Chance Gates' Blog

http://www.realtor.org/press_room/news_releases/2011/01/phs_continue

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Pending home sales improved further in December, marking the fifth gain in the past six months, according to the National Association of Realtors®

The Pending Home Sales Index,* a forward-looking indicator, increased 2.0 percent to 93.7 based on contracts signed in December from a downwardly revised 91.9 in November. The index is 4.2 percent below the 97.8 mark in December 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, credits good affordability conditions and economic improvement. “Modest gains in the labor market and the improving economy are creating a more favorable backdrop for buyers, allowing them to take advantage of excellent housing affordability conditions. Mortgage rates should rise only modestly in the months ahead, so we’ll continue to see a favorable environment for buyers with good credit,” he said “In the past two years, home buyers have been very successful, with super-low loan default rates, partly because of stable home prices during that time. That trend is likely to continue in 2011 as long as there is sufficient demand to absorb inventory,” Yun said. “The latest pending sales gain suggests activity is very close to a sustainable, healthy volume of a mid-5 million total annual home sales. However, sales above 6 million, as occurred during the bubble years, is highly unlikely this year.”

The PHSI in the Northeast increased 1.8 percent to 73.9 in December but is 5.3 percent below December 2009. In the Midwest the index rose 8.0 percent in December to 84.6 but is 5.1 percent below a year ago. Pending home sales in the South jumped 11.5 percent to an index of 101.9 and are 1.7 percent above December 2009. In the West the index fell 13.2 percent to 105.8 and is 10.7 percent below a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

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*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.

NOTE: Existing-home sales for January will be reported February 23 along with revisions for the past three years, and the next Pending Home Sales Index will be released February 28. Fourth quarter metro area home prices and state home sales will be published February 10; release times are 10:00 a.m. EST.

Information about NAR is available at www.realtor.org

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

www.nevadwolfpack.com

RENO, Nev. – The University of Nevada will hold a National Signing Day Party on Wednesday, Feb. 2 at the Bully’s Sports Bar location on Robb Drive.

Join WAC Coach of the Year Chris Ault and his coaching staff as they unveil the 2011 Wolf Pack Football recruiting class with a detailed rundown on each member of the class with a video presentation. The Fremont Cannon will be on display along with the WAC Championship Trophy, the Kraft Fight Hunger Bowl Trophy and the ESPN Herbie Award for the Game of the Year. The Wolf Pack’s team highlight video from the historic 2010 season will also be shown.

The function is open to the public and Bully’s will be offering food and drink specials throughout the evening. The event runs from 6-8 p.m. and Wolf Pack fans are encouraged to stay afterward to watch the Nevada basketball team take on Utah State in a pivotal WAC showdown on ESPN2.

“The 2010 season was indeed a historic one for the University of Nevada and we’re tremendously excited for the future of the program,” said Keith Hackett, senior associate athletics director. “Our coaching staff has worked tirelessly to bring in a great group of student-athletes and this will be a fun event. We want also want to offer our appreciation to Bully’s for hosting this event and for their continued support of University of Nevada athletics.”

Second-year women’s soccer coach Dr. Melissa Price and her coaching staff will also be at the event as Price brings in her second recruiting class to the University of Nevada.

2011 Nevada football season tickets will be on sale at the event and Silver & Blue Outfitters will be on hand with Wolf Pack merchandise available.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures.

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RISMEDIA, January 27, 2011—Mortgage rates have remained steady, according to the latest figures from FreeRateUpdate.com. Current 30-year conforming fixed mortgage rates are at 4.625 percent, 15-year conforming fixed mortgage rates are at 3.875 percent and conforming 5/1 adjustable mortgage rates are at 3.125 percent. Well-qualified borrowers are able to take advantage of these low conforming mortgage rates with only 0.7 to 1.0 percent origination fees.

Current 30-year fixed FHA mortgage rates are 4.500 percent, 15-year fixed FHA mortgage rates are 4.000 percent, and FHA 5/1 adjustable rate mortgage rates are 3.125 percent. FHA mortgages have more favorable loan terms than conforming mortgage rates. The tradeoff, however, is the higher closing costs associated with an FHA loan. Additional fees that the Federal Housing Administration charges to borrowers include upfront mortgage insurance premiums, annual mortgage insurance premiums, additional residential appraisals, etc.

Jumbo mortgage rates are likewise currently stable. Current 30-year fixed jumbo mortgage rates are 5.125 percent, 15-year fixed jumbo mortgage rates are 4.750 percent, and jumbo 5/1 adjustable mortgage rates are 3.875 percent. Borrowers interested in obtaining a jumbo mortgage loan are able to do so in excess of the conforming loan limit for their desired area.

Mortgage back securities (MBS) prices are currently higher today than yesterday. MBS prices have in increased by +9/32 (FNMA 30-year 4.5 at 102.11). Mortgage rates and MBS prices have an inverse relationship, which means they move in opposite directions. Therefore, as MBS prices increase, mortgage rates are expected to decrease

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures.

Believe deep down in your heart that you’re destined to do great things.

Besides pride, loyalty, discipline, heart, and mind, confidence is the key to all the locks.

Its the name on the front of the jersey that matters most, not the one on the back.

Losing a game is heartbreaking. Losing your sense of excellence or worth is a tragedy.

Publicity is like poison; it doesn’t hurt unless you swallow it.

Success without honor is an unseasoned dish; it will satisfy your hunger, but it won’t taste good.

The minute you think you’ve got it made, disaster is just around the corner.

The will to win is important, but the will to prepare is vital.
When a team outgrows individual performance and learns team confidence, excellence becomes a reality.

You have to perform at a consistently higher level than others. That’s the mark of a true professional.

You need to play with supreme confidence, or else you’ll lose again, and then losing becomes a habit.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures.

Sheila Bair, Federal Deposit Insurance Corp chair, called for a new commission that would compensate home owners who have lost their homes to foreclosure because of mistakes lenders made.

She suggested the claim’s commission be modeled after ones created to compensate victims of the BP oil spill and the Sept. 11, 2001, terrorist attacks.

Her plea for a commission is to address accusations in recent months that banks have taken illegal shortcuts in foreclosure proceedings and “robo-signing” hundreds of unread foreclosure documents a day.

“Every time servicers have delayed needed changes to minimize their short-term costs, they have seen a deepening of the crisis that has cost them — and the rest of us — even more,” Bair said at a Mortgage Bankers Association event.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures.

Source: “FDIC’s Blair Calls for Foreclosure Claims Commission,” Reuters News (Jan. 19, 2011)

Existing-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of REALTORS^®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9 percent below the 5.44 million pace in December 2009.

Lawrence Yun, NAR chief economist, said sales are on an uptrend. “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”

The national median existing-home price for all housing types was $168,800 in December, which is 1.0 percent below December 2009. Distressed homes rose to a 36 percent market share in December from 33 percent in November, and 32 percent in December 2009.

“The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, but the flat price trend continues,” Yun explained.

Inventory Levels
Total housing inventory at the end of December fell 4.2 percent to 3.56 million existing homes available for sale, which represents an 8.1-month supply at the current sales pace, down from a 9.5-month supply in November.

NAR President Ron Phipps said buyers are responding to very good affordability conditions despite tight mortgage credit. “Historically low mortgage interest rates, stable home prices, and pent-up demand are drawing home buyers into the market,” Phipps said. “Recent home buyers have been successful with very low default rates, given the outstanding performance for loans originated in 2009 and 2010.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.71 percent in December from 4.30 percent in November; the rate was 4.93 percent in December 2009.

Transaction Types
A parallel NAR practitioner survey shows first-time buyers purchased 33 percent of homes in December, up from 32 percent in November, but are below a 43 percent share in December 2009.

Investors accounted for 20 percent of transactions in December, up from 19 percent in November and 15 percent in December 2009; the balance of sales were to repeat buyers. All-cash sales were at 29 percent in December, compared with 31 percent in November, but up from 22 percent a year ago. “All-cash sales have been consistently high at about 30 percent of the market over the past six months,” Yun said.

Single-family home sales jumped 11.8 percent to a seasonally adjusted annual rate of 4.64 million in December from 4.15 million in November, but are 2.5 percent below the 4.76 million level in December 2009. The median existing single-family home price was $169,300 in December, down 0.2 percent from a year ago.

Existing condominium and co-op sales surged 16.4 percent to a seasonally adjusted annual rate of 640,000 in December from 550,000 in November, but remain 5.2 percent below the 675,000-unit pace one year ago. The median existing condo price was $165,000 in December, which is 7.4 percent below December 2009.

Performance by Region
Regionally, existing-home sales in the Northeast jumped 13.0 percent to an annual pace of 870,000 in December but are 5.4 percent below December 2009. The median price in the Northeast was $237,300, which is 1.4 percent below a year ago.

Existing-home sales in the Midwest rose 11.0 percent in December to a level of 1.11 million but are 4.3 percent below a year ago. The median price in the Midwest was $139,700, up 3.3 percent from December 2009.

In the South, existing-home sales increased 10.1 percent to an annual pace of 1.97 million in December but are 2.5 percent below December 2009. The median price in the South was $148,400, unchanged from a year ago.

Existing-home sales in the West surged 16.7 percent to an annual level of 1.33 million in December but remain 1.5 percent below December 2009. The median price in the West was $204,000, down 5.6 percent from a year ago.

NAR

http://www.realtor.org/RMODaily.nsf/pages/News2011012001?OpenDocument

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures.

www.nevadawolfpack.com

RENO, Nev. - The inaugural University of Nevada Tennis Fundraiser is set for Monday, January 31 at J.J.’s Pie Company in Reno.

“We feel like this is a great opportunity for entire tennis community in Reno to come together,” head coach Sylvain Malroux said.

The event will begin at 5:30 pm at the local pizza staple and a handful of tickets are still available.  Each ticket will cost 40 dollars, with all of the proceeds from the event going directly to the men’s and women’s tennis programs.

Tickets can be purchased at J.J.’s, and by contacting Michelle McKibbin at (775) 544-8104 or Malroux at (775) 682-6939.

In addition to contributing to the programs, those who attend will be served dinner by the players themselves.  Attendees will also have a chance to talk with the players during the event and win items at both live and silent auctions.

J.J.’s is located at 555 West 5th Street in Reno.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures.

All that we see or seem is but a dream within a dream.

Beauty of whatever kind, in its supreme development, invariably excites the sensitive soul to tears.

Deep into that darkness peering, long I stood there, wondering, fearing, doubting, dreaming dreams no mortal ever dared to dream before.

Experience has shown, and a true philosophy will always show, that a vast, perhaps the larger portion of the truth arises from the seemingly irrelevant.

I am above the weakness of seeking to establish a sequence of cause and effect, between the disaster and the atrocity.

I became insane, with long intervals of horrible sanity.

I have great faith in fools; self-confidence my friends call it.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page

http://rismedia.com/lowes/8355/12117

RISMEDIA, January 13, 2011—As leisure travel continues to rebound, owners of vacation rentals are expressing optimism about their bookings in 2011.

In fact, HomeAway, a leading online vacation rental marketplace, finds in its latest “HomeAway Vacation Rental Marketplace Report” that eight of 10 vacation rental owners anticipate their rental business this year will be stronger or about the same as it was in 2010.

The year is already off to a good start for some owners. According to HomeAway’s seventh quarterly report, about 60 percent of vacation rental owners say their bookings for the first quarter of the year (January through March) are about the same or higher than the same time period last year.

The HomeAway report also found that a majority (59 percent) of vacation rental owners will keep their 2010 rental rates in place this year – good news for travelers looking to stretch their travel dollar in 2011. About 10 percent will decrease their rental rates from last year, and approximately 31 percent expect to increase their rates.

While rates look to be consistent in 2011, vacation rental inventory continues to grow. For the sixth consecutive quarter, Austin makes the list of the top 10 fastest-growing cities for vacation rental listings. Last year’s list, comprised of three markets in California (Carnelian Bay, Santa Monica and Beverly Hills), three ski towns (Estes, Colo.; Truckee and Carnelian Bay, Calif.) and two lake destinations (Canyon Lake, Texas; Lake Norman, Illinois) is a change from this year’s list that featured beaches and less traditional vacation rental destinations.

In addition to a greater selection of vacation rentals, travelers also will benefit from owners’ efforts to improve their properties and the experience that travelers have while staying in them. The report found that 59 percent of vacation rental owners are planning an upgrade to their homes in 2011.

Of those owners who say they’ll embark on an improvement project:
• 41 percent plan to paint the interior of their vacation home
• 29 percent will add new bedding
• 23 percent will update the home’s exterior (landscaping, roofing, painting, etc.)
• 21 percent will add new electronics
• 17 percent will add new furniture
• 11 percent will upgrade the appliances
• 9 percent will make their vacation rental more energy efficient

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page