Archives for December 2013

VIDEO: Ho Ho Handrails Holiday Rail Jam

This is a video of the first rail jam of the season this past Friday at Dollar Mountain in Sun Valley Idaho.

Thanks to the Sun Valley Resort we can share this video.

Happy New Year!

Hallmark Idaho Properties Wishes You A Happy New Year

Buyers Get Extended Offer Period on REOs

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Mortgage giants Fannie Mae and Freddie Mac announced an extension of their “First Look” programs, granting buyers seeking a primary residence a full 20 days to submit offers on REO properties ahead of investor competition.

Previously, the First Look period was 15 days long. Freddie Mac’s program operates under HomeSteps First Look initiative and Fannie Mae’s version operates under the HomePath system. The expanded 20-day program took effect for HomeStep listings on or after Dec. 17. Fannie Mae’s First Look HomePath program is effective for properties listed on or after Jan. 2, 2014.

The programs are designed to promote owner-occupancy in communities, which the mortgage giants believe contributes to neighborhood stabilization. Some second home purchases are also eligible for HomeSteps First Look program. However, purchases of investments or rental properties are not eligible.

“This is especially important for buyers competing for opportunities in markets where home inventories are shrinking,” says Chris Bowden, senior vice president of HomeSteps. “Expanding the HomeSteps First Look Initiative underscores our commitment to managing HomeSteps’ REO inventory in a way that’s good for taxpayers, homebuyers, neighborhoods, and Freddie Mac.”

Freddie Mac and Fannie Mae offer a 30-day bidding window for buyers in Nevada, a state that has one of the highest foreclosure rates in the country.

SOURCE: Realtor Magazine

Sun Valley Board of Realtors 2013 Holiday Baskets

Blue Skies – Velvet Runs – Today’s Lookout Cam Photo

Click photo to see live streaming webcam on top of Baldy in Sun Valley Iaho

Click photo to see live streaming webcam on top of Baldy in Sun Valley Iaho

Today: Snow Likely, High 24

Tonight… Snow likely, mainly before 11pm. Cloudy, with a low around 13. Calm wind becoming northwest 5 to 8 mph in the evening. Chance of precipitation is 70%. New snow accumulation of 1 to 2 inches possible.

View today’s Sun Valley “Bald Mountain Report

 

MAGAZINE: Sun Valley Guide 2013/2014 Edition

VIDEO: Go Big in Sun Valley Idaho

A Terrain Park Nothing Less Than World Class

Sun Valley’s track record for quality park offerings is taking the high road after receiving coverage in 22 national magazines, hosting 11 major photo shoots and finding our way into Level 1 productions feature film “Eye Trip,” “After Dark”, and “Sunny” – along with Burton featuring Sun Valley shots in “Standing Sideways,” and “13”.

This year, Sun Valley will be right back on it, delivering a new 22 foot superpipe & a brand new cross course along with relationships involving Smith Optics and CandyGrind Apparel. Sun Valley looks forward to its Fourth season ahead with momentum climbing toward the top of the terrain park industry.

Learn More . . .

2nd Annual Sun Valley Winter Wonderland Festival,


Huge Price Drop: Mid-Valley Zinc Spur Home – $319,900

Asset manager wants to sell prior to going to auction – huge price drop now in effect. Great mid-valley location on a 1.19 acre lot, nestled in the mature trees in zinc spur. This sprawling 5br/2.5 bath home with 2,648 main floor square feet and an attached 2 car garage. High ceilings, a fireplace and lots of windows add to the charm of the home. This one has space for everyone! You can add your own touches to this potential stunner.

Fannie Mae to raise fees – Effort to shrink presence in financial markets

Fannie Mae (FNMA) and Freddie Mac, the U.S.-owned mortgage-finance companies, will raise the fees they charge lenders to guarantee loans as part of an effort to shrink their presence in the mortgage market, the Federal Housing Finance Agency said.

For the first time, the companies also will start charging higher fees in New York, New Jersey,Connecticut and Florida, where long foreclosure timelines make it more expensive for Fannie Mae and Freddie Mac to dispose of properties they take over after borrowers default, the FHFA said yesterday. The agency is also shifting its fee structure so borrowers with poor credit will pay more.

The fee increases, typically passed on to borrowers in the form of higher interest rates, will go into effect in March and April, the agency said in a statement. Fees will rise an average of 14 basis points on typical 30-year fixed-rate mortgages, the FHFA said.

“Today’s price changes improve the relationship between g-fees and risk,” FHFA Acting Director Edward J. DeMarco said in a statement, referring to fees for the guarantees. “The new pricing continues the gradual progression toward more market-based prices, closer to the pricing one might expect to see if mortgage credit risk was borne solely by private capital.”

Fannie Mae and Freddie Mac (FMCC) purchase loans and package them into securities, guaranteeing payments of principal and interest. They currently back about 60 percent of U.S. home mortgages.

Shrinking Footprint

The move to shrink the companies’ footprint by raising prices comes as DeMarco is in his last days heading the agency after spending four years pursuing a program of gradually reducing the companies’ operations and maximizing their returns to taxpayers.

The U.S. Senate plans to vote tomorrow to confirm DeMarco’s successor, Mel Watt, a Democratic congressman from North Carolina. Watt, who has declined to discuss his views on housing policy while his nomination is pending, would have the power to reverse the increases if he disagrees with them.

The FHFA is eliminating a 25 basis-point up-front fee Fannie Mae and Freddie Mac began charging in 2008 to deal with the costs of the adverse housing market, recognizing that the market has improved. The fee will remain in the four high-cost states.

FHFA’s last guarantee-fee increase, of 10 basis points, came in November of 2012. An increase of 10 basis points would cost a borrower with a $200,000 mortgage about $4,000 over a 30-year loan term. The average guarantee fee charged by the two companies rose to 38 basis points in 2012 from 28 basis points in 2011, according to a report FHFA also released yesterday.

Washington-based Fannie Mae and McLean, Virginia-based Freddie Mac have taken almost $187.5 billion in U.S. aid since they were placed under conservatorship in September 2008 after losses on investments in risky loans pushed them to the brink of insolvency. With the rebound in the housing market, the companies have become profitable and will have returned $185.2 billion to taxpayers by the end of 2013.

SOURCE: Bloomberg