Real Estate Information

              With the strengthening Canadian economy and the favorable exchange rate for the Canadian dollar, Canadians are beginning to buy U.S. properties.   It has always been the case that our upstairs neighbors are finding places to move out of the frigid winter weather.   Arizona’s Maricopa County near Phoenix has boasted that 4% of their home sales have been to Canadians. The Arizona market has experienced a 50% loss in home values since the downturn began.

           While Arizona has experienced activity from our Northern borders, California has also experienced its share of home purchases from Canada.  This activity has mostly been focused in our southern areas such as Palm Springs and other desert areas.    

Don Schaller

Broker/Owner

Schaller Family Realtors

Dickson Realty, Truckee

alltruckeehomes.com

    Almost one-third (31%) of independent landlords plan to buy additional rental property by the end of 2012, according to a survey by The National Association of Independent Landlords. The top reason, cited by 68% of those planning a purchase, is that current prices make rental real estate a good investment. Other reasons include pricing low enough to allow them to buy a retirement home (8%) or a vacation home (8%) that can be rented out to earn additional income until needed.

         I think there has never been home mortgage rates as low as this in most of our lifetimes and we probably won’t see it in the future..   The new low, nation wide average is 4.36%,  This is for conventional 30 year fixed loans.  This is down from 4.42 only last week.  Last year at this time the rates were 5.14%.  

           Folks, if you were thinking about refinancing, think no further.  Don’t be the ones looking back a year or two from now and say, “I wish I would have”.

Don Schaller

Broker/Owner

Schaller Family Realtors

Dickson Realty

         Curiously the entities that have been at the bottom of the bail out scheme, and the players that have been most reluctant to step up and lend a hand in the problem loan area, have finally decided to lend a hand. Banks.

           As in most business decisions banks have decided that it is in their best interest to work with underwater home owners, than to foreclose.  So they’ve ramped up the number of loan modifications they’re handing out to their delinquent clients.  Banks are doing nearly twice as many loan modifications under their own foreclosure prevention initiatives than the Obama Administration. Are the banks discovering a heart within the hallowed walls?  No, it’s just about money, but every little bit helps.

Don Schaller
Broker/Owner
Schaller Family Realtors
Dickson Realty, Truckee
alltruckeehomes.com

      Nationwide housing starts inched up 1.7 percent to a seasonally adjusted annual rate of 546,000 units in July from a downwardly revised figure in the previous month, according to U.S. Commerce Department figures released today. The gain occurred entirely on the multi-family side, with single-family housing production falling 4.2 percent to 432,000 units.

       The entire 1.7 percent gain in housing production this July was due to a 32.6 percent jump on the more volatile multi-family side, which brought that sector back closer to trend at an 114,000-unit rate following a major dip in the previous month. Meanwhile, single-family housing production declined 4.2 percent to a seasonally adjusted annual rate of 432,000 units, its lowest mark since May of 2009. 

Don Schaller
Broker/Owner
Schaller Family Realtors
Dickson Realty, Truckee
alltruckeehomes.com

           The commercial real estate market has been one of the most neglected and least talked about parts of the recovery.  However, many commercial buildings have been lost in the last 3 years due to lack of funding for commercial loans that have come due.   This has been the other shoe that has been threatening to fall.

          Wells Fargo has just announced that it intends to be a leader in the resurgence of commercial lending which it sees as a growing market.  Since its’ acquisition of Wachovia, which held the number one position as a commercial lender, no one has stepped up to the plate in that category.

           Historically, when one lender steps out with a new approach to an existing problem, others not wanting to be left behind, begin to follow suit.  Hopefully the Wells move will begin to solve the commercial lending problem that has plagued the economy for  a long time.

 Don Schaller

Broker/Owner

Schaller Family Realtors

Dickson Realty, Truckee

alltruckeehomes.com

     Many Americans do still maintain a core belief in the inherent value of owning a home. 72 percent of American adults still believe home ownership is part of their personal American dream.  While this is a decline from 77 percent of adults six months ago, the result shows that the American Dream of home ownership is still alive, according to Trulia.com and its recent American Dream survey on attitudes toward home ownership. 
 

    Government and industry experts agree: consumer interest in buying homes is an essential element of a healthy real estate market. However, 27 percent of renters indicated that they do not plan to buy a home-ever. Of those renters who do plan to buy, 68 percent said it would be more than two years before they do. This reluctance to buy could potentially drag out the real estate market's recovery timeline further than many have predicted.
 
     This was not the only way in which American attitudes toward homeownership have changed; nearly one in five Americans (19 percent) stated that their attitude toward homeownership has grown more negative over the last six months. However, more Americans, 23 percent, said that their attitude toward owning a home has grown more positive in the same time frame.
 
     Americans are veering away from the "McMansions" that had grown popular before the recession. Those American adults for whom home ownership is part of the American Dream displayed a preference for smaller homes, with only 9 percent saying their ideal home size is more than 3,200 square feet- the same number who said they'd like their home to be between 800 and 1,400 square feet. 

alltruckeehomes.com
 

     Many Americans do still maintain a core belief in the inherent value of owning a home. 72 percent of American adults still believe home ownership is part of their personal American dream.  While this is a decline from 77 percent of adults six months ago, the result shows that the American Dream of home ownership is still alive, according to Trulia.com and its recent American Dream survey on attitudes toward home ownership.

          West Shore Café closed, since the summer of 2009, will open soon.   Newly purchased by JMA Ventures, the owners of Homewood Ski Resort and Alpine Meadows Ski Resort plan to have the popular restaurant open for the Labor Day weekend September 4-6.

          The West Shore Café, a lakefront inn and café that rests across from the Homewood Ski Resort to the resort, was hailed by Art Chapman , chairman of JMA Ventures as a purchase which would not only stimulate the Lake Tahoe economy, but would also reflect the company’s commitment to revitalizing theWest Shore.

           The restaurant is expected to supply new employment opportunity to the West Shore.  David Tirman, JMA Ventures executive vice president, said, “while it is a little early to tell how many people would be employed at the  restaurant, the original café employed between 30 and 40 part time and full time employees”.  The West Shore Café will be open  from 11:00 a.m. to 8 p.m. September 4-6 with live music from 12:30 to 3:30 p.m. on each of these days.

Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

alltruckeehomes.com