I went to log into Active Rain and this was the featured video.
I defy you to find something to complain about after watching this story of Patrick Henry Hughes, a gifted, blind musician with a worldview that will leave you feeling richer...or poorer.
"Sandwiched between the Boise River and one of the busiest roads in town, a small, unassuming neighborhood lies on the threshold of a transformation.
For decades, the area of Boise surrounding 27th Street and Pleasanton Avenue has sat largely undisturbed...It has long been a stronghold of affordable housing, and despite a recent reputation for being what some call run-down, the area being called Boise's West End is home to a loyal group of residents.
Now, the neighborhood has been identified as the next great redevelopment project in Boise, and the city is unveiling an array of plans that has the potential to redefine the area."
We'll be carefully watching the transformation. We share concerns with those in the article that the area maintain its charm AND affordability, but are confident that this will ultimately mean great things for downtown Boise.
We have just listed a home on Madison (pictured above--click on it to learn more) in this area for sale at a KILLER price: Just under $190,000. It's got a big lot, wood floors, huge storage shed and tons of potential. There couldn't be a better time to invest in this part of town.
Fannie and Freddie Reform Will Significantly Impact Housing Market
Here are some excerpts from our most recent e-alert (details below):
The biggest gainers in the economic stimulus plan now days away from President Bush's signature, are probably households with more expensive homes who will be able to refinance their loans at better rates. Economists say anytime market conditions (or Congress) helps one demographic with housing finance it helps all homeowners. Rising home sales usually mean homeowners are on the move. When one household moves they usually need to sell their home. If positive financing conditions help the first party, they will help the second and third household in succession.
For those who are credit worthy and have some equity, the bill's mortgage proposals will probably deliver more long-term financial benefits than the one time check.
This scenario is near term because the stimulus package temporarily raises the maximum size of mortgages that Fannie Mae and Freddie Mac can purchase and market as securities from $417,000 to as high as $729,750 in expensive parts of the country such as New York, Nevada and California. Homebuyers wishing to purchase homes over $417,000 have been having a tough time getting financing.
The Conforming loans are conventional, fixed-rate mortgages for good credit borrowers that banks make that are eligible for purchase by Fannie Mae and Freddie Mac. When Freddie and Fannie purchase these loans from banks, it “frees-up” money that the banks can use to grant mortgages to future borrowers, thus expanding the pool of funds available for mortgages.
[snip]
In addition, the new provisions will allow the FHA to guarantee loans of up to $729,750 in certain areas. Before the recent subprime lending crisis, FHA loans were often the first choice of borrowers with damaged credit. But they have scarcely been used at all in high-price places because their price ceilings(conforming limits) have been too low to finance the average priced home.
Both changes will be effective through Dec. 31 of this year. Some are calling for another one-year extension in the conforming limits.
The National Association of Realtors said their research found that simply increasing the loan limits for Fannie Mae and Freddie Mac to $625,000 would permit as many as 300,000 families to enter the housing market (remember activity at the top filters down for first time homeowners), reduce foreclosures by as many as 210,000 and allow as many as 500,000 jumbo loan borrowers to refinance to lower cost loans, saving these people $274 to $411 a month. "I can think of no other reform that could have such a quick and profound impact on the housing industry and our national economy," said NAR President Dick Gaylord.
Call us and ask about local conforming limits. We may know of some new financing programs which will help.
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We're a little surprised at the Realtors who find time to blog daily, sometimes more.
We realize that a good real estate blog is a way to stay in touch with clients or generate leads, but, well, don't we have better things to do? Market our listings, talk to our clients, prepare CMAs, manage and service *existing* buyer and seller leads are a few of the things that come to mind.
We'll try to be more frequent in our updates (or you can subscribe to our e-newsletter, which we deliver every other week and is full of timely real estate news like the recent economic stimulus package passed by Congress).
But in the meantime, you'll find us running our business.
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Boise's Best Real Estate is an independent team, owned and operated by Leigh Wilson and Ed Elam, at Keller Williams Realty Boise (Idaho)
