Real Estate Information

            1987 saw interest rates on home loans reaching 17%.  I know because I had one.  Loans then began bouncing around 11% for number of years and I can remember thinking, I guess we’ll never see good old 6% home loans again.

  Well folks, we have reached 3.625% for 30 year fixed FHA loans.  As soon as the economy starts to recover we will see mortgage rates start to climb again.  That is one of the signs of a healthy economy.

           Unfortunately many people can’t take advantage of these delicious rates since job loss, reduced income and difficulty qualifying has hindered their home buying efforts.  

           Todays rates are:   FHA – 30 yr fixed     4.250%

                                       FHA – 15 yr fixed     (3.625%)

                                        JUMBO      -  30 yr fixed      4.875%

                                        JUMBO       - 15 yr fixed    ( 3.625%)

           When we are in a long period of a negative economy, we humans stop thinking that things will ever get better.  My friends, now is the exact time to begin thinking positively and planning ahead.  When interest rates begin to rise again, you’ll be glad you did, sitting in your new home at the right price and with great loan terms 

 Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

Alltruckeehomes.com

          Looking at the homes on the market, we wonder, how is this thing going to turn around?  Insight can be gained by one question.  Where do I spend the bulk of my family dollar, at Costco, discount stores or, my corner grocery store?  It’s clear that the discount stores win.

          How does this habit of going to the place with the cheapest prices apply to the sale of homes?  When we make the largest purchase in our lives, we want to receive the most value for the least amount of money.  Enter the current depressed housing market.  With so many distressed homes on the market at 30% to 50% below the former market, values are in abundance with interest rates lower than they have ever been.  For the market to climb back to a semblance of its former self, the distressed properties will have to be sold.

           It is estimated that this will take at least 2 to 3 years.  Several other things will have  to happen as well.  Employment will have to increase appreciably. Home inventories will have to go down by selling the distressed properties and home loans will have to become easier to obtain.

           A ray of light coming from our vantage point is that the above requirements are beginning to emerge.  We hope when the stimulus package is withdrawn that the market will have enough momentum to continue growing on its own.

 Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

Alltruckeehomes.com     

          What in the world is a “Robo” signing lender?  Yet another term that has come out of the painful housing mess.   This term is used for lenders who have processed foreclosures without looking at the documents, but, in fact have notarized documents saying that the borrowers have looked at and approved the notarization without even being shown the documents.  This is clearly unlawful.  This occurrence is found to be rampant throughout the lending industry nationwide.

          The result of this discovery has put a crimp in the business of guaranteeing titles by title companies.   Most now will not close on a property until they receive documentation guaranteed by the lenders that the homes are free from this “Robo” signer problem.  A further glitch, until this is straightened out, is a slowing of escrow closings, since title companies are at risk by guaranteeing title to a property if a foreclosure turns out to be faulty.

Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

          The big Truckee Pumpkin party is slated for October 16^th 2010 from 10:00AM to 2:30 PM. at 11911 Donner Pass Rd.    It’s a big party for the kids and even Moms and Dads.   Admission is free with all proceeds going to Truckee Elementary School.   The real estate agents of Dickson Realty Truckee are the sponsors for the pumpkins so, come and pick out the spookiest potentiaEd ones you can find. 

          Included in the fun will be a petting zoo, pony rides, haunted house, carnival games and food.  Ride tickets will be sold on school grounds for $1.00 each.  Again, all proceeds go to Truckee Elementary School.  Further information at 530-448-6084.

 Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

Alltruckeehomes.com

          The Texas Attorney General has asked 27 lending companies to suspend foreclosures until they can verify that the lenders have structured their foreclosures adhering to the laws of Texas.  The AG is requesting until at least October 15, 2010 for this information to be presented.

           The Attorney General has asked the companies to identify agents that may have participated in unlawful practices.  These practices include signing thousands of documents a month without reading them; falsely claiming personal knowledge of  facts or claiming the signing party reviewed the documents and notarizing the documents without the signing party being present.

           It appears that this mess is not going to be unraveled easily or for a long time, during which time the foreclosure part of the housing dilemma will be thrown into chaos.    Stay tuned.

Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

Alltruckeehomes.com

          Bank of America has just gone on record stating that they would stop further foreclosures until they have had a chance to review  the foreclosures that they have already foreclosed upon.   This decision has been made because it has come to their attention that some 9,000 foreclosures had not been individually reviewed before foreclosure proceeding began.   The reason given was that the shear volume of foreclosures did not allow time for review.

          As this Bank of America decision was made, JP Morgan Chase and GMAC have followed suit.  While it is clear that many homeowners will benefit from these collective decisions it is likely that those lenders not as yet heard from will follow suit.  Thus far only 23 states  have been included in this process but, it is expected that all 50 states will be on board shortly.

           Democratic and Republican politicians, as you might guess, only weeks away from a critical election, are jumping on the band wagon.  

           For every great thing that comes down the pipe there is always a,  “wish I’d have thought of that before” side.   While this information is only hours old,  it will be top news.  I’ll be interested to see which politicians are able to stay on the wagon and which ones get thrown off.   More to follow as more things become clear.

 Don Schaller

Broker Owner

Schaller Family Realtors

Dickson realty Truckee

Alltruckeehomes.com

          Truckee has dominated high school football for years but, I often wonder how they are consistently beating some much larger schools from the Reno area with larger student bodies to choose from in a AAA league.

           Besides grit and determination, which the mountain environment seems to encourage, as winter nears, some games need to be  played in early snow which also includes practices.   But I think the one thing that gives the Truckee young men a hand up is that Truckee is located very close to 6,500 feet in elevation while their competition is close to 5,000 feet.   Anyone who has come up to Truckee from the valley and begins to exercise knows what it’s like to run out of breath.  Athletes demand even more from their lungs and bodies than the average visitor.

           I think the elevation of Truckee plays an important  part in helping Truckee come out on the top of scores.   It also helps when the Truckee  teams visit the lower elevation, which no doubt  gives a lift on that end as well.

           Go Truckee Wolverines !!!!!!!!

 Don Schaller

Broker Owner

Schaller family Realtors

Dickson Realty Truckee

Alltruckeehomes.com

Sunday October 17, 2010

       Truckee rests on the bank’s of the Truckee River which draws its clear, cold water from the depths of Lake Tahoe, finds its way down the river canyon as it  has for millions of years,  nourishes the town of Reno and continues on to its culmination at what remains of the ancient Lahontan Inland Sea at Pyramid Lake.

Like so many things of value, the Truckee River has its’ day each year where concerned citizens come together to work on projects such as restoring meadows, planting native plants and maintaining trails to improve water quality.   Truckee River Day is for volunteers of all ages.

           For further information, and to sign up call 530-550-8760.

  Leaders and jobs to be done will be assigned.  9:00 AM for all day projects and 11:00 AM for ½ day projects.

 Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

Alltruckeehomes.com

                             Every year about this time, we, in the snow country begin looking at the Weather Channel.  Do we have to turn off the irrigation now and winterize our homes, or, can we get by for another week?

          Hard won experience says, don’t wait!   It’s much easier to turn off the water than to repair broken pipes.

           The aspens are all turning their beautiful oranges and reds, signaling  the beginning of winters long sleep.   Rain has fallen for several days now but, thus far now white.

           We in the mountains wonder, is this the year that Truckee will challenge North Dakota for the coldest place in the US?   Hope not!

Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

Alltruckeehomes.com

         Every time I go to an airport I see a number of service people in desert camouflage uniforms.  My heart goes out to them, recognizing that we are sending the cream of our youth into harms way.

          Fannie Mae has started an initiative which helps service people struggling with their mortgages to avoid foreclosures.  The  bill also helps those injured service people  with mortgage forbearance for up to 6 months.  The number to get more information on this program is 877-mil-4566.

           While the mortgage forbearance program certainly helps, it is hardly a program that helps an injured service person  with long term solutions since many of these men and women have long term injuries and this is only the beginning of the road to recovery.

 Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

Alltruckeehomes.com