The Schaller Family's Bloghttp://www.truckeehomefinder.com/blogTruckee CA real estate market news provided by Dickson RealtyMon, 22 Feb 2010 08:55:00 GMTFederal program to encourage short sales 

    Beginning April 5, the Obama administration will encourage delinquent borrowers to avoid foreclosure and instead give up their homes in short sales by streamlining the process.  The program will offer cash payment to the homeowner, as well as to the servicer and second-lien holder; and protect borrowers from future lender lawsuits for the unpaid mortgage balance.  To curtail fraud, lenders will have to consult real estate practitioners to assess home value and minimum acceptable offer; they then must accept any offer that is equal to or higher than that.
 

 

WHEN THINGS GO SMOOTHLY, most real estate agents will do.  When things go awry, happiness is having The Schaller Family backing you.     http://www.truckeehomefinder.com

]]>http://www.truckeehomefinder.com/Blog/Federal-program-to-encourage-short-saleshttp://www.truckeehomefinder.com/Blog/Federal-program-to-encourage-short-salesTue, 09 Mar 2010 00:00:00 GMTThe Short Sale Process!A discussion on the short sale process. Your comments are always appreciated.

Kane Schaller
kane@schallers.net
530-550-5009

]]>http://www.truckeehomefinder.com/Blog/The-Short-Sale-Processhttp://www.truckeehomefinder.com/Blog/The-Short-Sale-ProcessMon, 08 Mar 2010 10:28:00 GMTOut of the snow into the sunTrading the 6 month of snow and ice and white, white, white  for sun is good for the soul.  To breath flowers, lawn and citrus and maybe play a little golf let's us know that yes, there is a spring time coming.  If it's baseball you cherish, spring training is only a half hour away.   You are courduly invited to visit the get-a-way at:

http://tahoehometours.com/tour.asp?tour=2006WPeninsula

]]>http://www.truckeehomefinder.com/Blog/Out-of-the-snow-into-the-sunhttp://www.truckeehomefinder.com/Blog/Out-of-the-snow-into-the-sunMon, 08 Mar 2010 00:00:00 GMTBeige Book reports economy is improving
The Federal Reserve's Beige Book survey of national economic conditions reported that the economy is improving.  Bad weather was blamed for slow home sales and construction in New York, Philadelphia, and Atlanta. The Fed also reported sluggish lending with banks still cautious and borrowers reluctant to take out big loans.
 
Home and condo sales were up in Boston, Cleveland Kansas City, Dallas, and San Francisco.
 
Source: Associated Press, Jeannine Aversa (03/03/2010)
EXPERIENCE  -  IT TAKES YEARS TO GAIN.  55 collective years selling Tahoe Donner homes, the Schaller Family has that experience.    truckeehomefinder.com
]]>http://www.truckeehomefinder.com/Blog/Beige-Book-reports-economy-is-improvinghttp://www.truckeehomefinder.com/Blog/Beige-Book-reports-economy-is-improvingMon, 08 Mar 2010 00:00:00 GMTWhy Tahoe Donner Is A Great Buy!Some thoughts on why Tahoe Donner is such a great buy in the Truckee area. Your comments are always appreciated.

Kane Schaller
kane@schallers.net
530-550-5009

]]>http://www.truckeehomefinder.com/Blog/Why-Tahoe-Donner-Is-A-Great-Buyhttp://www.truckeehomefinder.com/Blog/Why-Tahoe-Donner-Is-A-Great-BuyFri, 05 Mar 2010 09:23:00 GMTAdministration considers foreclosure ban      President Obama and his administration are floating an idea to prohibit lenders from foreclosing on a home unless the borrower has been considered for the government's Home Affordable Modification Program (HAMP).  The proposal would require servicers to initiate contact with all borrowers who are 60 or more days behind on their mortgage payments and offer them access to the federal modification program. Only after the homeowner has been screened under the HAMP guidelines and it is determined that the loan cannot be saved, could foreclosure proceedings commence. The proposal would also halt any foreclosures already in process once a borrower has been accepted into the trial phase of the program.


    The proposal was reviewed by lenders last week on a White House conference call and "prohibits referral to foreclosure until the borrower is evaluated and found ineligible for HAMP or reasonable contact efforts have failed," Bloomberg News reported, citing a Treasury Department document outlining the plan.  A Treasury spokesperson confirmed that a foreclosure ban is under consideration, but stressed that it is one of many ideas on the table and has not been approved yet.

]]>http://www.truckeehomefinder.com/Blog/Administration-considers-foreclosure-banhttp://www.truckeehomefinder.com/Blog/Administration-considers-foreclosure-banFri, 05 Mar 2010 00:00:00 GMTToday's mortgage rates      

 

Larger Loan Amounts in Eligible Areas. In federally designated metropolitan areas, qualified customers may be able to borrow up to $729,750 on conforming or FHA loans without paying the typical higher interest rates on jumbo loan amounts. Contact a local home mortgage specialist to determine your eligibility for a larger loan amount.1
The table below displays current interest rates for several common loan types for the purchase of a single family primary residence. Many other options are available. Refinance rates may vary from purchase rates. For additional information on our refinance rates, use our Calculate Rates & Payments Tool or contact us.
as of 03/04/2010 12:00 PM Eastern
ProductInterest RateAPR
Conforming 1and FHA Loans
30-Year Fixed 4.875% 5.065%
30-Year Fixed FHA 5.125% 5.850%
15-Year Fixed 4.250% 4.573%
5-Year ARM 3.750% 3.519%
5-Year ARM FHA 3.750% 3.342%
Larger Loan Amounts in Eligible Areas – Conforming and FHA.1
30-Year Fixed 5.000% 5.138%
30-Year Fixed FHA 5.125% 5.794%
5-Year ARM 4.000% 3.561%
Jumbo1 Loans – Amounts that exceed conforming loan limits1
30-Year Fixed 5.500% 5.643%
5-Year ARM 5.000% 3.930%

WHEN THINGS GO SMOOTHLY, most real estate agents will do.  When things go awry, peace of mind is having The Schaller Family backing you.     truckeehomefinder.com 

 

 

 

 

]]>http://www.truckeehomefinder.com/Blog/Todays-mortgage-rates-9http://www.truckeehomefinder.com/Blog/Todays-mortgage-rates-9Thu, 04 Mar 2010 00:00:00 GMT100% Financing is Available!A brief discussion on the availability of 100% financing when purchasing a home. Your comments are always appreciated.

Kane Schaller

kane@schallers.net

530-550-5009

]]>http://www.truckeehomefinder.com/Blog/100-Financing-is-Availablehttp://www.truckeehomefinder.com/Blog/100-Financing-is-AvailableWed, 03 Mar 2010 14:33:00 GMTBuffett says U.S. housing will recover by 2011 on lower supply      Billionaire Warren Buffett said the U.S. residential real estate slump would end by about 2011, predicting that's how long it will take demand for homes to catch up with the supply.  "Within a year or so, residential housing problems should largely be behind us," Buffett wrote Feb. 27 in his annual letter to shareholders of his Berkshire Hathaway Inc. "Prices will remain far below 'bubble' levels, of course, but for every seller or lender hurt by this there will be a buyer who benefits."
                                         


     The worst housing decline since the Great Depression has left one in five U.S. mortgage holders owing more than their houses are worth. Record foreclosures last year flooded a real estate market already glutted with unsold property, causing new construction to fall to the lowest in at least 50 years. The fall in homebuilding is the only fix unless the U.S. decides to "blow up a lot of houses," Buffett joked.  "People thought it was good news a few years back when housing starts -- the supply side of the picture -- were running about two million annually," said Buffett, the chairman and chief executive officer of Omaha, Nebraska-based Berkshire. "But household formations -- the demand side -- only amounted to about 1.2 million."

 

    EXPERIENCE  -  IT TAKES YEARS TO GAIN.  55 collective years selling Tahoe Donner homes, the Schaller Family has that experience.    truckeehomefinder.com

 

 


 

]]>http://www.truckeehomefinder.com/Blog/Buffett-says-US-housing-will-recover-by-2011-on-lower-supplyhttp://www.truckeehomefinder.com/Blog/Buffett-says-US-housing-will-recover-by-2011-on-lower-supplyWed, 03 Mar 2010 00:00:00 GMTResidential construction spending improves in January                 

Total Construction spending during January 2010 was estimated at a seasonally adjusted annual rate of $884.1 billion, 0.6 percent below the revised December estimate of $889.6 billion. The January figure is 9.3 percent below the January 2009 estimate of $974.3 billion. Spending has declined in 21 of the last 25 months. This is the third straight month of contraction and the lowest level since June 2003.
 
Source: CNNMoney.com

A NEEDLE IN A HAYSTACK?  Not really.  The Schaller’s find those special homes every day.  truckeehomefinder.com  

]]>http://www.truckeehomefinder.com/Blog/Residential-construction-spending-improves-in-Januaryhttp://www.truckeehomefinder.com/Blog/Residential-construction-spending-improves-in-JanuaryTue, 02 Mar 2010 00:00:00 GMTFurther Things That May Affect Your Home's Value!A further discussion on more things that may affect the value of your home. Comments are always appreciated!

Kane Schaller

Kane@schallers.net

530-550-5009

]]>http://www.truckeehomefinder.com/Blog/Further-Things-That-May-Affect-Your-Homes-Valuehttp://www.truckeehomefinder.com/Blog/Further-Things-That-May-Affect-Your-Homes-ValueMon, 01 Mar 2010 00:00:00 GMTInterest rates to remain low                       

     Investors breathed a sigh of relief Wednesday when Federal Reserve Chair Ben Bernanke told Congress that interest rates are likely to remain low for an extended period. The economy, he said, "still requires support for recovery."  Investors see these low rates as a boon to a recovery of employment and business.  Bernanke's announcement also took the edge off the news Wednesday that housing sales hit a new low in January.  "Even though nothing he said was particularly new, it was just enough to calm the ruffled feathers that were out there," said Jim McDonald, chief investment strategist at Northern Trust in Chicago.

 WHEN THINGS GO SMOOTHLY, most real estate agents will do.  When things go awry, happiness is having The Schaller Family backing you.     truckeehomefinder.com 

]]>http://www.truckeehomefinder.com/Blog/Interest-rates-to-remain-lowhttp://www.truckeehomefinder.com/Blog/Interest-rates-to-remain-lowMon, 01 Mar 2010 00:00:00 GMTHome prices projected to fallDespite signs that the real estate market might be lurching forward, prices are expected to fall further this year and next.  The average home price in the United States will fall by about 6% by September 2011, according to a joint report between Fiserv and Moody's Economy.com. And that's after plunging more than 27% in the past three years.  Most of the projected home price decline will occur during the usually slow summer months of 2010.
 
After that, prices should begin to stabilize, according to Fiserv, and stay almost flat through fall of 2011.  The main reason for continued decline, according to Mark Zandi, economist and co-founder of Economy.com, is foreclosures -- the same thing that's plagued markets for the past three years.  "Foreclosure sales will pick up this spring as mortgage servicers figure out who can qualify for a modification and who can't," said Zandi.
 
The end of two federal programs, which have been propping up markets, will also tamp down prices.  The Federal Reserve has been purchasing mortgage-backed securities since early 2009, scooping up as much as $1.25 trillion worth. That has dampened rate increases by providing a ready market for the securities. But the Fed's program lapses on March 31, when it cedes the playing field to private investors, who will almost surely demand higher rates.  Any resulting rise in rates will cause some buyers to withdraw from the market and others to look for lower priced homes. Either way, demand for homes drops and so do prices.
 
A month after the Fed bows out of the mortgage-buying market, the homebuyer tax credit will start to expire.  In a broader sense, home prices are ultimately decided by employment. "If [the job market] improvement is stronger than expected, prices will get better. If it's weaker than expected, prices will be worse," Zandi said.
 

]]>http://www.truckeehomefinder.com/Blog/Home-prices-projected-to-fallhttp://www.truckeehomefinder.com/Blog/Home-prices-projected-to-fallSat, 27 Feb 2010 00:00:00 GMTThings That Affect Your Home's ValueA discussion on things that affect the value of your home when you are trying to sell. Your comments are always appreciated.

Kane Schaller

kane@schallers.net

530-550-5009

]]>http://www.truckeehomefinder.com/Blog/Things-That-Affect-Your-Homes-Valuehttp://www.truckeehomefinder.com/Blog/Things-That-Affect-Your-Homes-ValueFri, 26 Feb 2010 10:37:00 GMTCalifornia tops mortgage fraud risk index for Q4/09     This article appeared in Real Trends regarding the growth in mortgage fraud particularly in California.  I thought I’d pass this along to my readers for their awareness.   It seems that when the economy gets bad, we also have emerging fraud to contend with as well.

    Interthinx's quarterly Mortgage Fraud Risk Report indicates that most fraud types are on the rise, with increases in the risk index for occupancy fraud, employment/income fraud, and property valuation. The latter is up more than 100 percent from two years ago.
Major findings include the following:
· California has the highest mortgage fraud risk. Nevada, which had the highest index for the previous five consecutive quarters, drops to second place and is closely followed by Arizona. Florida remains in fourth place and Colorado is in fifth place. 
    The occupancy fraud risk index rose 16 percent since last quarter - the first significant increase in the index since Q4 2006. The magnitude of the quarter-on-quarter increase suggests that occupancy fraud risk will be a serious issue going forward, as continuing price declines and get-rich-quick schemes lure investors back into the market and as builders face continuing difficulty in moving unsold inventory.
       Despite a slight (4 percent) quarter-on-quarter decrease, the property valuation fraud risk index is up 40 percent over last year and up more than 100 percent from two years ago. Schemes involving short sales, REO inventories, wholesale flipping, and refinancing by borrowers whose equity has been impaired by falling real estate values continue to drive this index.

Don Schaller
Broker/Owner
Schaller Family Realtors
Dickson Realty, Truckee
dschaller@suddenlink.net

WE WELCOME YOUR REAL ESTATE PROBLEMS with enthusiasm.    The Schaller Family Realtors truckeehomefinder.com   Since 1987

 

 

]]>http://www.truckeehomefinder.com/Blog/California-tops-mortgage-fraud-risk-index-for-Q409-3http://www.truckeehomefinder.com/Blog/California-tops-mortgage-fraud-risk-index-for-Q409-3Fri, 26 Feb 2010 00:00:00 GMTToday's home loan rates

Larger Loan Amounts in Eligible Areas. In federally designated metropolitan areas, qualified customers may be able to borrow up to $729,750 on conforming or FHA loans without paying the typical higher interest rates on jumbo loan amounts. Contact a local home mortgage specialist to determine your eligibility for a larger loan amount.1
The table below displays current interest rates for several common loan types for the purchase of a single family primary residence. Many other options are available. Refinance rates may vary from purchase rates. For additional information on our refinance rates, use our Calculate Rates & Payments Tool or contact us.
as of 02/25/2010 03:00 PM Eastern
ProductInterest RateAPR
Conforming 1and FHA Loans
30-Year Fixed 4.875% 5.065%
30-Year Fixed FHA 5.125% 5.850%
15-Year Fixed 4.250% 4.573%
5-Year ARM 3.750% 3.519%
5-Year ARM FHA 3.625% 3.284%
Larger Loan Amounts in Eligible Areas – Conforming and FHA.1
30-Year Fixed 5.125% 5.264%
30-Year Fixed FHA 5.250% 5.924%
5-Year ARM 4.125% 3.606%
Jumbo1 Loans – Amounts that exceed conforming loan limits1
30-Year Fixed 5.500% 5.643%
5-Year ARM 5.000% 3.930%

TRUST -  Years to gain but,  moments to loose.  The Schaller Family Realtors, earning trust one client at a time.  truckeehomefinder.com

 
]]>http://www.truckeehomefinder.com/Blog/Todays-home-loan-rates-2http://www.truckeehomefinder.com/Blog/Todays-home-loan-rates-2Thu, 25 Feb 2010 00:00:00 GMTFinding the Right Price for Your HomeA discussion on finding the price for your home. Your comments are always appreciated!

Kane Schaller

kane@schallers.net

530-550-5009

]]>http://www.truckeehomefinder.com/Blog/Finding-the-Right-Price-for-Your-Homehttp://www.truckeehomefinder.com/Blog/Finding-the-Right-Price-for-Your-HomeWed, 24 Feb 2010 10:07:00 GMTObama pledges $1.5B for unemployed and underwater homeowners     The administration announced a new initiative to help the nation's hardest hit housing markets. President Obama has allocated $1.5 billion in aid for states where unemployment is high and home prices have fallen more than 20 percent in the aftermath of the housing bubble.

 
    The president is setting up an "innovation fund" for state housing agencies to develop assistance programs for underwater, as well as unemployed homeowners in their communities. There will be a formula for allocating funding among eligible states based on home price declines and unemployment rates.
 
    According to House Speaker Nancy Pelosi, the money will go to support homeowners in California, Nevada, Arizona, Florida, and Michigan.  The Treasury must approve each Housing Finance Agency's (HFA) program design, which can include direct assistance for the unemployed and borrowers who owe more than their home is worth, as well as programs that address the challenges of second liens.  The Treasury is expected to announce maximum state level allocations in the next two weeks, along with rules governing the submission of program designs by HFAs.

Don Schaller
Broker/Owner
Schaller Family Realtors
Dickson Realty, Truckee
dschaller@suddenlink.net

EXPERIENCE  -  IT TAKES YEARS TO GAIN.  55 collective years selling Tahoe Donner homes, the Schaller Family has experience.    truckeehomefinder.com

 

 

]]>http://www.truckeehomefinder.com/Blog/Obama-pledges-15B-for-unemployed-and-underwater-homeownershttp://www.truckeehomefinder.com/Blog/Obama-pledges-15B-for-unemployed-and-underwater-homeownersWed, 24 Feb 2010 00:00:00 GMTBuilder confidence improves in February        The following information has to do with national reports for the building trade.  The situation in the Lake Tahoe, Truckee and Tahoe Donner region are not showing the same results.  Historically the trends found in the national reports follows with a year or 2 time lag in the Lake Tahoe/Truckee markets. 
      We are finding that builders in the mountain markets are concerned about their ability to sell their homes  with the high inventory of newer homes presently on the market.   As a result, they are postponing building until a more favorable market presents itself.   Buyers are finding that they can purchase homes cheaper than they can be build, thus bypassing the building process.
                           

     Builder confidence in the market for newly built, single-family homes rose two points to 17 in February as favorable home buying conditions and signs of healing in the job market helped boost the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).  Derived from a monthly survey, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months.

     The HMI for February gained two points to 17, its highest level since November of 2009, with two out of three of its component indexes also rising. The component gauging current sales conditions rose two points to 17, while the component gauging sales expectations in the next six months rose a single point to 27. Meanwhile, the component gauging traffic of prospective buyers remained flat, at 12.  Regionally, February's HMI results were mixed. While the Midwest and South each registered two-point gains, to 13 and 19, respectively, the Northeast and West each registered one-point declines, to 19 and 14, respectively.

     Don Schaller
     Broker/ Owner
     Schaller Family Realtors
     Dickson Realty, Truckee
     truckeehomefinder.com
THINGS GO WRONG daily in real estate transactions.  The Schaller’s specialize in fixing those nasty little critters.  57 collective years selling Tahoe Donner homes. truckeehomefinder.com  
]]>http://www.truckeehomefinder.com/Blog/Builder-confidence-improves-in-Februaryhttp://www.truckeehomefinder.com/Blog/Builder-confidence-improves-in-FebruaryTue, 23 Feb 2010 00:00:00 GMTPricing StragetiesSome thoughts on setting a price to sell your home. Your comments are always appreciated.

Kane Schaller

kane@schallers.net

530-550-5009

]]>http://www.truckeehomefinder.com/Blog/Pricing-Stragetieshttp://www.truckeehomefinder.com/Blog/Pricing-StragetiesMon, 22 Feb 2010 08:55:00 GMT