South Lake Tahoe Real Estate - Cindy MacLean, Pinnacle Real Estate Group Lake Tahoe

Revamped Home Affordability Refinance Program (HARP)

admin — Sat, 05 Nov 2011 14:31:25 +0000

Troubled homeownwers get a life line

In the latest attempt to address the ailing housing market, the government on Monday announced changes to a federal program that will make it easier for struggling homeowners to refinance to today’s near-record low rates.

Under the new program, homeowners who owe more on their homes than they are worth will be able to refinance no matter how much they are underwater, as long as they are current on their payments.

More than 1 million homeowners could get cheaper mortgages as a result, officials estimated.

The revamped Home Affordable Refinance Program (HARP) will also streamline the refinancing process, doing away with certain types of appraisals and underwriting requirements, and reducing or eliminating fees that prevented homeowners from refinancing in the past.

More than 890,000 homeowners have already refinanced under HARP, which is available to borrowers with loans backed by Fannie Mae and Freddie Mac originated before May 31, 2009.

But hundreds of thousands more could not qualify — mainly because of the previous 125% loan-to-value limit on the program or because banks would not take on the risk.

The 4% mortgage — good luck getting one
“We know there are many homeowners who are eligible to refinance under HARP and those are the borrowers we want to reach,” said Edward DeMarco, acting director for the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac.

Currently, about 11 million borrowers are underwater on their mortgages, with about 4.7 million of those loans meeting or exceeding the 125% loan-to-value limit, according to CoreLogic, a financial analytics company.

By the time HARP expires in 2013, the federal housing agency estimates, up to 1 million more borrowers may benefit from the new regulations.

Many of those borrowers will be from states like Florida, California, Nevada and Arizona where home values have been hit the hardest. In metro areas like Las Vegas, for example, prices have plunged nearly 60% from their early-2006 peak
The new rules and other details have yet to be finalized, but FHFA said that should all be worked out by Nov. 15. Banks may be able to start issuing refinanced loans by Dec. 1.

Lifting the loan-to-value restrictions may still only help a limited number of borrowers, according to Jaret Seiberg, an analyst for MF Global Inc.’s Washington Research Group, which analyzes public policy for institutional investors.

The problem: Mortgage holders still must be current on their payments for the past six months — with no more than one missed payment in the past 12 months –and they also must be able to qualify for a new loan.

However, Seiberg believes, the changes should allow banks to refinance loans without worrying that Fannie Mae (FNMA, Fortune 500) and Freddie Mac (FMCC, Fortune 500) will force them to repurchase the loans if the borrower defaults.

In the past, banks have been reluctant to refinance loans because they didn’t want to take on that liability, explained Shaun Donovan, the secretary of the U.S. Department of Housing and Urban Development. By doing away with that liability, more lenders will compete to refinance the loans, which he believes will make them more affordable for borrowers.

That should help remove one of the biggest barriers to refinancing through HARP, said Gene Sperling, director of the National Economic Council.

What about us? Responsible homeowners get left out in the cold
Under the newly-revamped program, Fannie and Freddie will also reduce the fees they have charged in the past in order to enable borrowers to better afford the new loans.

Among the fees that may be reduced or eliminated are those for loan level price adjustments. Going forward, borrowers may not be penalized for less-than-perfect credit scores, for example.

Fees will also be waived for some underwater borrowers who refinance into 20-year or other, shorter-term loans. By doing so, it could help homeowners get above water faster.

A homeowner who has a $200,000 balance on a 30-year mortgage with a 6.5% rate and a home value of $160,000, for example, currently makes payments of $1,264 a month.

If they refinance into a 20-year fixed-rate loan at 4.25%, it will reduce monthly payments to $1,238 and slash the balance to $160,000 in just five-and-a-half years. If they refinance to a 30-year loan at 4.5%, however, their monthly payments will be much lower, $1,038, but it will take 10 years to reach $160,000.

“It’s an opportunity for borrowers to improve their household balance sheets by repaying their mortgages much quicker,” said DeMarco.

Article from CNN Money-first published Oct. 24,2011

South Lake Tahoe Market Update Oct.1-31,2011

admin — Sat, 05 Nov 2011 14:07:47 +0000

Currently there are 342 Active listings (single family and condo). 40 of which are short sales and 44 are REO(bank-owned) listings. There are currently 112 Active Pending (in escrow) listings in South Lake Tahoe. 44 of which are short sales and 21 are REO listings.
There were 59 properties (single family and condo) that sold in the city and county neighborhoods of South Lake Tahoe October 1-31. 18 (31%) of the sales comprised of REO(bank owned)or short sales. The lowest priced property sold was a 841 SF condo located in the Y area with 2 bedrooms and 1 bath. This was a short sale and the property sold for $45,000. The highest priced property was a 1898 SF lakefront cabin located in the Stateline area with 3 bedrooms and 2 baths. This property sold for $4,200,000.
Avg. List Price $437,322
Avg. Sold Price $418,327
Avg. DOM(Days on Market) 198
Avg. SF (Sq. feet) 1661
% of Sold Price to List Price-
1-30 DOM- 94.10%
31-60 DOM- 98.65%
61-90 DOM- 94.39%
91-120 DOM- 94.20%
120+days- 96.79%
Median List Price $244,900
Median Sold Price $229,000

1308 Angora Lake Road South Lake Tahoe

admin — Fri, 29 Jul 2011 03:09:21 +0000

Family, friends and relatives fit nicely in this spacious newer construction home centrally located one mile from the shores of Lake Tahoe, Heavenly Ski Resort, and minutes from shopping, restaurants and casinos. This 5 bedroom, 4 bath home with nearly 3,000 square feet features two fireplaces, alder doors, baseboards and cabinetry, natural tile flooring, granite slab countertops, Hunter Douglas window coverings, security system and bearbox. Downstairs you will find an open great room with breakfast nook, a bedroom, bath, and a separate living room and formal dining room. Upstairs there are 3 generously sized bedrooms, 2 baths, laundry room and the large master bedroom and bath complete with a jetted tub and steam shower. The property is situated on a large flat lot in a peaceful neighborhood. The backyard is fully fenced with a park like setting complete with horseshoe pit and numerous maple and aspen trees. This home would make a wonderful family home or vacation getaway.
Offered at $679,000
Watch the video

South Lake Tahoe Market Update June 1st-30th, 2011

admin — Tue, 05 Jul 2011 00:20:53 +0000

As of June 30th, 2011, the South Tahoe Association of Realtors Multiple Listing Service reported there were 444 Active Listings and 42 homes went into escrow in the City and County neighborhoods of South Lake Tahoe during the month of June. Of those 42 homes that went into escrow 11 were REO (bank owned) and 1 was a short sale. 56 homes were sold from June 1st-30th. The median home price of these homes was $280,500 and the average home price among these homes sold was $383,337. The year before, during the same time period, 57 properties closed escrow. In 2009 there were 45 closed escrows. Of the 56 homes sold in the month of June, 3 were in the Al Tahoe neighborhood, 10 were in the Bijou neighborhood, 3 in the Black Bart neighborhood, 4 in the Christmas Valley neighborhood, 2 in the Country Club Estates neighborhood, 3 in the Gardner Mountain neighborhood, 5 in the Heavenly Valley neighborhood, 2 in the Highland Woods neighborhood, 1 in the Meyers neighborhood, 2 in the Montgomery Estates neighborhood, 2 in the North Upper Truckee neighborhood, 2 in the Pioneer Viilage neighborhood, 4 in the Sierra Tract neighborhood, 1 in the Tahoe Island Drive, 2 in the Tahoe Island Park neighborhood, and 4 in the Tahoe Keys neighborhood. The lowest sale price of these homes was $70,000 for 923 James Ave., a 2 bedroom, 1 bath, with 468 square feet. The highest sale price was $680,000 for 483 Lido Dr., a 3 bedroom, 2.5 bath with 2270 square feet.
During the month of June, 117 homes were listed for sale, 13 of which are bank owned and 17 of which were short sales. The lowest price property, listed at $99,000, is a 1 bedroom, 1 bath home with 528 square feet located at 3721 Spruce Ave. in the Bijou neighborhood. The highest price property, listed at $1,400,000, is a studio home with 2 baths that is situated on a 2 acre lot located at 1721 Sawmill Rd. in the Country Club Estates neighborhood.

South Lake Tahoe Market Update May 15th-21st, 2011

admin — Sat, 28 May 2011 22:07:36 +0000

As of May 21st, 2011, the South Tahoe Association of Realtors Multiple Listing Service reported there were 335 Active Listings and 11 homes went into escrow in the City and County neighborhoods of South Lake Tahoe during the period of May 15th-21st. Of those 11 homes that went into escrow 1 was a short sale and 4 were REO (bank owned) properties. 7 homes were sold during the week of May 15th-21st. The median price among these homes was $295,000 and the average home price among these homes sold was $361,000. The year before, during the same time period, 16 properties closed escrow. In 2009 there were 6 closed escrows. Of the homes sold from May 15th-21st, 2 were in the Meyers neighborhood, 2 in the Bijou neighborhood, 2 in the Tahoe Keys neighborhood, and 1 in the North Upper Truckee neighborhood. The lowest sale price of these homes was $161,000 for 1977 Washoe St., a 3 bedroom, 1.75 bath, with 1292 square feet. The highest sale price was $605,000 for 2075 Slalom Ct., a 4 bedroom, 3 bath with 2085 square feet.
Between May 15th and 21st, 21 homes were listed for sale, 3 of which are bank owned and 4 of which were short sales. The lowest price property, listed at $102,800, is a 3 bedroom, 2 bath home with 1262 square feet located at 1666 Arapahoe St. in the Tahoe Paradise neighborhood. The highest price property, listed at $2,200,000, is a 3 bedroom, 2 bath property with 1558 square feet located at 336 Ala Wai Blvd. #271 located in the Tahoe Keys neighborhood.

South Lake Tahoe Market Update May 8th-14th, 2011

admin — Sat, 28 May 2011 21:42:33 +0000

As of May 14th, 2011, the South Tahoe Association of Realtors Multiple Listing Service reported there were 316 Active Listings and 11 homes went into escrow in the City and County neighborhoods of South Lake Tahoe during the period of May 8th-14th. None of those 11 homes that went into escrow were REO (bank owned) or short sales. 10 homes were sold from May 8th-14th. The median home price of these homes was $317,500 and the average home price among these homes sold was $358,220. The year before, during the same time period, 17 properties closed escrow. In 2009 there were 8 closed escrows. Of the 10 homes sold from May 8th-14th, 1 was in the Meyers neighborhood, 2 was in the Gardner Mountain neighborhood, 3 in the Montgomery Estates neighborhood, 1 in the North Upper Truckee neighborhood, 1 in the Sierra Tract neighborhood, Tahoe Island Park neighborhood, and 1 was in the Tahoe Keys neighborhood. The lowest sale price of these homes was $155,200 for 1805 Arrowhead Ave., a 3 bedroom, 1 bath, with 864 square feet. The highest sale price was $750,000 for 2161 Marshall Trl., a 4 bedroom, 3 bath with 2638 square feet.
Between May 8th and 14th, 21 homes were listed for sale, 2 of which are bank owned and 2 of which were short sales. The lowest price property, listed at $102,800, is a 1 bedroom, 1 bath home with 672 square feet located at 2649 Bertha Ave. in the Sierra Tract neighborhood. The highest price property, listed at $4,200,000, is a 3 bedroom, 2 bath lakefront property with 1898 square feet located at 803 Stateline Ave. located in the Stateline neighborhood.

South Lake Tahoe Market Update May 1st-7th, 2011

admin — Sat, 14 May 2011 19:50:10 +0000

As of May 7th, 2011, the South Tahoe Association of Realtors Multiple Listing Service reported there were 325 Active Listings and 3 homes went into escrow in the City and County neighborhoods of South Lake Tahoe during the period of May 1st-7th. Of those 3 properties that went into escrow, none were REO (bank owned properties) listings or short sales. 2 homes were sold from May 1st-7th. The median home price and average home price among these homes sold was $276,000. The year before, during the same time period, 6 properties closed escrow. In 2009 there were 5 closed escrows. Of the 2 homes sold the from May 1st-7th,1 was in the Bijou neighborhood and 1 was in the Tahoe Paradise neighborhood. The lowest sale price of these homes was $220,000 for 3333 Bruce Dr., a 3 bedroom, 2 bath, with 1405 square feet. The highest sale price was $332,000 for 1545 Chippewa St., a 3 bedroom, 2.5 bath with 1504 square feet.
Between May 1st and 7th, 23 homes were listed for sale, 4 of which are bank owned and 1 of which were short sales. The lowest price property, listed at $64,900, is a 2 bedroom, 1 bath home with 1045 square feet located at 1041 Marjorie St. in the Sierra Tract neighborhood. The highest price property, listed at $849,000, is a 4 bedroom, 2.5 bath with 2309 square feet located at 2182 Monterey Dr. located in the Tahoe Keys neighborhood.

South Lake Tahoe Market Update Apr. 24th-30th, 2011

admin — Wed, 04 May 2011 04:19:12 +0000

As of April 30rd, 2011, the South Tahoe Association of Realtors Multiple Listing Service reported there were 317 Active Listings and 10 homes went into escrow in the City and County neighborhoods of South Lake Tahoe during the period of April 24th-30th. Of those 10 properties that went into escrow, 6 were REO (bank owned properties) listings and no homes were short sales. 7 homes were sold from April 24th-30th. The median home price among these sales was $198,600 and the average sale price was $232,943. The year before, during the same time period, 14 properties closed escrow. In 2009 there were 10 closed escrows. Of the 7 homes sold the for April 24th-30th,1 was in the North Upper Truckee neighborhood, 3 in the Meyers neighborhood, 2 in the Sierra Tract neighborhood, and 1 in the Y Area neighborhood. The lowest sale price of these homes was $65,000 for 1154 Margaret Ave., a 2 bedroom, 0.75 bath, with 578 square feet. The highest sale price was $445,000 for 784 Lake Tahoe Blvd., a 4 bedroom, 2.5 bath with 2521 square feet.
Between April 24th and 30th, 21 homes were listed for sale, 2 of which are bank owned and 3 of which were short sales. The lowest price property, listed at $107,000, is a 1 bedroom, 1 bath home with 678 square feet located at 516 Emerald Bay Rd. #122 in the Gardner Mountain neighborhood. The highest price property, listed at $995,000, is a 4 bedroom, 2 bath with 1759 square feet located at 4020 Lakeshore Blvd. located in the Stateline neighborhood.

South Lake Tahoe Market Update Apr. 17th-23rd, 2011

admin — Wed, 04 May 2011 03:42:21 +0000

As of April 23rd, 2011, the South Tahoe Association of Realtors Multiple Listing Service reported there were 296 Active Listings and 34 homes went into escrow in the City and County neighborhoods of South Lake Tahoe during the period of April 17th-23rd. Of those 34 properties that went into escrow, 8 were REO (bank owned properties) listings and 3 were short sales. 14 homes were sold from April 17th-23rd. The median home price among these sales was $340,000 and the average sale price was $363,096. The year before, during the same time period, 8 properties closed escrow. In 2009 there were 4 closed escrows. Of the 14 homes sold the for April 17th-23rd, 2 were in the Bijou neighborhood, 2 in the Black Bart neighborhood, 2 in the Gardner Mountain neighborhood,1 in the Highland Woods neighborhood, 3 in the Montgomery Estates neighborhood, 1 in the North Upper Truckee neighborhood, 1 in the Pioneer Trail neighborhood, 1 in the Tahoe Keys neighborhood, and 1 in the Y Area neighborhood. The lowest sale price of these homes was $140,000 for 1113 Dedi Ave., a 3 bedroom, 1.75 bath, with 1612 square feet. The highest sale price was $785,000 for 1961 Kokanee Way, a 4 bedroom, 3 bath with 2755 square feet.
Between April 17th and 23rd, 10 homes were listed for sale, 4 of which are bank owned and 2 of which were short sales. The lowest price property, listed at $119,900, is a 2 bedroom, 1 bath home with 572 square feet located at 3682 Alder Ave. in the Bijou neighborhood. The highest price property, listed at $849,900, is a 4 bedroom, 3.5 bath with 2286 square feet located at 1877 Cascade Ct. located in the Tahoe Keys neighborhood.

South Lake Tahoe Market Update Mar. 20th- Apr. 16th, 2011

admin — Sun, 17 Apr 2011 22:37:21 +0000

As of April 16th, 2011, the South Tahoe Association of Realtors Multiple Listing Service reported there were 318 Active Listings and 42 homes went into escrow in the City and County neighborhoods of South Lake Tahoe during the period of March 20th- April 16th. Of those 42 properties that went into escrow, 8 were REO (bank owned properties) listings and 15 were short sales. 39 homes were sold from March 20th to April 16th. The median home price among these sales was $325,000 and the average sale price was $376,363. The year before, during the same time period, 39 properties closed escrow. In 2009 there were 22 closed escrows. Of the 39 homes sold the past 4 weeks, 3 were located in the Al Tahoe neighborhood, 4 in the Bijou neighborhood, 1 in the Black Bart neighborhood, 2 in the Country Club Estates neighborhood, 3 in the Gardner Mountain neighborhood, Heavenly Valley neighborhood, 3 in the Meyers neighborhood, 3 in the Montgomery Estates neighborhood, 5 in the North Upper Truckee neighborhood, 2 in the Pioneer Trail neighborhood, 5 in Sierra Tract neighborhood, 1 in the Tahoe Island Drive neighborhood, 1 in the Tahoe Island Park neighborhood, 2 in the Tahoe Keys neighborhood, 1 in the Tahoe Paradise neighborhood, and 1 in the Y Area neighborhood. The lowest sale price of these homes was $97,650 for 967 Kiowa Dr., a 2 bedroom, 1 bath, with 912 square feet. The highest sale price was $1,300,000 for 2015 Aloha Dr., a 3 bedroom, 2.5 bath with 3301 square feet.
Between March 20th and April 16th, 37 homes were listed for sale, 9 of which are bank owned and 3 of which were short sales. The lowest price property, listed at $75,000, is a 1 bedroom, 1 bath home with 648 square feet located at 923 James Ave. in the Y Area neighborhood. The highest price property, listed at $959,000, is a 5 bedroom, 3 bath with 3186 square feet located at 3606 Mackedie Way located in the Heavenly Valley neighborhood.