Rates Update

The 30-year fixed-rate mortgages averaged 6.05% this week, down slightly from 6.06% last week. Freddie Mac said 15-year fixed-rate loans averaged 5.60%, up slightly from 5.59% last week. A year ago, the 15-year rate averaged 5.92%. Rates on five-year adjustable-rate mortgages (ARMs) averaged 5.67%, down from 5.73% last week. A year ago, the 5-year rate averaged 5.92%. One-year Treasury-indexed ARMs averaged 5.29%, unchanged from the last two weeks. At this time a year ago, the 1-year ARM averaged 5.48%.

Market Conditions

Home buyers continue to be in the driver’s seat in many U.S. housing markets, with plenty of inventory to choose from in virtually all price ranges. . Time required to sell a listing has lengthened to more than 90 days, on average. Home prices appears to have stabilized, becoming more in line with local market supply and demand. As a result, most sellers say they are getting at least 90% of asking prices.
Concern over liquidity and tougher lending qualifying standards in the mortgage industry are slowing any quick recovery in the national housing market. Lingering problems with sub prime loans and homeowner bankruptcies must also be resolved.

Existing-home sales saw the largest increase in the Northeast region with a gain of 11.3% to 890,000. These homes were going for a median price of $264,800, up 0.4% from a year ago. The Midwest and the South also saw slight increases of 2.5% and 2.1% respectively; while home sales in the West slipped 1.1%, to 920,000. Single-family home sales saw a boost of about 2.8%, to 4.47 million, with a median selling price of $193,900.

Cheri Ure
The Mortgage Place
Phone: 208.794.0533
Email: cheri@themortgageplace.us

Talk soon,

This is about the time of the year in the Treasure Valley when our gardens are in full swing. Tomato plants should be filling rapidly with delicious fruit. If your like me, your sure to at some point have a tomato plant issue (I’m currently in the “why do my tomatoes have black spots” boat…).

I ran across this website the other day, and found it extremely useful. Take a look at your plant, take a look at the site, and match your tomato problems to the website pictures.

The tomato problem solver gives causes for ripe or unripened fruit, the plants stem, leaves and even root trouble. One click on the like-photo and up pops the likely cause and solution for your problem!

Looks like my poor plant may have buckeye rot Now let’s see if I can fix her up before I go a season without fresh, delicious garden grown tomatoes!

Happy Gardening!

Talk soon,

The Canyon County Fair is just about here! Tickets are currently on sale, and the fair begins July 24 and runs

through the 27th.

Admission for adults is $4.00
Children 6-12 & Seniors are $3.00
Children 5 and younger are FREE

This years concert line up should be great!

Friday July 25, 8:00 pm: Kellie Pickler
Saturday July 26, 8:00 pm: Sawyer Brown
Sunday July 27, 8:00 pm: Three Dog Night

Canyon County Fair Location & Directions:

Take Caldwell Exit 29 - Franklin Rd.
Go South over the freeway - keep left at fork in road and follow signs to Caldwell Events Center. Take a left on 21st Ave. Go past railroad tracks, take a left on Stock Trail Rd. You’re there!

Map It!

For more information, visit the Canyon County Fair Website.

See ya in Caldwell Idaho at the Fair!

Talk soon,

I recently announced the opening of the Treasure Valley Short Sale & Foreclosure Center. Here is a bit more information covering the How’s, Why’s and What’s related to Idaho Short Sales.

So what exactly is a Short Sale?

A “Short Sale” is the sale of a house in which the proceeds fall short of what the current owner still owes on their mortgage. Many banks / lenders will agree to accept the proceeds of a short sale, and forgive the balance of what is owed on the mortgage when the current owner can prove they cannot make the mortgage payments.

EXAMPLE: If a homeowner owes $100,000 on his current mortgage, and he is able to sell his home for $90,000 in a short sale, the bank/ lender may accept the $90,000 as payment in full, and forgive the remaining $10,000.

In most approved short sale situations, the bank/ lender typically agrees to pay the Sellers closing costs and Realtor fees as well. A seller CANNOT make a profit when doing a short sale.

And why would a Lender or Bank choose to allow a Short Sale?

A lender may choose to allow a short sale on a property so that they can avoid the typically lengthy and costly foreclosure process/ proceedings.

Banks and lenders are in the business of lending money, not holding real estate. When a borrower defaults on his/her loan, the bank /lender must then foreclose on the property. Foreclosures are very expensive and can cost a lender several tens of thousands of dollars.

It is much easier, and in most cases more advantageous for a lender to allow a short sale where a Realtor markets and sells the property, typically allowing the lender to make out better financially that a foreclosure would allow.

Contact us TODAY for more information on Idaho Short Sales!

Heidi: 208.401.5460
Gary: 208.401.5459

Talk soon,

We are excited to announce the opening of the Boise Idaho/ Treasure Valley Short Sale and Foreclosure Center.

The Short Sale Center provides our clients with the information needed to either purchase or sell an Idaho Short Sale.

Buyers: The Griffith and Kraus Team will provide you with the tools and resources necessary in making educated decisions when searching for Short Sales and Bank Owned (REO) properties.

Our database of homes and land make it easy for you to find just what your looking for!

A Short Sale may be right for you.

Did you know lenders are currently willing to work with homeowners by allowing you to sell your home for less than your actual mortgage?

Our team of Consultants are here to assist you in finding out if a Short Sale is your best option for avoiding the foreclosure of your home.

Contact us TODAY for more information on Idaho Short Sales!

Heidi: 208.401.5460
Gary: 208.401.5459

Talk soon,

Interest Rate Update

The 30-year fixed-rate mortgage (FRM) averaged 6.35 percent with an average 0.6 point for the week ending July 3, 2008, down from last week when it averaged 6.45 percent.The 15-year FRM this week averaged 5.92 percent with an average 0.6 point, down from last week when it averaged 6.04 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.78 percent this week, with an average 0.7 point, down from last week when it averaged 5.99 percent. One-year Treasury-indexed ARMs averaged 5.17 percent this week with an average 0.6 point, down from last week when it was 5.27 percent.

Market Conditions Update

They’re not overwhelming yet, but definite signs of improvement continue to pop up in real estate around the country.

Take the latest home resale report: Sales were up by 2 percent nationally in May, and up 5.5 in the Midwest and 4.6 percent in the Northeast. Condo sales also jumped 5.5 percent nationwide. Houses with slashed prices are selling fast and pushing up sales numbers. That’s the way cycles work. The cyclical rebound gets rolling on the wreckage left over from the boom.

But there are other signs of light as well: The federal government agency that tracks home price movements — based on multiple sales of houses financed by Fannie Mae and Freddie Mac — found home values actually increased in two major regions in the U.S. last month. Prices continue to rise in Texas, Louisiana, Arkansas, Oklahoma, Kentucky, Tennessee and Mississippi.

Still another plus: Mortgage rates took a surprise dip last week — reversing the previous week’s sharp increases. Thirty year fixed rate loans are back down to 6.4 percent and fifteen year rates are under six percent again. And here’s one more positive sign to add to the mix: Personal consumption — an important indicator of the economy’s underlying rate of expansion — rose by four tenths of a percent in May. That’s the largest gain since December of 2006.

Are developments like these enough to push us into a full blown housing recovery or keep us out of recession? Not by themselves. But keep your eyes on home sales and prices in the hardest hit local markets. If enough of them start going positive — then yes, we could be on the verge of a turnaround in the months ahead.

If you have any questions regarding current interest rates as well as any mortgage related topics, please feel free to contact Cheri.

Cheri Ure
The Mortgage Place
Phone: 208.794.0533
Email: cheri@themortgageplace.us

Talk soon,

As many do, Gary and I decided to join the gym this past January. Our New Years resolution, if you will. A lot of good that did. The trip to the gym started out with a bang (doesn’t it always…), but fizzled out quickly.

Then we met Jarrod.

6′ / 305 lbs. give or take, and a passion about health and fitness, Jarrod Beekley of Buf (Beekley’s Ultimate Fitness) asked me if I would be interested in training with him. Being the cordial gal I am (and knowing that I needed something to motivate me), I agreed to set up a schedule. Heck, his pricing was right- $20 each for 12 one hour sessions, or even better than that, $15 each for 40 sessions in his private 1,000 sq. ft. gym, far- far less than the personal trainers at the gym I never could seem to get to!

Scheduling that appointment with Jarrod was one of the best things Gary and I could have done! Not only does he have great pricing for his services, he’s also a great guy!

If your looking to lose a few or many pounds, tone up and/or get in better shape, or even become a fitness God or Goddess, I highly recommend you meet with Jarrod! He’s conveniently located right in the heart of the Treasure Valley, Meridian Idaho- off of Meridian Road and Victory. Easily accessible from I-84!

In only 3- one hour sessions a week, I guarantee you’ll look and most importantly feel better!

Give Jarrod a call TODAY to get started on a better YOU! Make sure to let him know that Heidi and Gary sent you.

Jarrod Beekley, Personal Trainer: 208-440-0565

ABOUT JARROD BEEKLEY:

Jarrod served our country with the United States Marine Corps. from 1991- 1995 in infantry and the Heavy Weapons Company. After serving his country, he walked on to the Montana State University football team, then earned a 2 year scholarship while playing defensive tackle.

In 1999 Jarrod arrived in Boise and was the asst. strength coach for Boise State University (go BSU!), and he

designed and implemented strength and conditioning programs for all BSU sports. In 2000 & 2001, Jarrod played arena football for the Boise Idaho Stallions.

“BUF” (Beekley’s Ultimate Fitness) was created in 2006 and in 2007 Jarrod began coaching and training the football team at Nampa Christian High School in Nampa Idaho. Jarrod was quite proud to announce the guys finished highest in Nampa Christians history, coming in 3rd in State!!!

Fitness and coaching is not only Jarrod’s career, it is also his life and love. He competes across the nation in Strongman Shows, and most recently competed in Washington’s Strongest Apple Strongman and won his class as well as overall! Congratulations Jarrod!!!

Talk soon,

As I expected, Treasure Valley single family home sales reached a high for the year with 717 closed homes through May. The increase is 59% higher than the beginning of this year.

Sellers in Boise and the surrounding areas seem to be realizing that they are in competition with Short Sale properties, along with the

foreclosed, Bank-Owned homes.

If a Seller really wants his/her home to sell, they’re going to quickly understand that the right price will be what sells it.

We’ve started to see non-distressed properties prices drop. It is an inevitable process. Our Real Estate Market can only recover if prices are adjusted to where the current “fair market value” sits. And as unfortunate as it is, it sits with properties that are in distress or are owned by un-emotional banks (who have no emotional bonds to a specific property- they just don’t want to carry it).

If you are thinking about Selling your home, be prepared to really understand the value of your home- TODAY. I know it may not be what it was (as a matter of fact, I’m pretty sure it’s not…), but being realistic is really going to give you the upper hand. Be prepared to compete with those properties I discussed above.

Click Here to read the article in today’s Statesman.

Talk soon,

Fed Governor Randall Kroszner said the U.S. housing sector will recover gradually as an excess of home inventory is reduced. “Rehabilitation in the mortgage securitizations markets, which have been particularly hard hit during the turmoil of the past year, will be a gradual process that will take time,” he said.

He said banks have raised $80 billion in capital this year, but that they should continue to raise more.

“While the recent ability of many financial institutions to raise capital from diverse sources has been encouraging, additional capital raising by financial institutions would support the extension of credit to households and businesses, and thus economic activity” Kroszner said.

“Furthermore, larger capital cushions will not only provide a more solid footing for the broader economy, but will place firms in the position to benefit from profit opportunities as conditions in the financial markets and the economy evolve,” he added.

Kroszner also said strains in the market have eased “somewhat.”

If you have any questions regarding current interest rates as well as any mortgage related topics, please feel free to contact Cheri.

Cheri Ure
Source Mortgage
Phone: 208.794.0533
Email: cheriu@srcmtg.com
Website: www.srcmtg.com/cheriu

Talk soon,