Why Loan Modifications Do Not Work
February 24, 2010
I have sent this video to several Real Estate Brokers and loan officers and it appears to be true. So this explains in detail why loan modifications have fallen on deaf ears for the most part. Based on this information I would recommend a short sale to all homeowners that are struggling with their current mortgage. Make sure the agent you pick knows the short sale process.
http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1287086
http://articles.latimes.com/2009/mar/20/business/fi-indymac20
Contact Chuck Stanley, chuckstanley@sbcglobal.net or 530-318-8830.
Zillow Reports CA & NV Home Prices on the Rise
November 19, 2009
I’m not a big Zillow fan but when I see good news I like to pass it on and by the way I see the homes pirces in South Lake Tahoe stabilizing as well. The latest Zillow reports indicate that home prices in the large California Metro areas (San Francisco & Los Angeles) are showing a slight uptick and California in whole has stabilized. While Nevada continues to fall with the continued property distress in Las Vegas leading the way Carson City is showing upward movement. To view the latest stats on Zillow for both California and Nevada visit
http://www.zillow.com/local-info/CA-home-value/r_9/
South Lake Tahoe Home Prices Decline in October
November 13, 2009
For the 10th consecutive month this year and 14th in a row dating back to August ’08 The median home price in South Lake has dropped. The median home price fell to $320,000 in October with bank owned homes leading the way down. Although the volume of homes sold has increased for last year the lower price bank owned homes have caused the prices to continue to decline. This is good news for buyers although the competition to acquire bank owned homes in Lake Tahoe has become evident with multiple offers and lists prices getting bid up regularly. If the buyer is not ready to move on a listing it is often gone with in days if it lasts that long.
Click on Image to Enlarge
39 Current Short Sale Opportunities in South Lake Tahoe
November 11, 2009
39 Current Short Sale Opportunities in South Lake Tahoe. For information on the short sale process please call Chuck Stanley 530-318-8830. Short Sales can sometimes be the best investments on the market but there are many things to know before you make an offer. Some of the most frequent questions I get are:
*What is a short sale? What are my risks? Can I lose my deposit? How long before I can move in?
For answers to these questions and many more check out one or more of these websites-but don’t forget to book mark my site first…..you’ll want to have an experienced real estate agent.
bankrate.com/finance/money-guides/10-crucial-steps-to-short-sale-buying-1.aspx
realestate.about.com/od/realestateinvesting/tp/short_sale_go.htm
en.wikipedia.org/wiki/Short_sale_(real_estate)
| Street # | Street Name | City | Price | Beds | Baths | Sq.Ft. | Lot Size | DOM | |||||||||
| 2368 | Sierra House | Trl | South Lake Tahoe | 829,000 | 4 | 3.5 | 2900 | 12900 | 862 | ||||||||
| 601 | Lucerne | Way | South Lake Tahoe | 899,000 | 4 | 3.5 | 2388 | 0 | 820 | ||||||||
| 686 | Michael | Dr | South Lake Tahoe | 390,000 | 3 | 2 | 1570 | 0 | 796 | ||||||||
| 3685 | David | Ln | South Lake Tahoe | 545,000 | 3 | 3.5 | 2188 | 9235 | 758 | ||||||||
| 1961 | Kokanee | Way | South Lake Tahoe | 1,250,000 | 5 | 3 | 2903 | 19515 | 551 | ||||||||
| 1903 | 10th | St | South Lake Tahoe | 389,000 | 3 | 2 | 1680 | 10412 | 427 | ||||||||
| 1120 | Craig | Ave | South Lake Tahoe | 409,900 | 3 | 3 | 2519 | 5489 | 437 | ||||||||
| 3033 | Fresno | Ave | South Lake Tahoe | 350,000 | 3 | 1.75 | 1488 | 6000 | 345 | ||||||||
| 967 | Kiowa | Dr | South Lake Tahoe | 189,900 | 2 | 1 | 912 | 11190 | 331 | ||||||||
| 1992 | Marconi | Way | South Lake Tahoe | 975,000 | 4 | 2.5 | 2663 | 5619 | 305 | ||||||||
| 1946 | Kokanee | Way | South Lake Tahoe | 699,000 | 4 | 3 | 1965 | 6621 | 270 | ||||||||
| 2587 | Pinter | Ave | South Lake Tahoe | 225,000 | 2 | 1 | 912 | 4999 | 271 | ||||||||
| 3575 | April | Dr | South Lake Tahoe | 310,000 | 3 | 2.5 | 1600 | 10406 | 265 | ||||||||
| 2452 | Ponderosa | St | South Lake Tahoe | 349,000 | 3 | 2.5 | 2352 | 6100 | 229 | ||||||||
| 1192 | Timber | Ln | South Lake Tahoe | 425,000 | 4 | 2 | 1992 | 1999 | 213 | ||||||||
| 1605 | Pioneer | Trl | South Lake Tahoe | 309,000 | 4 | 3 | 2052 | 7968 | 198 | ||||||||
| 1468 | Apple Valley | Dr | South Lake Tahoe | 295,000 | 4 | 2 | 1440 | 10498 | 195 | ||||||||
| 3419 | Aloha | Rd | South Lake Tahoe | 675,000 | 4 | 2.5 | 3050 | 11543 | 174 | ||||||||
| 840 | Paloma | Ave | South Lake Tahoe | 399,900 | 4 | 2 | 2472 | 6013 | 173 | ||||||||
| 2264 | Sky Meadows | Ct | South Lake Tahoe | 243,900 | 2 | 1.75 | 1120 | 1033 | 174 | ||||||||
| 3598 | Terry | Ln | South Lake Tahoe | 165,000 | 2 | 1 | 896 | 457 | 172 | ||||||||
| 1254 | Margaret | Ave | South Lake Tahoe | 395,000 | 4 | 2.5 | 1960 | 5010 | 162 | ||||||||
| 1589 | Arapahoe | St | South Lake Tahoe | 749,000 | 4 | 3 | 3453 | 37000 | 159 | ||||||||
| 2860 | St. Nick | Way | South Lake Tahoe | 389,000 | 4 | 2 | 2767 | 10000 | 149 | ||||||||
| 2515 | Armstrong | Ave | South Lake Tahoe | 239,000 | 2 | 1 | 963 | 5001 | 142 | ||||||||
| 953 | San Francisco | Ave | South Lake Tahoe | 219,000 | 3 | 1.75 | 1300 | 6000 | 141 | ||||||||
| 1767 | Arrowhead | Ave | South Lake Tahoe | 265,000 | 3 | 2 | 1040 | 5956 | 106 | ||||||||
| 1355 | Glenwood | Way | South Lake Tahoe | 875,000 | 4 | 3.5 | 4322 | 40685 | 81 | ||||||||
| 796 | Clement | St | South Lake Tahoe | 350,000 | 4 | 2 | 1800 | 10008 | 92 | ||||||||
| 2640 | Bertha | Ave | South Lake Tahoe | 199,900 | 2 | 1 | 1176 | 4994 | 78 | ||||||||
| 1226 | Apache | Ave | South Lake Tahoe | 279,000 | 3 | 1 | 1294 | 10140 | 75 | ||||||||
| 1636 | Thunderbird | Dr | South Lake Tahoe | 329,000 | 3 | 2 | 1288 | 10377 | 57 | ||||||||
| 2272 | Washington | Ave | South Lake Tahoe | 324,000 | 3 | 1.5 | 1196 | 6125 | 49 | ||||||||
| 1200 | Wildwood | Ave | South Lake Tahoe | 199,000 | 2 | 1.5 | 936 | 463 | 30 | ||||||||
| 876 | Clement | St | South Lake Tahoe | 275,000 | 3 | 3 | 1358 | 10000 | 25 | ||||||||
| 3861 | Saddle | Rd | South Lake Tahoe | 320,000 | 3 | 2 | 935 | 404 | 11 | ||||||||
| 1174 | Tokochi | St | South Lake Tahoe | 329,000 | 2 | 2 | 1286 | 7215 | 9 | ||||||||
| 1655 | Pebble Beach | Dr | South Lake Tahoe | 319,000 | 3 | 1.75 | 1248 | 9612 | 5 | ||||||||
| 2209 | Blitzen | Rd | South Lake Tahoe | 220,000 | 2 | 1 | 864 | 8094 | 9 | ||||||||
Up-date on The Competition for Bank Owned Homes
November 10, 2009
As I mentioned in a previous blog titled “Competition for Bank Owned Homes Increasing” the perfect example just took place. 782 Colorado in the Tahoe Keys was on the market for less than 24 hours and received multiple offers. The asset manager cut off bids at 5pm. I cannot emphasize enough how important it is to know your criteria, be qualified and be ready to strike fast when the right home hits the market. Your Realtor should know by watching the NOD (notice of default) and NOT (notice of trustee sale) lists for up-coming foreclosures and alerting you as to the homes that might fit your search criteria.
Tax Credit Extended-Good News For Lake Tahoe
November 10, 2009
$8,000 Homebuyer tax credit extended and expanded until 4/30/10
$6,500 Existing home owners tax credit included
How it works
· The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
· The tax credit applies only to homes priced at $800,000 or less.
· For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
· For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
How the $6,500 Repeat Home Buyer Move-Up Tax Credit works
· Buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
· The tax credit applies only to homes priced at $800,000 or less.
.
· Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
For more information visit www.realtor.org
Mortgage Rate Up-Date 11/10/09
November 10, 2009
The Mortgage rates remained basically unchanged despite a hectic economic news week. The Feds kept the fed funds rate unchanged at between zero and 0.250%. The Fed made few changes noting that “economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.” Noting that low inflation and high unemployment rates have lessened the need to raise rates, however, many economists took these as key indicators for future rate hikes. National Unemployment Rate moved up to 10.2% from 9.8% in September marking a new 26-year high. The $8,000 first time home buyer tax credit was extended to June 30, 2010. The bill also includes a $6,500 tax credit for home buyers who have previously owned a home for five years.
Home Prices on the Rise Nationally
November 3, 2009
Home prices rose 9.4% nationally in September increasing prices a whopping 24% overall from the bottom in January. Realtors and homebuilders are urging congress to extend the $8,000 tax credit to first time homebuyers beyond its current November 30th deadline. Some experts say the tax credit may not be the main force behind the real estate market rebound as real estate agents suggest. The competition for low priced foreclosures and short sales has been very evident in some California and Nevada markets including South Lake Tahoe. I have seen a bulk of the bank owned homes go pending within days of getting listed in all price ranges but especially the lower end. Almost all realtors in South Lake Tahoe have buyers in the 200-400 price range targeting bank owned homes.
South Lake Tahoe Homes Sold in April ’09
May 10, 2009
| Street_Number | Street_Name | City | State | Subdivision | Bedrooms | Total_Bathrooms | Year_Built | Square_Footage | Lot_Square_Footage | DOM | Selling_Price |
| 775 | Jeffery | South Lake Tahoe | CA | Tahoe Island Park 4 | 4 | 3 | 2007 | 2445 | 6000 | 645 | 390,000 |
| 3187 | Pioneer | South Lake Tahoe | CA | Bijou Park | 4 | 1.75 | 2007 | 2635 | 7900 | 611 | 270,500 |
| 2288 | Wasabe | South Lake Tahoe | CA | Tahoe Paradise 53 | 5 | 2.75 | 2007 | 2850 | 9322 | 565 | 353,000 |
| 1631 | Gallo | South Lake Tahoe | CA | Country Club Heights 4 | 4 | 2 | 2007 | 2080 | 7200 | 540 | 362,000 |
| 2179 | Lindenwood | South Lake Tahoe | CA | Sierra Park | 3 | 2 | 2008 | 1678 | 5800 | 463 | 404,000 |
| 793 | Modesto | South Lake Tahoe | CA | Al Tahoe 1 | 3 | 1.75 | 2008 | 1225 | 6000 | 315 | 270,000 |
| 1069 | Carson | South Lake Tahoe | CA | Unavail | 3 | 1.75 | 2008 | 1254 | 5000 | 309 | 275,000 |
| 870 | Clement | South Lake Tahoe | CA | Gardner Mountain 2 | 4 | 2.75 | 2008 | 2774 | 10000 | 283 | 565,000 |
| 3787 | Forest | South Lake Tahoe | CA | Unavail | 4 | 2 | 2008 | 1462 | 5000 | 181 | 275,000 |
| 2159 | Inverness | South Lake Tahoe | CA | Tahoe Keys 01 | 3 | 1.5 | 2008 | 2206 | 7566 | 166 | 640,000 |
| 2887 | Lodgepole | South Lake Tahoe | CA | Montgomery Estates 7 | 4 | 2 | 2008 | 1720 | 7705 | 170 | 395,000 |
| 1612 | Choctaw | South Lake Tahoe | CA | Tahoe Paradise 3 | 6 | 4 | 2008 | 2489 | 6151 | 163 | 270,000 |
| 819 | S Shore | South Lake Tahoe | CA | Tallac Park | 3 | 2 | 2008 | 1768 | 5879 | 127 | 435,000 |
| 3523 | Blackwood | South Lake Tahoe | CA | Bijou Park Acres 1 | 3 | 2 | 2009 | 1599 | 7889 | 111 | 405,000 |
| 1909 | B St. | South Lake Tahoe | CA | Armstrong 7 | 1 | 0.75 | 2009 | 583 | 4991 | 102 | 135,000 |
| 3187 | Pioneer | South Lake Tahoe | CA | Bijou Park | 4 | 1.75 | 2009 | 2635 | 7900 | 83 | 270,500 |
| 831 | Kekin | South Lake Tahoe | CA | Tahoe Paradise 60 | 2 | 1 | 2009 | 1056 | 9247 | 105 | 299,000 |
| 3849 | Figueroa | South Lake Tahoe | CA | Pinewood Heights | 3 | 2.5 | 2009 | 1536 | 5023 | 84 | 251,000 |
| 3510 | Deer | South Lake Tahoe | CA | Rancho Bijou 1 | 3 | 2 | 2009 | 1416 | 10447 | 89 | 319,000 |
| 1438 | Chinquapin | South Lake Tahoe | CA | Meadow Heights | 3 | 1.75 | 2009 | 1288 | 9282 | 104 | 284,000 |
| 1121 | Fairway | South Lake Tahoe | CA | Bijou Park | 3 | 1.75 | 2009 | 1345 | 5053 | 86 | 287,500 |
| 1595 | Player | South Lake Tahoe | CA | Country Club Heights 6 | 3 | 2 | 2009 | 1280 | 12364 | 36 | 399,000 |
| 3225 | Marlette | South Lake Tahoe | CA | Lake Tahoe | 3 | 2 | 2009 | 1200 | 5372 | 49 | 291,000 |
| 3300 | S Upper Truckee | South Lake Tahoe | CA | Christmas Valley 2 | 3 | 2 | 2009 | 1476 | 10750 | 48 | 282,900 |
| 2691 | Genoa | South Lake Tahoe | CA | Meadow Heights | 2 | 1.5 | 2009 | 768 | 7700 | 51 | 190,000 |
| 1846 | Bonanza | South Lake Tahoe | CA | Unavail | 3 | 2 | 2009 | 2122 | 8500 | 24 | 439,000 |
South Lake Tahoe Real Estate Market Up-date
May 9, 2009
South Lake Tahoe Real Estate Market Up-date
May 9, 2009
The USA today reports that more homes are getting multiple offers with the lower priced homes and foreclosures getting the most attention. This very much holds true for South Lake Tahoe with pending homes sales way up in the last couple of months. If the house is in a good neighborhood or in great condition you can expect competition for the purchase of the home. Like I have been telling my clients, if a foreclosure comes on the market and is well priced not only do I know it is a good value but so do all the other Realtors. Most Realtors have a buyer looking for bank owned properties in their back pocket. The banks are luring multiple offers by pricing homes below-market. Many more foreclosures are still set to hit the market so time is not running out but I would not wait too far into summer to start your search. The foreclosures are setting the bottom of the market and all properties bank owned or not have reduced prices to attract buyers.