Chance Gates' Blog

RISMEDIA, March 17, 2010—Distressed homes are still accounting for more than a third of all sales nationwide, providing evidence that real estate recovery is still fragile at best. While there is no magic bullet for understanding or navigating the short sale process, Realtors who excel at managing these transactions will find success in today’s market. In this month’s Power Broker Roundtable, industry leaders Terry Hankner, Helen Hanna Casey and Larry Hibler discuss how to take advantage of the distressed market.

Moderator:
Steve Brown, Special Liaison for Large Firm Relations, NAR

Participants:
Terry Hankner, President Comey & Shepherd REALTORS®, Cincinnati, Ohio
Helen Hanna Casey, President, Howard Hanna Real Estate Services, Pittsburgh, Pennsylvania
Larry Hibler, Broker, RE/MAX Achievers, Phoenix, Arizona

Steve Brown: While sales dropped slightly in December of 2009, the overall rate of existing home sales at the close of the fourth quarter was 15% higher than it was in the year-ago period. The price median rose a bit to post the first year-over-year gain since 2007, as inventory continues to shrink. That is reason for optimism as we move into the spring sales season. But since distressed homes are still accounting for more than a third of all sales nationwide, it is safe to say that recovery is fragile at best—and that until the jobless rate improves, the success rate will be highest for those REALTORS® who excel at managing short sales.

But therein lies the rub. The truth is there is no magic bullet for understanding, much less navigating the muddy waters of the short sale process…although there is now some hope on the horizon thanks to the upcoming Home Affordable Foreclosure Alternatives Program (HAFA) developed by the Treasury Department. Designed to simplify and streamline the use of short sales, the expected benefits of HAFA include: allowing borrowers to receive pre-approved short sale terms before listing the property; requiring borrowers to be fully released from future liability for their first mortgage debt; and the use of standard processes, documents and deadlines in the short sale process. For more details, visit www.REALTOR.org/shortsales and remember that NAR also provides a dynamic Short Sales and Foreclosure Resource Certification (SFR) course to help educate members on this growing issue. More information can be found at www.realtorsfr.org.

Terry Hankner: Well, I don’t think there is any doubt that the problem begins with the lenders, who by and large have never clearly defined the issues or offered any reliable guidelines. What’s worse, their communication, in my opinion, has been lacking—excruciatingly slow and inconsistent.

Helen Hanna Casey: Yes, it’s been tough to even get a call back with any kind of timeliness, and that wears on everybody’s patience, agents, sellers and buyers. We try to get around that by relying on our most experienced agents—REO specialists who have long-time lender contacts and tend to have the best success rate.

Larry Hibler: The good news, at least in Arizona, is that we’re beginning to see some progress with that. Some lenders seem to be finally gearing up. We actually got one approval in seven days last month.

HHC: Amazing! How did that happen?

LH: Well, for one thing, we place a lot of importance on impressing the lender with the buyer’s strength and commitment. We submit only one contract at a time and the buyer has to put down non-refundable earnest money for a period of 60-90 days.

SB: What about seller issues?

HHC: We have high unemployment in Ohio, but I don’t think we had as much subprime lending or zero-down buying going on during the peak, so the problems may not be as dire here as in some areas. But all our agents are well trained in the financial alternatives so they can work with sellers who may be in trouble.

TH: The issues for us are disclosure, disclosure, disclosure, to be sure the sellers understand their options, whether short sale, foreclosure, loan modification or whatever. We use a program we call “Fresh Start,” which we present upfront as a for-profit entity designed to educate the seller, negotiate with the lender and handle any eventual sale of property. It took us two-and-a-half years to come up with the process, but we did do over 100 transactions last year, and our agents are not shy about referring business to this more experienced group.

LH: We’ve had good results using third party negotiators, who handle short sales for a flat fee. I’m comfortable with that from a liability point of view, and it takes responsibility off our agents.

HHC: It also takes the pressure off of having to deal with the banks ourselves. I don’t know whether some banks are just lagging in getting systems in place—like when there is a merger or acquisition—or whether they are deliberately stonewalling. Either way, it is exasperating.

SB: What needs to happen in order to see an improvement?

TH: Basically, the industry needs to do two things: the first is to reduce our risk in negotiating short sales, which is why disclosure is so important. The second is to hold lenders accountable for clarifying and articulating the ground rules. My worst nightmare is that, a year from now, some lender will come back after a seller and say, “we never really let you off the hook.”

HHC: I don’t think that’s going to happen unless there’s been fraud or collusion of some kind, but I do agree that disclosure is paramount, and that sellers would do well to seek legal counsel before they make a decision.

LH: I do think, though, that the banks are beginning to catch up with us and that the process shows signs of improving. I hope so, especially now that there is some stirring in the higher end of the market. Now we need to hope for continued improvement in the economy.

A quick note on the local Reno/Sparks real estate market foreclosed homes and short sales make up more than 50% of the market.

http://chancegates.com/2009/05/11/behind-with-the-mortgage-payment/

http://chancegates.com/2010/03/14/home-owners-to-be-paid-to-short-sale/

http://chancegates.com/2010/03/13/the-government-urges-short-sales/

As a Reno/Sparks real estate consultant I always welcome any comments or questions on the Reno/Sparks real estate or any of the articles I posted.  You can email me directly at  chance at ballard-company.com

I will admit Reno/Sparks real estate is my passion, however I do enjoy reading quotes from other people.

Books aren’t written – they’re rewritten. Including your own. It is one of the hardest things to accept, especially after the seventh rewrite hasn’t quite done it.
Michael Crichton

Historically, the claim of consensus has been the first refuge of scoundrels; it is a way to avoid debate by claiming that the matter is already settled.
Michael Crichton

I am certain there is too much certainty in the world.
Michael Crichton

I tended to faint when I saw accident victims in the emergency ward, during surgery, or while drawing blood.
Michael Crichton

In the information society, nobody thinks. We expect to banish paper, but we actually banish thought.
Michael Crichton

It’s not easy to cut through a human head with a hacksaw.
Michael Crichton

Readers probably haven’t heard much about it yet, but they will. Quantum technology turns ordinary reality upside down.
Michael Crichton

They are focused on whether they can do something. They never think whether they should do something.
Michael Crichton

We all live every day in virtual environments, defined by our ideas.
Michael Crichton

Whenever you hear the consensus of scientists agrees on something or other, reach for your wallet, because you’re being had.
Michael Crichton

As a Reno/Sparks real estate consultant I always welcome any comments or questions on the Reno/Sparks real estate or any of the articles I posted.  You can email me directly at  chance at ballard-company.com

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One of the nice things about living in the Reno/Sparks area, is it is just a short drive to find a place that has the Pay Per View Boxing Match on most of the TVs through out the Casino.  My wife being one of the many Filipinos who absolutely adore Manny Pacquiao wasn’t going to miss the fight between Pacquia and Clottey.  Being Saturday night I like to take a break from real estate and spend sometime  with my better half.  I took her to the Atlantis Hotel and Casino and we watch the fight on the big screen, in their sports book.   The fight lasted 12 rounds and Pacquiao won every round.  Clottey was defensive and never really made much of an effort to win.

As a Reno/Sparks real estate consultant I always welcome any comments or questions on the Reno/Sparks real estate or any of the articles I posted.  You can email me directly at  chance at ballard-company.com

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RISMEDIA, March 13, 2010—(MCT)—Phil Kelly had 18 more months to go before the fixed rate on his $2.5 million mortgage became adjustable. But when Kelly, a former computer executive living in Rancho Santa Fe, California learned he could knock his interest rate down by a full percentage point by refinancing, he went for it.

“It’s always tough to pick the exact bottom or top of anything,” Kelly said. “But I think this rate is about as low as you’re going to get.”

Rates on jumbo mortgages — loans of more than $729,750 in counties with the highest-cost housing — shot up during the financial crisis as lenders and loan investors shunned anything tainted with even a whiff of higher risk. Rates on big mortgages were especially high relative to those on smaller loans.

But in a boon for borrowers in California’s expensive housing markets, the jumbo-loan market is starting to return to normal.

Two weeks ago, the average interest rate on 30-year fixed-rate jumbos dropped to 5.79%, a nearly five-year low, according to rate tracker Informa Research Services of Calabasas. It edged up to 5.88% on Tuesday, still very attractive by historical standards. The average is down from well above 7 percent in late 2008.

Rates are even lower on so-called hybrid adjustable mortgages, on which the rate is fixed for, say, five years and then adjusts annually. Kelly’s new loan is a five-year hybrid adjustable identical to his old one, except that he’s paying about 5%, down from 6%.

Banks are also relaxing slightly some of their requirements for jumbo loans. That’s an encouraging sign because the market for jumbos, in contrast with the rest of the mortgage business, isn’t being propped up by Uncle Sam.

The lower rates and somewhat easier terms reflect newfound confidence among banks in the housing market. That’s because, by definition, jumbos are too big to be bought by Freddie Mac and Fannie Mae or to be insured by the Federal Housing Administration. Plus, the private market for mortgage-backed bonds dried up when the meltdown hit. So lenders making jumbo loans these days must be willing to take the risk of keeping them in their portfolios.

The maximum amounts for Freddie Mac and Fannie Mae “conforming” mortgages, and for FHA mortgages, are set by Congress. The cutoff for single-family homes was $417,000 from 2006 until February 2008, when lawmakers increased it temporarily to $729,750 in certain high-cost areas, including Los Angeles, Orange and Ventura counties in California. Conforming loans top out at $500,000 in Riverside and San Bernardino counties and $697,500 in San Diego County.

The increased upper limits, which have been extended until the end of this year, have created a three-tier system in expensive areas, mortgage professionals say: loans of up to $417,000, which are the easiest to obtain and carry the lowest rates; “conforming jumbos” from $417,000 to $729,750, which are somewhat harder to get and have slightly higher rates; and true jumbos, with the toughest standards and highest rates.

In the boom years of 2005 and 2006, interest rates were typically no more than a quarter of a percentage point higher on jumbo loans than on conforming loans, according to Informa Research. That widened as the mortgage meltdown intensified and home prices dropped in late 2007. The spread ballooned to nearly 1.7 percentage points in early 2009 after the entire credit system froze.

But this year the rate spread has narrowed to less than a percentage point. It could shrink more if conforming-loan rates rise as expected after the Federal Reserve wraps up a $1 trillion-plus program to support the market for conforming loans next month.

In addition to lower rates, down-payment requirements are being relaxed in some cases. For example, to write a jumbo loan in coastal areas of Los Angeles and Orange counties, Wells Fargo Home Mortgage looks for a 20% down payment or that percentage of equity, down from 25% last year, said Brad Blackwell, a national mortgage sales manager at the lender.

The reason: Wells believes high-end home prices are stabilizing in those coastal counties. But the bank still requires higher down payments in the Inland Empire and other battered housing markets such as Florida, Nevada and Arizona, where prices for jumbo-size homes don’t appear to be stabilizing, he said.

Jumbo loans remain much harder to get than before the credit crunch and recession. Borrowers typically must have a credit score of at least 700, compared with boom-era minimums in the 600s, though Laguna Niguel mortgage broker Jeff Lazerson said at least one lender was again making sub-700 jumbos available.

What’s more, unless their down payments are very large, borrowers must provide evidence of high income, have sizable bank accounts as a cushion against the unforeseen and occupy the houses themselves.

But there are clear signs that the jumbo market has loosened. One is an increasing availability of “stated income” loans — those that don’t require proof of income — of as much as $2 million to borrowers with at least a 40 percent down payment, said mortgage broker Gary Bluman, owner of Real Estate Resources in Brentwood.

Also, instead of a true jumbo loan, some “piggyback” second loans are available again to help certain borrowers with 25% down payments pay for high-priced homes, Lazerson said.

Of course, adjustable, stated-income and piggyback loans were big contributors to the mortgage meltdown. But such provisions are less risky if a borrower has 25% to 40% equity.

Despite the confidence in the market that such terms imply, lenders and mortgage investors are still dealing with piles of bad jumbos made during the boom.

Delinquencies of 60 days or more on prime jumbo loans that were packaged into securities jumped to 9.6% in January, up from 3.7% a year earlier, Fitch Ratings reported this month.

The jumbo delinquency rate in California climbed to 11.3% from 4.1% a year earlier.

For now, the jumbo market remains limited to the volume of loans that banks are willing and able to keep on their books. But there is hope for a return to private outside funding.

Although no jumbos have been turned into securities for at least two years, packages of delinquent jumbos have begun to be sold again to “vulture” investors, a sign that the secondary market for the loans may revive, said Michael Fratantoni, vice president of research at the Mortgage Bankers Association.

“The ice sheet,” he said, “is starting to crack here and there.”

As a Reno/Sparks real estate consultant I always welcome any comments or questions on the Reno/Sparks real estate or any of the articles I posted.  You can email me directly at chance@ballard-company.com

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In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.

This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.

More than five million households are behind on their mortgages and risk foreclosure. The government’s $75 billion mortgage modification plan has helped only a small slice of them. Consumer advocates, economists and even some banking industry representatives say much more needs to be done.

For the administration, there is also the concern that millions of foreclosures could delay or even reverse the economy’s tentative recovery — the last thing it wants in an election year.

Taking effect on April 5, the program could encourage hundreds of thousands of delinquent borrowers who have not been rescued by the loan modification program to shed their houses through a process known as a short sale, in which property is sold for less than the balance of the mortgage. Lenders will be compelled to accept that arrangement, forgiving the difference between the market price of the property and what they are owed.

“We want to streamline and standardize the short sale process to make it much easier on the borrower and much easier on the lender,” said Seth Wheeler, a Treasury senior adviser.

The problem is highlighted by a routine case in Phoenix. Chris Paul, a real estate agent, has a house he is trying to sell on behalf of its owner, who owes $150,000. Mr. Paul has an offer for $48,000, but the bank holding the mortgage says it wants at least $90,000. The frustrated owner is now contemplating foreclosure.

To bring the various parties to the table — the homeowner, the lender that services the loan, the investor that owns the loan, the bank that owns the second mortgage on the property — the government intends to spread its cash around.

Under the new program, the servicing bank, as with all modifications, will get $1,000. Another $1,000 can go toward a second loan, if there is one. And for the first time the government would give money to the distressed homeowners themselves. They will get $1,500 in “relocation assistance.”

Should the incentives prove successful, the short sales program could have multiple benefits. For the investment pools that own many home loans, there is the prospect of getting more money with a sale than with a foreclosure.

For the borrowers, there is the likelihood of suffering less damage to credit ratings. And as part of the transaction, they will get the lender’s assurance that they will not later be sued for an unpaid mortgage balance.

For communities, the plan will mean fewer empty foreclosed houses waiting to be sold by banks. By some estimates, as many as half of all foreclosed properties are ransacked by either the former owners or vandals, which depresses the value of the property further and pulls down the value of neighboring homes.

If short sales are about to have their moment, it has been a long time coming. At the beginning of the foreclosure crisis, lenders shunned short sales. They were not equipped to deal with the labor-intensive process and were suspicious of it.

The lenders’ thinking, said the economist Thomas Lawler, went like this: “I lend someone $200,000 to buy a house. Then he says, ‘Look, I have someone willing to pay $150,000 for it; otherwise I think I’m going to default.’ Do I really believe the borrower can’t pay it back? And is $150,000 a reasonable offer for the property?”

Short sales are “tailor-made for fraud,” said Mr. Lawler, a former executive at the mortgage finance company Fannie Mae.

Last year, short sales started to increase, although they remain relatively uncommon. Fannie Mae said preforeclosure deals on loans in its portfolio more than tripled in 2009, to 36,968. But real estate agents say many lenders still seem to disapprove of short sales.

Under the new federal program, a lender will use real estate agents to determine the value of a home and thus the minimum to accept. This figure will not be shared with the owner, but if an offer comes in that is equal to or higher than this amount, the lender must take it.

Mr. Paul, the Phoenix agent, was skeptical. “In a perfect world, this would work,” he said. “But because estimates of value are inherently subjective, it won’t. The banks don’t want to sell at a discount.”

There are myriad other potential conflicts over short sales that may not be solved by the program, which was announced on Nov. 30 but whose details are still being fine-tuned. Many would-be short sellers have second and even third mortgages on their houses. Banks that own these loans are in a position to block any sale unless they get a piece of the deal.

“You have one loan, it’s no sweat to get a short sale,” said Howard Chase, a Miami Beach agent who says he does around 20 short sales a month. “But the second mortgage often is the obstacle.”

Major lenders seem to be taking a cautious approach to the new initiative. In many cases, big banks do not actually own the mortgages; they simply administer them and collect payments. J. K. Huey, a Wells Fargo vice president, said a short sale, like a loan modification, would have to meet the requirements of the investor who owns the loan.

“This is not an opportunity for the customer to just walk away,” Ms. Huey said. “If someone doesn’t come to us saying, ‘I’ve done everything I can, I used all my savings, I borrowed money and, by the way, I’m losing my job and moving to another city, and have all the documentation,’ we’re not going to do a short sale.”

But even if lenders want to treat short sales as a last resort for desperate borrowers, in reality the standards seem to be looser.

Sree Reddy, a lawyer and commercial real estate investor who lives in Miami Beach, bought a one-bedroom condominium in 2005, spent about $30,000 on improvements and ended up owing $540,000. Three years later, the value had fallen by 40 percent.

Mr. Reddy wanted to get out from under his crushing monthly payments. He lost a lot of money in the crash but was not in default. Nevertheless, his bank let him sell the place for $360,000 last summer.

“A short sale provides peace of mind,” said Mr. Reddy, 32. “If you’re in foreclosure, you don’t know when they’re ultimately going to take the place away from you.”

Mr. Reddy still lives in the apartment complex where he bought that condo, but is now a renter paying about half of his old mortgage payment. Another benefit, he said: “The place I’m in now is nicer and a little bigger.”

I know I said this before but a person need to hear something 3 times before they remember.  In the Reno/Sparks area about 1\3 of all real estate transactions are short sales.

As a Reno/Sparks real estate consultant I always welcome any comments or questions on the Reno/Sparks real estate or any of the articles I posted.  You can email me directly at  chance at ballard-company.com

RISMEDIA, March 12, 2010—(MCT)—With the highly touted federal mortgage-modification program falling short of its target numbers, the government has looked into alternatives to foreclosure and come up with a possible, though not original, solution: the short sale, a transaction in which the lender accepts less than the balance owed on the mortgage.

Beginning April 5, 2010, under new Treasury Department rules, short sales will be presented as the potential next step for homeowners who are rejected by or fail to make the grade for the federal Home Affordable Modification Program (HAMP).

RealtyTrac chief economist Rick Sharga suggested that offering the short sale program is the administration’s acknowledgment that its current mortgage-modification effort “can’t solve the foreclosure problem by itself.”

Kevin Gillen, vice president of Econsult of Philadelphia, said there was both statistical and anecdotal evidence that lenders have been holding off on foreclosure proceedings. “No doubt that part of this is due to staff shortages relative to the volume of delinquencies, but it’s also due to uncertainty over near-term government policy,” he said.

Sharga sees positive elements in the new guidelines: Both homeowners and mortgage servicers will have financial incentive to participate in short sales; there are limited payouts for second lienholders and paperwork is standardized, which makes it easier for everyone to comply.

The new Home Affordable Foreclosure Alternative program will run until Dec. 31, 2012. Among its provisions:

-The lender must offer a short sale in writing to the borrower within 30 days after the borrower either is ruled ineligible for mortgage modification under the HAMP program or has been ruled unable to sustain payments under a trial plan.

-A borrower may receive up to $1,500 to assist with relocation expenses.

-Incentives of $1,000 will be offered to lenders for each completed short sale. For each deed in lieu of foreclosure, in which the borrower voluntarily transfers the property to the lender, $1,000 will be paid to the lender.

-A lender with a second lien on the property will get up to $3,000 of the short sale proceeds, or can pursue a short sale outside the program if it doesn’t agree to share.

-The lender will not be permitted to reduce the real estate agent’s commission after an offer on a property has been received.

Currently, short sales don’t make up a big piece of the real estate market, either regionally or nationwide, for a variety of reasons. One is they tend to be difficult and time-consuming. “I handled a short sale of a condo in Bensalem PA that took a year,” said real estate broker Christopher J. Artur. Typically, there is “so much aggravation and red tape involved that some buyers get so fed up they walk away.”

Nationally, just 14% of all existing-home transactions in January 2010 were short sales, the National Association of Realtors says. In the Philadelphia region, they made up 6.9% of total homes for sale at the end of January, said Art Herling, regional vice president at Long & Foster Real Estate.

“I call short sales ‘organized chaos,’” said Noelle Barbone, office manager of Weichert Realtors’ Media office. Each lender works short sales differently, “at their own pace, and it depends on how behind the homeowners are on mortgage payments, if the house is worth less than they owe and whether or not foreclosure paperwork has been filed.”

The new program is unlikely to make short sales easier, even as an alternative to foreclosure. “What one needs in a short sale is time,” Barbone said. But these days, as buyers race to meet the April 30 agreement-of-sale deadline for the federal tax credit, time is money. “I had first-time buyers recently with 20% down, and we found two houses they liked,” said Cheryl Miller of Long & Foster’s Blue Bell office. Both were short sales, however, and neither the seller nor the agent could give a definite timeline for even seeing an executed agreement of sale, she said. “Timing is pretty critical for the first-time buyer and viable houses that are short sales are remaining unsold” as a result, Miller said.

Sharga doesn’t think the new short sale program will be the answer the government seeks. “While we’ll likely see an increase in the number of short sales, I doubt that the reality will live up to the hype.”

(c) 2010, The Philadelphia Inquirer.

Distributed by McClatchy-Tribune Information Services.

In the Reno/Sparks area  about 1/3 of all real estate transaction are short sales.  These improvements to the process are badly needed as most short sales take 3 to 4 months to get third party approval.

As a Reno/Sparks real estate consultant I always welcome any comments or questions on the Reno/Sparks real estate or any of the articles I posted.  You can email me directly at  chance at ballard-company.com

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RISMEDIA, March 12, 2010—As spring approaches, many homeowners grow eager to start remodeling projects to update and refresh their surroundings. Before getting started, it’s a good idea to hire a professional remodeler for a workable plan and better results, according to the National Association of Home Builders (NAHB).

“A professional remodeler knows how to translate a homeowner’s dreams and budget into a beautiful reality,” said Donna Shirey, CGR, CAPS, CGP, president of Shirey Contracting in Issaquah, Wash. and 2010 chairman of NAHB Remodelers. “They have the expertise and skills to satisfy a customer while keeping the budget in check.”

Here are five tips for planning a successful home remodel that you can enjoy for many years to come.

1. Compile a list of home remodeling ideas and draft a budget for the work.
You likely have some projects in mind, such as modernizing the bathroom, renovating the kitchen, replacing windows or repairing the roof. Prioritize your wish list: Maybe you don’t have the budget for your dream remodel, but professional remodelers can maximize your dollars by doing the work in phases, suggesting budget-friendly products and materials and implementing creative design solutions.

2. Look for a professional remodeler to help plan the project.
Start by searching NAHB’s Directory of Professional Remodelers at www.nahb.org/remodel. You’ll get a list of nearby remodelers to contact. Asking friends and neighbors for names of qualified remodelers will also help you find a match for your project.

3. Check the references and background of the remodeler.
After you start speaking with remodelers and find one or two who match your project’s needs, be sure to conduct some background research by checking with the Better Business Bureau, talking to their references and asking if they are a trade association member (such as NAHB Remodelers). Remodelers with these qualities tend to be more reliable, better educated and more likely to stay on top of construction and design trends.

4. Agree on a contract.
Talk over the details of the home remodeling project and begin reviewing the contract. You’ll want to check the remodelers’ insurance coverage, ask about any warranties on their work, know who is responsible for obtaining any building permits and understand the process for making any change orders after the contract is signed. Make sure that you and your remodeler see eye to eye before you sign on the dotted line.

5. Take advantage of the energy efficiency tax credits.
If your remodel includes replacing windows or doors, adding insulation, installing new roofing, upgrading heating or air-conditioning units, updating the water heater or installing energy generating products (such as solar panels, heat pumps or wind turbines) then you can take advantage of federal energy efficiency tax credits through 2010 that will help defray costs and maximize your remodeling budget while reducing home energy bills.

For more information, visit www.nahb.org.

You ever have on of those day when you don’t feel like working, that was me yesterday even thought I love working in the Reno/Sparks real estate.  For those of you who are use to a new article every weekday I apologize for not having one.

As a Reno/Sparks real estate consultant I always welcome any comments or questions on the Reno/Sparks real estate or any of the articles I posted.  You can email me directly at  chance at ballard-company.com

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RISMEDIA, March 10, 2010—Golden Gateway Financial, a financial resource for seniors and retirees, recently released new usage data from its online Reverse Mortgage Calculator that showed average home values for older Americans have halted their slide after remaining flat or declining for seven consecutive quarters. The national average self-reported home value of older Americans rose from $369,762 in the third quarter of 2009 to $381,895 in the fourth quarter of 2009.

Older Americans were one of the last segments of the population to see home prices rebound, but overall home values for seniors remain significantly lower than 2008 levels. Despite this rise in the national average, the report also showed significant decline in many large states, including Florida, Texas and New York.

This mixed recovery in terms of senior home values will likely continue as individual markets reduce inventory and regain their footing. Data from the most recent S&P/Case-Shiller Home Price Indices shows that many markets within these states continue to show improvement, and this should eventually contribute to an increase in home values for older Americans as well.

“Even a minimal gain in home value is a reassuring sign for older Americans because many of these individuals live on a fixed income and rely on their home to support their retirement lifestyle,” said Eric Bachman, founder and CEO of Golden Gateway Financial. “This is especially true for those considering a reverse mortgage because as their home increases in value, so does their potential for greater reverse mortgage proceeds.”

Additional observations from the data include:
-The average age of users remained roughly consistent
-Self-reported senior home values rose by a little more than 3%between the third and fourth quarter of 2009
-The average existing forward mortgage debt dropped slightly to $143,360
-Reverse mortgage average max up front proceeds available rose by roughly 3% while the average max monthly proceeds available dropped by 13%

For more information, visit www.goldengateway.com.

Being a Reno/Sparks real estate consultant I always appreciate any question or comments on the Reno/Sparks real estate or any of the articles I post.

Send all questions to chance@ballard-company.com

But I was losing so much bone density that I would have been in grave danger. And I mean grave danger. If I had let it go just a few more years I could have broken my hip or spine just picking up my granddaughter.
Sally Field

But there isn’t any second half of myself waiting to plug in and make me whole. It’s there. I’m already whole.
Sally Field

Change is never easy.
Sally Field

I came from a real working-class show business family.
Sally Field

I can’t deny the fact that you like me! You like me!
Sally Field

I have never been beautiful in cliche terms.
Sally Field

I never really address myself to any image anybody has of me. That’s like fighting with ghosts.
Sally Field

I really have no ulterior motive in taking on certain roles. I have no larger issue that I really want to show people. I’m an actor, that’s all. I just do what I do.
Sally Field

I think that’s very sad, that I haven’t allowed my heart to be broken. I have broken a few.
Sally Field

I think the first thing I did was several scenes from Romeo and Juliet.
Sally Field

I was just lucky enough to grow up in a time when they actually had drama departments in schools.
Sally Field

I was raised to sense what someone wanted me to be and be that kind of person. It took me a long time not to judge myself through someone else’s eyes.
Sally Field

I would take plays and I would cut out all the other dialogue and make long monologues because I felt the other kids weren’t taking it as seriously as I did.
Sally Field

I’m so vigorous, and I so take it for granted, because I’ve always been a real physical person.
Sally Field

If I hadn’t fought back, I might have been Gidget forever.
Sally Field

It took me a long time not to judge myself through someone else’s eyes.
Sally Field

My agent said, ‘You aren’t good enough for movies.’ I said, ‘You’re fired.’
Sally Field

One of the most important things I learned while working as a Reno/Sparks real estate consultant is to learn from others when you can.

As a Reno/Sparks real estate consultant I always welcome any comments or questions on the Reno/Sparks real estate or any of the articles I posted.  You can email me directly at  chance at ballard-company.com

As the WAC tournament starts this week I feel this would be a great time to take a break from Reno/Sparks real estate and talk about the Nevada Wolf Pack. With two big wins to finish the regular season the Nevada Wolf  Pack secure the second seed in the WAC tournament.  The WAC Tournament starts March 10 and is being played in Reno this year.  The Nevada Wolf Pack is 15-1 at home this year with their only loss to Utah the Number 1 seed.

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Courtesy: Nevada
http://nevadawolfpack.com
The 2010 WAC Tournament is set for March 10-13 at Nevada’s Lawlor Events Center.

Link: WAC Tournament Information

The WAC Men’s and Women’s Basketball Tournament has returned to Reno for 2010.

The University of Nevada and the Reno Sparks Convention and Visitors Authority will play host to the men’s and women’s basketball tournaments at the 11,536-seat Lawlor Events Center on March 10-13, 2010.

Ticket Information
All-session and single-season tickets as well as a Nevada 3-Pack (same seat for all three Nevada men’s games) are atill available and on sale now. Click here for ticket information or call the Wolf Pack Ticket Office – 775-348-PACK (7225).

WAC Whiteout
Fans holding a ticket for the WAC Tournament can pick up a free One Community, One Pack t-shirt starting on Monday, March 8 at Fuddruckers in Sparks or Silver and Blue Outfitters at Meadowood Mall in Reno. Fans are encouraged to wear those shirts to Nevada’s men’s quarterfinals game with Idaho on Thursday at 6 p.m. to create a WAC Whiteout.

WAC Tournament Ticket Pricing

All Session Passes:

Can be purchased at Legacy Hall Only. Includes all games played for both Men and Women.

• $195 – Lower Bowl
• $145 – Upper Bowl Center
• $110 – Upper Bowl Corner/End

Nevada 3– Pack:

Can be purchased online and at Lawlor Events Center. (Legacy Hall will not be selling the Nevada 3-Pack)
All 3 games Nevada could be playing in. Same seat for every game.

• $15 discount from buying the 3 games separate.
• $150 – Lower Bowl (limited availability)
• $90 – Upper Bowl Center
• $60 – Upper Bowl Corner/End

Single – Session Tickets (session and game information):

Can be purchased by calling 348-PACK option #1, online and at Lawlor Events Center. (Legacy Hall will not be selling individual tickets)

• $55 – Lower Bowl Tickets (limited availability)
• $35 – Upper Bowl Center
• $25 – Upper Bowl Corner/End
• $20 – Upper Corner/End for All WAC Students (with valid ID), Youth 3-12, Seniors 65 and older and Active Military with Military ID. ($5 discount) A $10 discount available for the following groups: All Government, State, County and City workers including the City of Reno, City of Sparks, Washoe County, and the Washoe County School District, Nevada Alumni Association among others.

Group Tickets:

(15 tickets or more) Not available day of game, only available for first game Nevada plays in.

• $15 – Group Tickets of 15 or more (regular price $25) available in upper corners and end seats.
• Can be purchased in advance through Meredith Montoya 682-6905 mmontoya@unr.edu or in person at Lawlor Events Center 10-5 M-F 10-2 Sat.

Women’s Sessions:

• $15 – General Admission
• $10 – for All WAC Students (with valid ID), Youth 3-12, Seniors 65 and older, Active Military with Military ID, * employees listed above. ($5 Discount, available in advance or day of game Lawlor Events Center only.)
• $10 – Group Tickets of 15 or more (regular price $15) Can be purchased in advance through Meredith Montoya 682-6905 mmontoya@unr.edu or in person at Lawlor Events Center 10-5 M-F 10-2 Sat. Not available day of game.

2010 WAC Basketball Tournament – Men’s Bracket (download)

Thursday, March 11 (Quarterfinals)
Game 1 (Session 3) – #8 Boise State vs. #1 Utah State	12:00 pm PST
Game 2 (Session 3) – #5 Fresno State vs. #4 Louisiana Tech	2:30 pm PST
Game 3 (Session 4) – #7 Idaho vs. #2 Nevada	6:00 pm PST
Game 4 (Session 4) – #6 San Jose State vs. #3 New Mexico State	8:30 pm PST
Friday, March 12 (Semifinals)
Game 5 (Session 6) – Winner Game 1 vs. Winner Game 2	6:00 pm PST
Game 6 (Session 6) – Winner Game 3 vs. Winner Game 4	8:30 pm PST
Saturday, March 13 (Finals)
Game 7 – Winner Game 5 vs. Winner Game 6	7:00 pm PST

2010 WAC Basketball Tournament – Women’s Bracket (download)

Wednesday, March 10 (Quarterfinals)
Game 1 (Session 1) – #8 Hawai’i vs. #1 Fresno State	12:00 pm PST
Game 2 (Session 1) – #5 New Mexico State vs. #4 Idaho	2:30 pm PST
Game 3 (Session 2) – #6 Boise State vs. #3 Nevada	6:00 pm PST
Game 4 (Session 2) – #7 Utah State vs. #2 Louisiana Tech	8:30 pm PST
Friday, March 12 (Semifinals)
Game 5 (Session 5) – Winner Game 1 vs. Winner Game 2	12:00 pm PST
Game 6 (Session 5) – Winner Game 3 vs. Winner Game 4	2:30 pm PST
Saturday, March 13 (Finals)
Game 7 (Session 7) – Winner Game 5 vs. Winner Game 6	1:00 pm PST

http://www.nevadawolfpack.com/ViewArticle.dbml?DB_OEM_ID=10000&ATCLID=3646870