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

       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

          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

    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
 

          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

    "Softness in the summer months will be followed by firming conditions and momentum as the year unfolds and the economy strengthens," says Robert Denk, an economist for the National Association of Home Builders.

     However, analysts at Moody's Analytics say that the possibility of double-dip recession and another 20 percent decline in home prices has risen to about 25 percent.

Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

alltruckeehomes.com

  Most professional people looking at this program think that lenders can’t be forced to make a loan by reducing the home value by 25%.  Could it be that the politicians in Washington are trying to garner points even if their bills are not founded on sound judgments, as a forerunner to a tough presidential election?

           I don’t know about you but, I’m getting tired of ill thought out ideas that are costing a lot of money that we and our grandchildren will be saddled with for generations.

 Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

Alltruckeehomes.com

In the second quarter, 100 out of 155 metropolitan statistical areas (MSAs) had higher median existing single-family home prices in comparison with the second quarter of 2009, including 14 with double-digit increases; two were unchanged and 53 metros showed price declines. In the first quarter of this year 91 areas had higher prices, while only 26 MSAs experienced annual price gains in second quarter of 2009.

alltruckeehomes.com

          I encourage us all to remember our tenuous grip on this thing called life, as time is never negotiable, and to take the time to look into the eyes of our mates and friends, often, and say from the heart, I love you.  Namaste

Don Schaller

alltruckeehomes.com

The bulk of the spreading occurs from pleasure boats that go from lakes to rivers to steams where they collect the larva and transfer it to the boats next destination.  The northeastern U.S. is now infected to the point where it is arguably impossible to irradiate the threat.  The river systems of the east as well as feeder streams have thus been infected.

           The West Coast was thought to be protected due to various nutrients in the water but, such was not the case.  The Colorado River system has been infected to the extent that it seems impossible to repair. 

           The damage that organisms do is clog all pipes under the water.  Cover the floor of the water ways up to a foot with clams and mussels and cover anything that is on the bottom and ruining boat  motors along the way.  The menace destroys all natural fauna and indigenous aquatic  organisms. 

            On an approximate 3 year cycle, a great die off occurs which finds a one foot deep pile of sharp shells that are so sharp that shoes have to be worn to avoid cutting bare feet. Thus ruining beaches as a place for guests.  Probably the most objectionable feature, however, is the accompanying stench.   It is not difficult to understand what this situation does to summer vacation resorts.

           California is just now recognizing the effects of this threat.  Probably the most difficult  challenge to overcome, is the publics lack of knowledge of the critical problem and its future implications on our California water systems and the environmental health of communities.  These organisms have found their way into the sacred of sacreds, Lake Tahoe, as well as Donner Lake.  In these newly identified areas it is not clear the extent of the contamination as divers must go down and physically inspect the bottom to determine the extent of the infestation.  These inspections are planned for the fall months in The Lake Tahoe, Truckee area 2010.

           Up until now there is no known eradication method that has proved effective. One method that seems to work on clams in Lake Tahoe has been to put a quarter acre rubber mat on the floor of the lake in infected areas for 2 or 3 months.  This procedure deprives the clams of oxygen thus eliminating the organisms.  This is a new process that is just now being tried.  If it is successful, then the process will be expanded.  However this process does not seem to work on mussels.  Many scientist from UNR Nevada, UC Davis, Cal Berkley and other institutions  are working on the problem.

           The best protection so far is to inspect boats and trailers before launch in the various lakes in the Tahoe, Truckee area.  7 inspectors have been employed thus far for this purpose.   Some lakes, mostly in Southern California, have been closed to boating  altogether including some in the San Francisco Bay Area.  Boats from out of state have been banned  altogether from  lakes. 

           The only effective method of assuring that boats and equipment are free of the mussels and clams is to wash everything with 140 degree water after use.

           More information can be gotten by contacting two newly formed  organizations dedicated to controlling these pests in our mountain lakes and streams.   They are, ZAP THE ZEBERA 1-877-786-7267 and 1-866-440-9530 and, http://www.dfg.ca.gov/invasives/quaggamussel ( State Department of Fish and Game)

Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

alltruckeehomes.com

     Construction spending in the U.S. unexpectedly increased in June, boosted by gains in government programs that made up for declines in private residential and commercial projects.  The 0.1 percent increase in outlays followed a revised 1 percent drop in May that was larger than previously estimated, figures from the Commerce Department showed today in Washington. Homebuilding and sales are falling after the expiration of a government tax credit that boosted builder sentiment and brought starts to the highest level in more than a year in April. Demand will now depend on the state of the labor market and foreclosures.
 
Economists forecast construction spending would decline 0.5 percent, according to the median of 52 projections in a Bloomberg News survey. Estimates ranged from a drop of 2.1 percent to a 0.5 percent gain. Construction spending decreased 7.9 percent in the 12 months ended in June.

 
   Also, the House Financial Services Committee approved H.R.4868, the Housing Preservation and Tenant Protection Act of 2010, which aims to stem the loss of affordable rental housing units and prevent the displacement of low-income tenants.
 
    The Rural Housing program had run through its $13.1 billion funding by early this year and many buyers hoping to finance home purchases using Homebuyer Tax Credits were unable to close their loans. Depleted funding has been a nearly annual occurrence for the program that guarantees loans for single-family homes in designated exurban and rural areas. The new legislation will end the annual uncertainty by putting the program on a self-funding basis through enacting a 3.5 percent guarantee fee paid by the borrower.  The fee, while substantial, can be included in the total amount financed.  
 

Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

alltruckeehomes.com

According to major home pricing sources, home pricing nation wide are gathering strength.  no big surges but, at least prices are showing strength in the last 2 quarters.  It is one thing to show movement nation wide but, we here on the firing line have seen strength in our personal businesses  in our Lake Tahoe, Truckee communities.

Data through May 2010, released by Standard & Poor's for its S&P/Case-Shiller Home Price Indices show that the annual growth rates in 15 of the 20 MSAs and the 10- and 20-City Composites improved in May compared to those reported for April 2010.
 
The 10-City Composite is up 5.4% and the 20-City Composite is up 4.6% from where they were in May 2009. While 19 MSAs and both Composites reported positive monthly changes in May over April, only 12 of the MSAs and the two Composites saw better month-over-month growth rates in May than those reported in April.
 
While still positive, Boston, Charlotte, Cleveland, Dallas and Denver reported weaker annual growth rates compared to their reports from last month. Seven of the 20 MSAs are still reporting negative annual growth rates with May's data.

Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

alltruckeehomes.com

           Congress has just come up with 1 Billion to help unemployed, behind in mortgage, home owners.   This assistance also includes people that have medical problems.  Under this provision home owners that are at least 3 months behind in their mortgage payments can get up to a $50,000 loan to pay their mortgage.

          These loans will be made available through The U.S. Department of Housing and Urban Development on October 1, 2010.

           This assistance should be able to help many families in the Truckee, Lake Tahoe region since local funds for this purpose are vary scarce or, non existant.

Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

alltruckeehomes.com