The Schaller Team
Displaying blog entries 451-460 of 623
VIEWS VIEWS VIEWS
Regretfully, the owner must sell this beautiful home at an unprecedented price. 82 Winding Creek Road is in Squaw Valley USA. Gorgeous Painted Rock views from almost every room. Appointed as you would expect a truly custom home to be. You are cordially invited to view this luxurious property at:
http://tahoehometours.com/tour.asp?tour=82windingcreekroad
Cyberhomes is an interesting new tool that seems to stack up at least as well as Zillow and perhaps better. It can be valuable in showing values of properties with surprising thoroughness. It will work best in established subdivisions that have close to the same types of homes in them. It has been found to be off base in areas where there are a mixture of standard homes and higher end homes since it does not allow for finish of the home, condition, nor, location to views. However, this is still helpful in assessing value in this turbulent market. You might try it and see what you think.
Cyberhomes recently announced a consumer report to help predict future real estate trends in a local market by analyzing key information such as credit information, loan repayment data, delinquencies and foreclosures. Using the proprietary data and analytics from LPS Applied Analytics, Cyberhomes Market Forecast is available for millions of properties and thousands of neighborhoods around the United States. Users can simply search for a property address or neighborhood on Cyberhomes. The report will show whether a market is expected to increase in value, decline in value or remain neutral over the next year, based on the data used.
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If all these homes weren't in foreclosure, where would property values be now? A new research paper from the Federal Housing Finance Agency (FHFA) attempts to quantify the effect of distressed home sales on average home prices. It concludes that foreclosures have worsened price declines, but not dramatically.
 FHFA calculated that sales of distressed properties magnified the price decline in California and other areas with high numbers of foreclosures by 5.4 percent since 2006. Taking that number into account, it figures that, on average, sale prices of homes in non-distressed areas have declined 36 percent since the market's peak. Source: The Washington Post, Elizabeth Razzi (05/28/2009) |
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First-time homebuyers will now have access to quick cash to help them with their downpayments.
Last week, the U.S. Department of Housing and Urban Development (HUD) announced that first-time homebuyers using FHA-approved lenders can now get an advance on the $8,000 tax credit created by the stimulus package and apply it toward their down payments or closing costs. As part of the stimulus package, Congress created a refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge. But buyers couldn't collect the $8,000 credit until tax time, rather than at closing time-when it's needed.  The delay created an obstacle to reigniting the housing market because most first-time buyers -- the ones who would buy much of the available inventory -- have only saved enough to cover 4% of the purchase price, according to the National Association of Realtors.
The mechanics of the new program, according to NAHB Economist Robert Dietz, allow lenders to purchase tax credits from the buyers and then collect the rebate from the IRS. Homebuyers must still come up with FHA's mandatory downpayment of 3.5% on their own, but they can use the tax credit to lower their principal balance and save on monthly payments. The initiative also authorized downpayment help programs already offered in Colorado, Missouri, New Jersey, Pennsylvania, Tennessee, Washington and other states. To quickly infuse cash into their housing markets, the housing finance authorities in these states created bridge loans to allow buyers to borrow against the $8,000 credit and then repay it with their tax refunds. Source: CNNMoney.com |
They weren’t. As countless studies have shown, those who took out ARMs in the mid-1980s and later were generally the beneficiaries of a long-term interest rate decline. They ended up paying far less month-by-month than many who took out fixed-rate loans.
Today, however, we have mot likely left behind that declining-rate trend. We don’t know where rates will go in the coming years, but we know increasingly that we should judge ARM programs differently today than we did in, say, 1992. Specifically, we need to look at our own plans for the future—most importantly, how long we expect to be in a home—when deciding whether to take on an ARM. Over the short term, many ARM programs will cost less than most fixed-rate loan programs. Further, we can expect new variations on ARM programs that better fit today’s economy and financial markets…though history has demonstrated the need to be careful.
Study loan programs carefully, judging them based on your own specific needs. View ARMs with a skeptical eye, perhaps—but don’t eliminate consideration of them. There are bound to be programs worth looking at. For assistance call Lil at 530-550-5007 and visit our web site at www.alltruckeehomes.com.
The Schaller Family Realtors® are Associates of Dickson Realty.
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The Federal Housing Finance Agency (FHFA) released a home price study recently, which confirmed continued declines in property values, but at a more modest pace than those cited by S&P/Case-Shiller.
FHFA's purchase-only Home Price Index (HPI) showed that in the first quarter of 2009, U.S. home prices fell 0.5 percent compared to the fourth quarter of last year. The agency reported that nationally, property values actually increased in January and February, but were offset by a decline in March. The first quarter depreciation of only half a percentage point is a much slower pace than the 3.3 percent decline reported for the prior quarterly period, FHFA said. Over the past year, the agency says prices have fallen 7.1 percent.
Source: DSNEWS.com |
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More than 90 percent of economists think the recession is nearing its end, but they don't expect the economy to soar anytime soon. Nearly 75 percent of economists, surveyed by the National Association for Business Economics, say that the recession will end in the third quarter. Another 19 percent think the turnaround will come in the fourth quarter. The rest are betting on the first quarter of 2010.
 Americans seem to believe that things are getting better too. The Conference Board's Consumer Confidence Index rose 14.1 points in May to 54.9, the second month in a row in which there has been an increase. Forecasters say that home sales will bottom out in the second quarter, an important stabilizing factor. Source: The Associated Press, Jeannine Aversa (05/27/2009) |
| Product | Interest Rate | APR |
| Conforming1 Loans | ||
| 40-Year Fixed | 6.750% | 6.954% |
| 30-Year Fixed | 5.250% | 5.466% |
| 20-Year Fixed | 5.375% | 5.669% |
| 15-Year Fixed | 4.750% | 5.115% |
| 5-Year ARM | 4.250% | 4.212% |
| Jumbo2 Loans – Amounts that exceed conforming loan limits1 | ||
| 30-Year Fixed | 6.375% | 6.525% |
| 5-Year ARM | 5.125% | 4.468% |
| FHA – loan limits vary by county. | ||
| 30-Year Fixed | 5.500% | 6.170% |
Truckee Day Neighborhood Street Cleanup and Town Wide Block Party
Saturday, June 6, 2009 ~ Clean up to begin at 8:00AM; Block Party at Truckee Regional Park from noon - 2:30PM. Free T-shirts and BBQ for event participants. To locate your check -in station and learn more about this great community pride event visit the Truckee Day website.
Free Yard Waste Drop-off Event
June 13, 2009 ~ 8:00 AM - 2:00 PM
Locations:
· Tahoe Donner Association Wood Yard (Located on a dirt road, under the transmission lines, between 12469 and 12605 Skislope Way)
· Truckee Rodeo Grounds
· Glenshire Clubhouse
· Donner Memorial Park
· Prosser Dam Rd & HWY 89 north.
Tahoe Truckee Sierra Disposal offers residents the opportunity to drop-off pine needles and vegetative waste for free recycling.
Displaying blog entries 451-460 of 623
