securities and other debt will be paid in full.
The takeovers mean that if the capital of the two companies is wiped out, any further losses would be covered by the federal government. Given that home prices are still falling, it's probable that the government will have to pump many billions into the two companies, analysts say. Several months ago, the Congressional Budget Office estimated the potential cost of Fannie Mae and Freddie Mac takeovers at roughly $25 billion.
"The markets are still going down," said Dean Baker, an economist with the Center for Economic and Policy Research in Washington. "They're already holding debt that will go bad. And if they continue to make bad loans, it could get much worse. I would be surprised if we get off for less than $50 billion, and it could easily be as much as $100 billion."
The ultimate fate of the two companies remains in doubt. Some Democrats want to transform Fannie Mae and Freddie Mac into government agencies. Some conservatives want to keep them private and break them up into smaller companies.
"It's not clear at all what the government plans to do," said Michael Carney, professor of financial institutions at California Polytechnic State University Pomona.
Rescue provisions
The government's financial rescue of mortgage companies Fannie Mae and Freddie Mac includes the following provisions:
-- The two companies will modestly increase their holdings of mortgage securities through 2009, growth that is needed to stabilize the mortgage market. After that, they will be required to cut back their direct mortgage holdings to reduce risk.
-- The Treasury Department will buy up to $100 billion in preferred stock from each of the companies to ensure they have capital and are able to pay off their private debt.
-- Treasury will also lend directly to Fannie Mae and Freddie Mac as needed through 2009.
-- The department will buy mortgage securities from brokers to help keep the market healthy.
Source: U.S. Treasury Department
E-mail Sam Zuckerman at szuckerman@sfchronicle.com.
This article appeared on page A - 1 of the San Francisco Chronicle
Friday, September 5, 2008
How "green" are you?
How “green” is your home?
With websites, television shows and propaganda around every corner the pressure to become eco-friendly has risen to an encouraging rate. One can recycle everything from cans and bottles to paper and cardboard; and with convenient curbside pickup and near by drop-off locations there just NO GOOD reason not to!
Now here in Lake Tahoe we all drive around with “Keep Tahoe Blue” stickers and “Keep Truckee Green,” but does everyone actually do their part? Stricter BMP and erosion control efforts have been underway in recent years; which have contributed to a substantial reduction in the pollution of the lake. If we continue to be negligent about our own efforts to recycle & reduce and meanwhile we are in persistently revegging and replanting to prevent sediments from draining into the lake- aren’t we fighting ourselves here?
There are plenty of websites that not only encourage recycling, but can instruct those of us who may find it too difficult or time consuming to fit into our already routine schedules. So take a moment to review and educate yourselves and really contribute to making our environment a beautiful, sustainable place to live!!
IVGID Recycling Resources
Other Additional Resources:
HGTV-Green Home
Earth 911
With websites, television shows and propaganda around every corner the pressure to become eco-friendly has risen to an encouraging rate. One can recycle everything from cans and bottles to paper and cardboard; and with convenient curbside pickup and near by drop-off locations there just NO GOOD reason not to!
Now here in Lake Tahoe we all drive around with “Keep Tahoe Blue” stickers and “Keep Truckee Green,” but does everyone actually do their part? Stricter BMP and erosion control efforts have been underway in recent years; which have contributed to a substantial reduction in the pollution of the lake. If we continue to be negligent about our own efforts to recycle & reduce and meanwhile we are in persistently revegging and replanting to prevent sediments from draining into the lake- aren’t we fighting ourselves here?
There are plenty of websites that not only encourage recycling, but can instruct those of us who may find it too difficult or time consuming to fit into our already routine schedules. So take a moment to review and educate yourselves and really contribute to making our environment a beautiful, sustainable place to live!!
IVGID Recycling Resources
Other Additional Resources:
HGTV-Green Home
Earth 911
Monday, September 1, 2008
8 STEPS TO GETTING YOUR FINANCES IN ORDER
1. Develop a Family Budget. Instead of budgeting what you'd like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.
2. Reduce your Debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt--car loans, student loans, revolving balances on credit cards--down to between 8 percent and 10 percent of your total income.
3. Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You'll probably see some great ways to save.
4. Increase your income. It may be necessary to take on a second, part-time job to get you income at a high-enough level to qualify for the home you want.
5. Save for a downpayment. Although it's possible to get a mortgage with only 5 percent down--oreven less in some cases--you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.
6. Create a house fund. Don't just plan on saving whatever's left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.
7. Keep your job. While you don't need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.
8. Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all you other bills Pay off the entire balance promptly.
2. Reduce your Debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt--car loans, student loans, revolving balances on credit cards--down to between 8 percent and 10 percent of your total income.
3. Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You'll probably see some great ways to save.
4. Increase your income. It may be necessary to take on a second, part-time job to get you income at a high-enough level to qualify for the home you want.
5. Save for a downpayment. Although it's possible to get a mortgage with only 5 percent down--oreven less in some cases--you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.
6. Create a house fund. Don't just plan on saving whatever's left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.
7. Keep your job. While you don't need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.
8. Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all you other bills Pay off the entire balance promptly.
Friday, August 29, 2008
Sales, festivals and more set for long weekend
Even though the season is hot and people are swimming, powder hounds already are dreaming of the first snowfall.
This weekend, Heavenly and Kirkwood mountain resorts want to help skiers and snowboarders gear up for winter. Heavenly offers its 22nd annual tent sale at the resort, while Kirkwood will host a ski swap and a preseason sale.
But for those who aren't as keen to see winter come, there are plenty of opportunities for recreational cycling, downhill racing, running, shopping, eating chili and listening to some tunes. Here are the weekend's happenings:
Heavenly Sports Tent Sale: At Heavenly's California Lodge from 9 a.m. to 6 p.m. Saturday, from 10 a.m. to 5 p.m. Sunday and from 10 a.m. to 2 p.m. Monday.
Kirkwood Ski Swap: Takes place from 9 a.m. to noon Saturday at Kirkwood Mountain Resort. To reserve a table, call (209) 258-7386.
Critical Mass Bike Ride: This bike ride promotes sustainable transportation, and is open to anyone who enjoys riding bikes. It begins at 6 p.m. Friday in front of Millers Outpost at the "Y." For more information, call (530) 919-4136, or visit www.criticalmasstahoe.tk.
Tallac Tibetan Cultural Festival: Tibetan Lama Losang Samten will complete the sand mandala today in preparation for the closing ceremony on the last day of the festival Friday. During the day, he will tell stories, teach and explain the meaning of the Wheel of Life. Everyone, including children and groups, are encouraged to stop by. The festival runs from 11 a.m. to 5 p.m. Friday, with the sand mandala dismantling ceremony from 6 to 7:30 p.m. at the Tallac Historic Site. A $10 donation is suggested.
Arts and Crafts Festival: Takes place Friday through Monday at Horizon Casino Resort. For more information, visit www.horizoncasino.com.
Thin Air Chili Cook-Off: Takes place from noon to 4 p.m. Saturday at Kirkwood Mountain Resort. The festivities begin with live music, beer and wine tasting, followed by the chili tasting. The first-place winner will receive a $300 Kirkwood gift card. To register, e-mailabroadhurst@kirkwood.com, or call (209) 258-7386.
Animal Shelter Adopt-a-Thon: Looking for a new best friend? Head on over to the El Dorado County Animal Shelter at 1120 Shakori Drive from 9:30 a.m. to 4:30 p.m. Saturday.
Kirkwood Adventure Run: The Tahoe Mountain Milers and Sagebrush Stompers running clubs are sponsoring the 10K Adventure Run, a 5K road race and kids fun runs. One fun run is a mile, while the other is a half-mile. The event will help support the Kirkwood Volunteer Fire Department. The event takes place from 9 to 11 a.m. Saturday at Kirkwood Mountain Resort. To register, go to tahoemtnmilers.org, or arrive before 8:30 a.m. Saturday at the VIP lot.
Kiss rocks the city: If you didn't get tickets to Kiss on Saturday at Harveys Outdoor Arena, there's still plenty of music and entertainment to be had on the South Shore. Pick up Lake Tahoe Action to find out all the hot details.
Heavenly Village Sidewalk Sale with live Music: Friday through Monday. Check out performances by the Living Picture Show and Out of Order bands, among others, during the day while you shop.
Dorje Namjum purification ceremony: Tibetan Lama Losang Samten leads an ancient Tibetan ceremony ritual of healing and purification from 7 to 9 p.m. Sunday at the Valhalla Estate at The Tallac Historic Site. A $15 donation is recommended.
Downhill Mountain Bike Series: Saturday at Kirkwood Mountain Resort. Participants will enjoy barbecue, refreshments, music, prizes and awards. Each event series will have its own point system to determine overall grand prize winners. Registration is from noon to 1 p.m., practice runs are from 1 to 2:30 p.m., a race meeting is from 2:30 to 3 p.m., the downhill race is from 3 to 4 p.m., and awards will be given out at 4 p.m. Cost is $35 per event or $60 for both.
Multicultural Healing Festival: This festival is designed to promote and educate people on healing methods used by other cultures through presentations, workshops, films and concerts. It's part of the Valhalla Arts & Music Festival. It takes place Sunday through Sept. 6 at the Valhalla Estate at the Tallac Historic Site. For more information, call (530) 541-4975 or visit valhallatahoe.com.
This weekend, Heavenly and Kirkwood mountain resorts want to help skiers and snowboarders gear up for winter. Heavenly offers its 22nd annual tent sale at the resort, while Kirkwood will host a ski swap and a preseason sale.
But for those who aren't as keen to see winter come, there are plenty of opportunities for recreational cycling, downhill racing, running, shopping, eating chili and listening to some tunes. Here are the weekend's happenings:
Heavenly Sports Tent Sale: At Heavenly's California Lodge from 9 a.m. to 6 p.m. Saturday, from 10 a.m. to 5 p.m. Sunday and from 10 a.m. to 2 p.m. Monday.
Kirkwood Ski Swap: Takes place from 9 a.m. to noon Saturday at Kirkwood Mountain Resort. To reserve a table, call (209) 258-7386.
Critical Mass Bike Ride: This bike ride promotes sustainable transportation, and is open to anyone who enjoys riding bikes. It begins at 6 p.m. Friday in front of Millers Outpost at the "Y." For more information, call (530) 919-4136, or visit www.criticalmasstahoe.tk.
Tallac Tibetan Cultural Festival: Tibetan Lama Losang Samten will complete the sand mandala today in preparation for the closing ceremony on the last day of the festival Friday. During the day, he will tell stories, teach and explain the meaning of the Wheel of Life. Everyone, including children and groups, are encouraged to stop by. The festival runs from 11 a.m. to 5 p.m. Friday, with the sand mandala dismantling ceremony from 6 to 7:30 p.m. at the Tallac Historic Site. A $10 donation is suggested.
Arts and Crafts Festival: Takes place Friday through Monday at Horizon Casino Resort. For more information, visit www.horizoncasino.com.
Thin Air Chili Cook-Off: Takes place from noon to 4 p.m. Saturday at Kirkwood Mountain Resort. The festivities begin with live music, beer and wine tasting, followed by the chili tasting. The first-place winner will receive a $300 Kirkwood gift card. To register, e-mailabroadhurst@kirkwood.com, or call (209) 258-7386.
Animal Shelter Adopt-a-Thon: Looking for a new best friend? Head on over to the El Dorado County Animal Shelter at 1120 Shakori Drive from 9:30 a.m. to 4:30 p.m. Saturday.
Kirkwood Adventure Run: The Tahoe Mountain Milers and Sagebrush Stompers running clubs are sponsoring the 10K Adventure Run, a 5K road race and kids fun runs. One fun run is a mile, while the other is a half-mile. The event will help support the Kirkwood Volunteer Fire Department. The event takes place from 9 to 11 a.m. Saturday at Kirkwood Mountain Resort. To register, go to tahoemtnmilers.org, or arrive before 8:30 a.m. Saturday at the VIP lot.
Kiss rocks the city: If you didn't get tickets to Kiss on Saturday at Harveys Outdoor Arena, there's still plenty of music and entertainment to be had on the South Shore. Pick up Lake Tahoe Action to find out all the hot details.
Heavenly Village Sidewalk Sale with live Music: Friday through Monday. Check out performances by the Living Picture Show and Out of Order bands, among others, during the day while you shop.
Dorje Namjum purification ceremony: Tibetan Lama Losang Samten leads an ancient Tibetan ceremony ritual of healing and purification from 7 to 9 p.m. Sunday at the Valhalla Estate at The Tallac Historic Site. A $15 donation is recommended.
Downhill Mountain Bike Series: Saturday at Kirkwood Mountain Resort. Participants will enjoy barbecue, refreshments, music, prizes and awards. Each event series will have its own point system to determine overall grand prize winners. Registration is from noon to 1 p.m., practice runs are from 1 to 2:30 p.m., a race meeting is from 2:30 to 3 p.m., the downhill race is from 3 to 4 p.m., and awards will be given out at 4 p.m. Cost is $35 per event or $60 for both.
Multicultural Healing Festival: This festival is designed to promote and educate people on healing methods used by other cultures through presentations, workshops, films and concerts. It's part of the Valhalla Arts & Music Festival. It takes place Sunday through Sept. 6 at the Valhalla Estate at the Tallac Historic Site. For more information, call (530) 541-4975 or visit valhallatahoe.com.
Wednesday, August 27, 2008
A Prime Time To Purchase
With mortgage interest rates reaching historic lows once again, and real estate prices falling due to foreclosure fever, this could be the prime time to purchase residential property.
So, if you’re a first-time homebuyer, second-home buyer, or investor, please take note. For a whole host of reasons, various properties in Nevada and California are selling for prices below what we experienced 8 to 10 years ago.
You may ask, “What about financing?” Interest rates remain very low. The loan programs have evolved over the last year because of this foreclosure fever to tighter guidelines. A seasoned loan agent working for a mortgage company, or a loan consultant from your bank or credit union should be able to discuss current loan programs that fit for you and the guidelines that have to be met.
Also, your loan professional could take the process one step further by gathering your personal information and then determine what size loan you qualify for, what those monthly payments would be, and give you a letter of pre-qualification for your Realtor. If you don’t know a Realtor, your loan agent or loan consultant should be able to provide you with names and numbers.
The states of Nevada and California have foreclosures, short sales, bank-owned properties, builders with an oversupply and motivated sellers in record numbers. Maybe it’s time to flex your purchase muscles and make your real estate dreams come true.
So, if you’re a first-time homebuyer, second-home buyer, or investor, please take note. For a whole host of reasons, various properties in Nevada and California are selling for prices below what we experienced 8 to 10 years ago.
You may ask, “What about financing?” Interest rates remain very low. The loan programs have evolved over the last year because of this foreclosure fever to tighter guidelines. A seasoned loan agent working for a mortgage company, or a loan consultant from your bank or credit union should be able to discuss current loan programs that fit for you and the guidelines that have to be met.
Also, your loan professional could take the process one step further by gathering your personal information and then determine what size loan you qualify for, what those monthly payments would be, and give you a letter of pre-qualification for your Realtor. If you don’t know a Realtor, your loan agent or loan consultant should be able to provide you with names and numbers.
The states of Nevada and California have foreclosures, short sales, bank-owned properties, builders with an oversupply and motivated sellers in record numbers. Maybe it’s time to flex your purchase muscles and make your real estate dreams come true.
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