The Examiner.com commented on an interview real estate tycoon Donald Trump had with the Wall Street Journal. Trump told WSJ that he is interested in the troubled Yellowstone Club in Montana. He may get that place for a bargain. The private resort filed for bankruptcy last November and deep in debt.

Hatched in 2000, plans for the private, ultra-exclusive Yellowstone Club included 864 homes, private skiing terrain bigger than Aspen and Telluride and a golf course designed by Tom Weiskopf. Membership is by invitation only and ownership of real estate is required. Bill Gates and former Vice President Dan Quayle are on the member roster. Home site parcels are listed at $2.25 million and condos and other residences are listed between $3.5 million to $6 million.

Read the rest of the article at Examiner.com here >>>

Thanks for visiting

Channing Boucher
Visit My Crested Butte Real Estate Guide

Franchise Business Review’ awarded Sotheby’ International Realty Best in Category for Real Estate Franchisee Satisfaction award for the second year in a row today.

The Best in Category award measures franchisee satisfaction with their franchisors and is part of the 4th annual Franchisee Satisfaction Awards presented by Franchise Business Review.  Sotheby’s International Realty Affiliates LLC also was ranked No. 7 for all franchise categories with more than 200 locations.  This is the second year the brand was rated in the top 10 of all franchise categories.

“Our goal is to provide our franchisees with the resources they need to better serve their clients and remain leaders in their markets,” said Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC, “For us to receive this recognition two years in a row demonstrates that we have built a service and support platform our franchisees find valuable.  I consider that a true measure of our effectiveness and success.”

Franchise Business Review is a national franchise market research firm that performs independent surveys of franchisee satisfaction and franchise buyer experiences.  For a complete list of this year’s award winners, go to http://www.fbr50.com/.

Thanks for visiting today,

Channing Boucher
Visit My Crested Butte Real Estate Guide

Good day,

It appears demand for mortgage applications nationally is rising – in spite of recent fall out from the subprime lending fiasco.  It was reported today the so-called Mortgage Banker Association Market Composite Index is up a full 1.6%. This number translates into a 23% increase in mortgage application activity over a year ago.

Interestingly, almost half of all new mortgage activity stems from folks refinancing their existing loans. The average interest rate for 30-year fixed-rate mortgages increased to 6.23 percent from 6.13 percent. The average interest rate for 15-year fixed-rate mortgages increased to 5.96 percent from 5.81 percent.

Channing Boucher
Visit CrestedButteBroker.com

Good morning readers,

Good news today from Bankrate.com. Mortgage rates continue to drop, reaching a 5-month low this week. These decreases have caused a spike in mortgage applications and real estate purchases nationwide. We’re seeing great rate packages on 30 year fixed loans, 30 year jumbo loans and short-term ARMs.

Interestingly, as the Crested Butte real estate market goes through it’s recent value corrections and huge price reductions now is the time to start looking hard at investment property opportunities in our local market.

Thanks for visiting today!

Channing Boucher
Visit My Site

Daily Real Estate News  |  August 24, 2006

Mortgage Rates Decline to 5-Month Low
 
Last week’s better-than-expected reading on the Consumer Price Index helped to push mortgage rates down to a five-month low, according to Bankrate.com’s weekly mortgage survey of large lenders.

The average 30-year, fixed-rate mortgage fell to 6.48 percent, the lowest since March 29, while the average 15-year, fixed-rate mortgage, popular for refinancing, dropped by a similar amount to 6.19 percent.

On larger loans, the average jumbo 30- year, fixed-rate declined to 6.74 percent. Adjustable-rate mortgages also backtracked. The average 5/1 ARM slid to 6.24 percent, and the average one-year ARM retreated to 6 percent.

Slower economic growth has helped bring fixed mortgage rates to a five-month low, along with the Federal Reserve Board hitting the pause button on rate increases. Although inflation remains a threat, bond investors are confident in the Fed’s forecast that inflation will recede as the economy cools, Bankrate.com says in its report.

Fixed mortgage rates have fallen nearly one-half of a percentage point since the Fed last hiked rates at the end of June. At the time, the average 30-year fixed mortgage rate was 6.93 percent, meaning that the monthly payment on a loan of $165,000 was $1,090.

With the average 30-year fixed rate now 6.48 percent, the same loan originated today would carry a monthly payment of $1,040.74. With the recent pullback, fixed mortgage rates remain an attractive refinancing alternative for adjustable-rate borrowers facing sharp payment adjustments.

Source: Bankrate.com (08/24/06)

Great news for home buyers today!

Mortgage rates are moving in the right direction - lower. This has ignited a surge in mortgage applications across the United States. Read the article below.

Channing Boucher

Daily Real Estate News  |  August 9, 2006

Lower Rates Fuel Mortgage Applications

The number of applications for U.S. mortgages rose last week for the first time in four weeks as interest rates slipped to their lowest level since March.

The Mortgage Bankers Association reported that its seasonally adjusted index of mortgage application activity for the week ended Aug. 4 rose 4.9 percent to 553.3, from the previous week’s 527.6.

"The worst of the housing market is behind us," Richard Yamarone, chief economist at Argus Research in New York, told Reuters News. "That’s simply because the two primary drivers of housing — interest rates and demographics — are improving."

Borrowing costs on 30-year, fixed-rate mortgages last week averaged 6.45 percent, down from 6.62 percent in the previous week. The rate on 15-year, fixed-rate mortgages decreased to 6.10 percent from 6.28 percent. The average rate on a one-year ARM declined to 5.96 percent last week from 6.18 percent.

The refinance share of mortgage activity increased to 38 percent of total applications from 37 percent the previous week.

Source: Reuters News, Al Yoon (08/09/06)

Good Day,

Here is an important article from the Wall Street Journal today regarding your mortgage lender and the appraisers they utilize to value your property and loan you money. Side deals between lenders and appraisers are the mortgage industry’s dirty little secret. While completely unlawful this kind of stuff happens – in metro markets as well as resort markets. Appraisers want the business and sadly they allow themselves to be influenced by the mortgage lenders who want to write inflated loans. Everyone makes money on the transaction and the buyer gets into their dream home at a price they think is fair market value!

Read on. Be aware. Thanks for visiting today,

Channing Boucher
visit my website

Daily Real Estate News  |  July 26, 2006

Bad Appraisals Lead to Big Problems Later

There are concerns that many of the mortgages originated in recent years involved inflated appraisals, leaving homeowners owing more than their property may be worth.

These owners could encounter problems of they seek to refinance adjustable-rate loans to avoid higher monthly payments. Meanwhile, sellers might have to slash their asking prices, and lenders could post substantial losses if borrowers are forced into foreclosure.

Much of the problem stems from conflicts of interest, as appraisers are hired by loan officers and mortgage brokers, and appraisers depend on them for repeat business.

These loan officers and mortgage brokers are compensated only for completed transactions, prompting some to pressure appraisers to achieve a particular valuation that will allow a transaction to go through.

Research indicates that brokers orchestrate 50 percent of mortgages, and they are not governed as strictly as lenders at the state level. Inflated appraisals also result from the inclusion of comparative home sales data in the valuations, as it is virtually impossible for appraisers to know if such things as landscaping and closing-cost assistance are included in new-home prices.

As a result of these concerns, Congress is considering increasing regulation of appraisers.

Source: The Wall Street Journal, Ruth Simon, James R. Hagerty (07/23/06)

Good sign for home buyers,

Rates Drop on Weak Job Report, Inflation

(June 9, 2006) —   Freddie Mac reports that the 30-year fixed mortgage rate fell to 6.62 percent this week from 6.67 percent a week earlier, marking the second drop in 11 weeks.

The decrease can be attributed to a weaker-than-anticipated jobs report that lessened inflation worries, says the government-sponsored enterprise,

Meanwhile, the 15-year fixed mortgage rate slipped to 6.23 percent from 6.26 a week ago. The one-year adjustable rate dipped to 5.63 percent from 5.68 percent, and the five-year hybrid adjustable rate tumbled to 6.20 percent from 6.26 percent over the same period.

Source: Baltimore Sun (06/09/08)

Good day,

I’ve been compiling stats and various data in preparation for my Western Resort Outlook (WRO) report. The WRO Report is available by request only. This month’s report outlines what is going on in other Western and Rocky Mountain resort communities with their real estate activity. Incredible stuff for sure specifically when it comes to each resort’s overall transaction volume.

For the 1st quarter of this year, here is a highlight:

Total Volume of Closed Real Estate Transactions:
Park City: $ 543 million
Steamboat: $107 million
Summit County: $ 237 million
Telluride: $ 162 million
Vail: $ 465 million

Average Sales Price of a Single Family Home:
Park City: $ 1,089,000
Steamboat: $ 707,000
Summit County: $ 525,000
Telluride: $ 2,648,000
Vail: $ 1,121,000

By comparison, Crested Butte saw around $ 53 million in sales during the same 4-month period. The average sales price of a single famly home in the Town of Crested Butte is currently $863,000. (first six months of this year)

Channing Boucher
Visit Crested-Butte-Real-Estate.com