Corbet Property Real Estate News

Real Estate activity was high in 2009

noreply@blogger.com (Corbet Property) — Sat, 09 Jan 2010 14:37:00 +0000

I was shocked when I pulled together the numbers for real estate transactions for 2009 from our Mountain Central MLS. Our MLS includes areas of McCall, east of New Meadows and Council, south as far as Smith Ferrys and back country areas of Warren and Yellow Pine. There were 436 residential units sold for 2009 - compared to only 216 residential units sold in 2008. I would say that the housing economy rallied a little bit 2009 for our area, wouldn't you? This is good news.
However, the other part of the equation is the median sales prices. In 2009 it was $179,077 and in 2008 it was $251,625. It was down almost 29% in 2009 over 2008, which probably has a lot to do with why the sales increased. So that leads to the question, have we found bottom? Now with the number of sales increasing, and bidding wars happening on many banked owned properties and multiple offers being presented on short sales, it may indicate we have found an attractive price point and with demand growing might lead to rise in prices.
You can make your own conclusions from the information, however it all indicates a good time to buy. Interest rates are still low, selection is still good and most importantly - the lakes, trees and fresh air aren't going anywhere. Happy New Year!

The Snow is Falling!

noreply@blogger.com (Corbet Property) — Sat, 12 Dec 2009 21:31:00 +0000

Brush off those skis friends, the snow is finally falling. If this keeps up maybe Brundage Mountain will be able soon; they need about 12 more inches.

The lack of snow has not stopped the winter fun around here, for those that have been braving the cold weather, the ice skating on Cascade Lake and Little Payette Lake has been fantastic. Bear Basin has been grooming for cross country skiing for the past couple weeks and providing fairly good early season skiing. And for those that like to snowshoe, the blue skies have helped with some beautiful back drops.

And for those that haven't been to McCall in awhile, you will notice that there are several new restaurants open or on their way to opening. The new one in downtown with lake views is Northwest Passage for evening dining and the Little Gem for your lunch time fares. I would highly recommend the Goddess Chicken sandwich at the Little Gem, the combination of the dressing, pears, chicken breast and cheese is delicious.

Wraptor, offering wraps, rice bowls and other healthy combinations opening in Alpine Village should be serving food as early as December 20th. I toured the restaurant the other day and the owners have done a fantastic job with the design, mixing in vibrant colors with industrial-type features and a small amount of timbers. The restaurant is two stories but with the second floor just a small mezzanine area, this allows most of the space to be open to below and with the tall ceiling and big windows, the space is inviting and bright. Wraptor will serve beer and wine and open in the evenings for open mic night. It is refreshing to see the new menu items and experience a brand new restaurant and space.

Also, soon to open is Hometown's Pizzas in their new location near the airport and across from Si Buenos and McCall Sushi located in the old First American Title building off Railroad Ave. Blue Moose is also a new restaurant slated to open this spring.

The economy hasn't slowed this town down. For those that haven't been here I encourage you to come give it a try but I warn you, you might not want to leave.

Happy Holidays!

New Tax Credit Available Now for More Than Just New Homeowners

noreply@blogger.com (Corbet Property) — Sat, 28 Nov 2009 22:17:00 +0000

President Obama not only signed a new bill earlier this month that extended the $8,000 tax credit to new home buyers, but also passed a tax credit up to $6,500 for homeowners who are moving - up Buyers. So, that means if you purchase a new home by April 30, 2010 and are "moving up" you could get up to $6,500 in tax credit, based on income and other requirements. Ask your licensed CPA or accountant for complete details on how you could qualify.

First snow of the winter season in McCall

noreply@blogger.com (Corbet Property) — Sun, 04 Oct 2009 21:08:00 +0000

Welcome Winter! We woke to almost four inches of snow on our deck this morning. Is your house ready for the season? Here are few suggestions to get your home ready for the weather:

1. Check the furnace: Call an HVAC professional to inspect your furnace and clean ducts. Consider getting a programmable thermostat.
2. Get Fireplace Ready: Clean the chimney & stack and split the remaining cords of needed firewood in a dry area.
3. Inspect roof and gutters: Add extra insulation in the attic, if needed, clean out gutters if you have them, check flashing, and put up heat tape if necessary.
4. Service weather-specific equipment: Buy your shovel now, before they run out and while there pick up a bag or two of ice melt.
5. Check foundation: check vents in crawl space, put up insulated covers on, if applicable. Rake away debris and edible vegetation from foundation and seal up entry points to keep small animals from crawling under the house (especially the skunk)
6. Install smoke and carbon monoxide detectors - or check their batteries.
7. Prevent plumbing freezing: insulate exposed plumbing pipes, keep your house at least at 55 degrees if you leave. Have it checked by someone periodically if you are gone for extended days.
8. Landscape & outdoors: Blow out the sprinklers, drain garden hoses, ask your local landscaper about what bushes and scrubs to wrap for the winter. Put markers up to mark the edges of your driveway for plowing.
9. Prepare an emergency kit: Buy indoor candles and matches, buy battery back up for your computer, store extra water and non-perishable food supplies.
10. Prepare your vehicle: Put in an extra pair of boots, a hat & gloves, blanket and small shovel for emergencies.

These are just a few ideas to prepare you and your home for the upcoming season. It is one of the best times of year here and always more enjoyable if you have a warm, safe place to come back to after experiencing a fun-filled day in some outdoor adventure.

Outdoor Movie Nights At Alpine Village

noreply@blogger.com (Corbet Property) — Fri, 11 Sep 2009 21:14:00 +0000

It has been several years that going to watch a movie with the family has been an option in our household on a Friday evening. It has been almost ten years since a movie theatre here was open.

July 15, 2009 was a milestone in McCall, it was the first of a series of five outdoor movies filmed in the plaza at Alpine Village. The screen was an incredible 25' X 16' inflated screen that projected down the plaza. Everyone brought lawn chairs, snacks and blankets. And under the stars, the crowds enjoyed five fantastic outdoor movies from Iron Man to Bolt. It was a wonderful community event and free and with the support from future sponsors and businesses around town, this series can start back up next summer.

Thanks to Alpine Village, Salmon River Brewery for being a local vendor and Community Real Estate for being the first sponsor.

Alpine Village Opens

noreply@blogger.com (Corbet Property) — Mon, 20 Jul 2009 21:20:00 +0000

Alpine Village's grand opening took place over the July 4th weekend and with over 1,000 people through the homes and village, the event was a huge success. Kicking off the opening with the first of many events that are planned for the plaza was The McCall Aviation and Backcountry Expo. Three different type of planes were brought in, life flight landed in the plaza during the show and many aviation related businesses set up tables and displays.

With the village now open, furnished models and homes are ready to be moved into or rented for a short stay visit to the area. A pontoon boat is parked at the marina for homeowners and guests to enjoy the beautiful scenery around Payette Lake.

There has never been a better time to visit or own in McCall. The summer weather is upon us with gorgeous warm days and cool evenings. Legacy park has finished their remodel with more beach space and seating and with the newly constructed Alpine Village, this small town of McCall is really looking good.

Bring your lawn chair and picnic basket for the first outdoor movie night series hosted by Alpine Village on July 24th. Showing is free and refreshments will be available from local vendors on site. Movie starts at dusk.

Morel Mushroom Season is here in McCall

noreply@blogger.com (Corbet Property) — Mon, 01 Jun 2009 19:12:00 +0000

Morel Season is Here!

For those who enjoy a good hunt, get on your hiking shoes and grab a bag because the morel mushrooms are out in McCall.

These interesting mushrooms are not only fun to find but extremely tasty. The shape of the mushroom is very unique however they are not easy to spot right away. Often they blend in so well with its surrounding it takes a bit of a trained eye to see it. They are such treasured finds that often an avid morel mushroom hunter will not reveal the location of their finds.

Often they are found in disturbed areas such as previous logging sites. The soil should be moist but not too moist and generally it is in areas that have trees. A sign that I always look for in regards to finding the right time in spring is when the purple trilliums are in bloom.

Cleaning is important when finding the morels, many feel that a soak in salt water is necessary while others cut the mushroom in half and clean well with cold water.

Although the hunt is my favorite part, they are incredibly good sauteed with butter and fresh garlic. Enjoy!

Tamarack's Closure Impacts Community

noreply@blogger.com (Corbet Property) — Mon, 30 Mar 2009 20:14:00 +0000

I have had many calls these past few weeks with questions regarding the impact the closure of Tamarack Resort in Donnelly Idaho has had on the community and specifically the impact on real estate in the area, so I thought it may be worth writing about this week.

On March 4, 2009, Tamarack Resort closed several weeks earlier than scheduled and even before the ski season was completed. It had left over 200 people unemployed and 250 homeowners in the resort without many of their local amenities (including a grocery store, exercise facility, restaurant and spa).

It has impacted local businesses in the area from the construction to the ski shops and with many people leaving the area, it has even been felt in the local schools.

However, as many may think, it has not brought things to a screeching halt. Many skiers and visitors to the area have had to switch their focus on McCall as their destination. Since the closure on March 4, there have been over 25 properties closed according to Mountain Central MLS data and of which, 5 are in Tamarack, Donnelly or Cascade area.

This area has still not lost its appeal for its mountain beauty, small town atmosphere and endless recreation. Some day Tamarack Resort in Donnelly Idaho will reopen but until then, don't forget that this is still one of the West's best kept secret.

How the Stimulus Can Help the Housing Economy

noreply@blogger.com (Corbet Property) — Mon, 02 Mar 2009 18:03:00 +0000

On February 17, 2009, President Obama signed a bill for 780 billion dollars to stimulate the economy, so many of us wonder what dollars are directly tied to stimulate the housing:

For starters, The bill provides for a $8,000 (or 10% of purchase price of property) tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

Secondly, the bill increased the FHA loan limits for Valley County to $462,500. This allows more room to qualify for conventional financing for homes here in Valley County verses having to get Jumbo Loan financing, which increases your interest rate another 1 - 1.5%.

Energy Efficient Housing Tax Credits: Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new furnaces, windows and insulation. Another $5 billion will be available to modernize the nation’s electricity grid and install smart meters on homes that help to save consumers money.

Additional housing components include:
Funds to help communities address foreclosure.
Increased funds for rural housing services.
Grants for low-income housing.
Tax-exempt housing bonds.

It appears that these are great measures to help this housing economy turn around, by providing good incentives and tax credits, we can start seeing people move forward with homeownership or building again, reduce the inventory of homes on the market and once again see home prices increase.

If you have any questions about these programs or if you have interest to learn more about homes or building in McCall, Cascade, Donnelly or New Meadows area, please don't hesitate to call or email me at cory@corbetproperty.com or 630-3283

Ownership at Alpine Village soon to be Reality

noreply@blogger.com (Corbet Property) — Tue, 03 Feb 2009 19:37:00 +0000

Alpine Village in downtown McCall is really starting to take shape both inside and out. Mark your calendars:

Model completed end of March, 2009.

Liquor store moving in May 1, 2009

Owner Occupancy in June 2009 and

Grand Opening of Plaza and Phase One, July 4th, 2009.

Call today to schedule your personal tour. http://www.alpinevillagemccall.com/

Lots Happening in McCall, Idaho

noreply@blogger.com (Corbet Property) — Tue, 03 Feb 2009 18:12:00 +0000

The first weekend of Winter Carnival in McCall, Idaho kicked off with beautiful weather and huge crowds. The local businesses really put on a nice display of snow sculptures with over 30 amazing projects throughout the downtown area. Live music, speciality foods, fireworks and lots of fun events were a great start to the first weekend. One more weekend is planned that includes the popular music extravaganza at the Pancake House, with local artists and performers both Saturday and Sunday. Other events can be found at the McCall Area Chamber of Commerce web site. www.mccallchamber.org

On February 7, the Special Olympic Snowshoe events starts at Ponderosa State Park. With over 385 athletes and representing 50 Special Olympic Programs world wide, this will be a fun event to watch and offer our support to these amazing athletes!

Although we haven't had new snow for a couple weeks, the snow conditions remain good for both skiing and snowmobiling. For those cross country ski enthusiasts, the early snow created a great base and all the venues are keeping their trails in fantastic condition. Local nordic grooming report can be found at www.mccallnordic.com I recently skied at Jug Mountain Ranch and the conditions couldn't have been better for a skate ski. For powder hounds, you may have to get up high in the mountains; there is still a lot of snow in the higher elevations.

For more information about events this winter, please visit the activities and events tab at Corbetproperty.com.

McCall Idaho Nordic Skiing

noreply@blogger.com (Corbet Property) — Sun, 11 Jan 2009 04:11:00 +0000

It was the miles of groomed cross country ski trails that brought me to this area almost eleven years ago and I have not been disappointed once. In fact, the cross country ski trails keep getting better and better around here. It is becoming such a popular sport in our area, that a Nordic Club has been started as well as new web site www.mccallnordic.com for the latest in grooming conditions. This crazy blend of snow, rain and freezing that we have experienced this winter, has actually created a very good base for the ski venues. The skate skiing is ideal and the classic tracks are firmly set. See you out there!

Snowmobiling in McCall

noreply@blogger.com (Corbet Property) — Fri, 12 Dec 2008 22:20:00 +0000

Fun for the entire Family!

With over 1,000 miles of groomed snowmobile trails, McCall is becoming a popular destination for snowmobiliers. It is hard not to get into the excitement of riding as it opens up so much of the beautiful countryside that you normally would not see. My family and I often head out for scenic rides up past Brundage Reservoir, No Business Look and even near Jughandle and into new spots almost everytime. Whether it is finding the best powder and hill climbs or taking the kids for a ride and getting out in the fresh air; we can't wait for the snow to come so we can get out and play.

Meadowood Rentals located at Meadowood Lodge off Hwy 55 near the Little Ski Hill, offers a great fleet of snowmobiles to rent. The best part, is you can ride right from the Lodge onto the trail system. Visit http://www.meadowoodrentals.com/ for more information.

Alpine Village Adds Sidewalk and Lamps

noreply@blogger.com (Corbet Property) — Sat, 15 Nov 2008 21:16:00 +0000

Alpine Village Development here in downtown McCall, just three blocks from Payette Lake has added another block of sidewalks and lamps to McCall's downtown. Alpine Village is a new mountain village in the heart of downtown McCall. Alpine Village offers a variety of retail and residential ownership all centered around a pedestrian friendly plaza creating a perfect extension to downtown McCall's shopping and dining. The plaza will host a variety of events open to the community throughout the year upon its completion in June 2009. Also available are luxury condos with Payette Lake or Mountain Plaza views. To learn more about Alpine Village visit our web site for more information and to view the live web cam. http://www.alpinevillagemccall.com/

Shore Lodge is Back!

noreply@blogger.com (Corbet Property) — Fri, 10 Oct 2008 19:51:00 +0000

Whitetail resort and development has recently been purchase by a group of Idaho Natives who are excited to bring back not only the Shore Lodge name but to turn the lodge back into a community friendly place to gather with friends and family for events, dining and lodging.

Join them for an Open House
Saturday, October 11th, 2008 - 11 a.m. - 7 p.m.
Complimentary lakeside BBQ, beer and wine
Live music on the patio from 11 a.m. - 2 p.m.
Meet the new chef Eric Gruber
Happy hour all night long!

Summer sales reports for McCall Idaho

noreply@blogger.com (Corbet Property) — Sun, 17 Aug 2008 11:45:00 +0000

For the last two weeks, our thoughts and hearts have been drawn towards the Summer Olympic Games and watching our favorite athletes go for gold. It has been a nice break to turn on the TV and not hear about the economic woes of America.
In this beautiful resort town of McCall Idaho real estate is often the topic of conversation as much of our industry here is based on tourism and real estate development, and it too has its shares of woes.
However, when you pull up the real estate home sales from last year and compare them to this year, it really is not too far off.
In 2007, for McCall there were 17 closed home sales in June, 5 sales in July, and 7 sales for the first two weeks of August. For 2008, in McCall there have been 4 closed home sales in June, 14 sales in July and 4 sales for the first two weeks in August.
Many feel that it is a buyers market out there, with foreclosures and short sales really pushing prices down and inventory still high - there are great prices, many great properties to choose from and interest rates still attractive.
As a new home buyers, the Housing Economic Recovery Act of 2008, offers a first time home buyer tax credit up to $7500 for anyone purchasing a home after April 9, 2008.
There still seems to be a solid real estate market in McCall; although with our high inventory numbers it just feels that things are not moving very quickly, making it tough on Sellers.
But hang in there and keep your thoughts on the gold.

Mountain Biking in McCall, Idaho

noreply@blogger.com (Corbet Property) — Fri, 04 Jul 2008 21:30:00 +0000

My husband and I were lucky enough to join up with McCall's CIMBA (Central Idaho Mountain Bike Association) for their group ride last week at Bear Basin. It was a beautiful day and a great opportunity to meet some new people and experience some of the new local trails. Every Tuesday night the group meets up at different trail head throughout the valley for an evening ride and usually some BBQ or get together afterwards.

Last week, we rode the Rim trail that climbs up from Bear Basin to the back side of Brundage Mountain, prior to reaching the top of Brundage, you take a left that brings you up on a hillside looking down over Payette Lake and surrounding mountains. One has to take in the spectacular view prior to getting started down the fun single track that takes you across a stream and over a series of woop-de-dos before getting back to the Bear Basin meadow area.

The trail is in great condition, thanks to all the volunteer hours of the CIMBA group and other organizations that use the trail. It was hard to believe after this past week of hot weather, but there was still a few snow piles near the top.

For further information on the upcoming rides or information on CIMBA, visit their web site at www.idahorides.org It is a fun and dedicated group in making McCall and surrounding areas a great place to ride!

Alpine Village Goes Vertical

noreply@blogger.com (Corbet Property) — Wed, 21 May 2008 16:43:00 +0000

McCall's newest downtown development started going vertical this week with the first floor of the first building. The first level will be built with steel and the upper three floors will be wood frame. It will be McCall's largest and tallest building ever built.

This five acre development only three blocks south of Payette Lake is designed with four large buildings centered around a pedestrian friendly plaza. With a wide variety of retails, shops, spas and restaurants around the plaza area on the first floor and three levels of luxury residential condos above. A water feature is the center of the plaza and with the Alpine Village team planning to wide variety of events in the plaza when completed, it should be a great gathering place for friends and family.

In the first phase 27 luxury condos will be available with a variety of lake, mountain and plaza views. Each condo is designed with a private balcony, propane fireplace, master bedrooms and baths, and quality finishes including solid granite counters, stainless steel appliances and custom cabinetry. The owners will have an indoor/outdoor pool, exercise room, garden courtyard, covered parking, individual storage units, and access to an off site parking area for trailers and boats. A property management team will be on site as well as general maintenance and owner services.

This landmark development is designed and developed by Native Idaho owners and companies. Incorporating elements of McCall's natural history and alpine architecture design, this will be a natural extension to downtown McCall.

Please call or email me for any additional questions about Alpine Village and what is may offer for ownership and retail opportunities.

WSJ states The Housing Crisis is Over

noreply@blogger.com (Corbet Property) — Tue, 20 May 2008 19:45:00 +0000

On May 6, Wall Street journal published an article, "The Housing Crisis is Over" stating that April 2008 will mark the bottom of the US Housing Market. Reaching the bottom of the housing market does not mean that we will instantly go back to the heady prices of 2005, but that we will no longer be getting worse. With housing prices continuing to drop for close to three years now and new construction starts at an all time low, we are starting to become affordable again for American Families. Inventory levels are starting to slow with a prediction that when we reach a 5-month of inventory level sometime in 2009, which historically signals a tightness in the housing market, this will eventually turn around the housing market all together.
Historically McCall has also had its ups and downs with real estate trends but rarely with the down prices every reaching as low as it was in the last down turn. If we haven't hit bottom for real estate prices in McCall for this current downturn than we have to be pretty darn close. And with mortgage rates still low, the environment to buy a home can't get too much better.
With summer right around the corner, we will still see people water skiing on Payette Lake, shopping at the cute stores in downtown, and eating out at the variety of restaurants throughout town.
It has been three years of this current housing bust; it is time to stop mopping and enjoy life again. Real estate has always been deemed a long term investment and one meant to be enjoyed!

Understanding Foreclosures and Resort Towns

noreply@blogger.com (Corbet Property) — Sat, 19 Apr 2008 17:39:00 +0000

Over 2.3 million foreclosures were reported for 2007 according to Realty Trac which puts that on a national average of 1% of every household to go into foreclosure. National lending institutes are now waiting almost 180 days prior to filing for foreclosure when a homeowner stops making payments, which is up from the previous 60 day grace period of years past. It is staggering to see the amount of public notices for trustee sales in the local papers even in small resort towns like McCall, Idaho.

In McCall, we see many of our foreclosures from builders or developers that are hanging onto too much inventory. For those that have been looking to buy property in McCall wonder if these are the times to be searching for some good deals and in some cases they are, particularly if the home is currently on the market.

The process on non-judical foreclosures can take up to 120 days which can give the Seller time to sell the property or recind the process. If the Seller is motivated to get it sold and the note on the property exceeds current market values, there is a strong chance that the lending institute may be willing to short sale the property.

Short Sales have been the latest buzz words around the real estate community and it is not referring to the time frame but that someone is getting "shorted" and generally it is means the lender. It is often during the foreclosure process that sellers and lenders agree to a short sale so that many of these properties can be sold prior to going to auction.

To lose your home in a foreclosure is not a process I would wish upon anyone, and I full heartedly support the Government for their continuing efforts to keep as many people in their homes as possible, however it is an opportunity for those that can afford it to find a good deal on a property.

There are also many aspects of a short sale or foreclosure that buyers need to be aware of, such as the property may have been sitting vacant for a long time and other items may be lingering on the title. If you would like to discuss short sale or foreclosures in more details and what is currently being offered in the McCall area, please don't hesitate to call or email.

Tis the Season for winter steelhead fishing

noreply@blogger.com (Corbet Property) — Wed, 26 Mar 2008 19:15:00 +0000

Only a short 45 minute drive from McCall, one can head down to Riggins Idaho for some fantastic winter steelhead fishing. On weekends, the banks of the Little Salmon River can be elbow to elbow with people trying to catch the big one. Winter steelhead fishing can be a hit or miss experience depending on the day. The fish are typically found in the slower currents and deeper areas of the Salmon River and depending on the day the water can be cloudy or clear with an average temperature around 40 degrees. It is a thrilling experience to pull up a 30-34" steelhead and a good reason why it draws quite the crowd during the winter months.

Racing at World Masters

noreply@blogger.com (Corbet Property) — Fri, 07 Mar 2008 16:29:00 +0000

It has been a fun week in McCall, watching and racing in the World Masters Cup at Ponderosa State Park. The beautiful weather and fantastic skiing at the park helped raise everyone's spirits and good will, if it wasn't there already. Having raced across the world in a variety of competitions, I really enjoyed my races at Ponderosa this week more than most. And although all the racers wanted to race at their best, the smiles were everywhere and there was an element of good sportsmanship that I have not experienced in other races. The average age of the racer was in their mid-50s and it was about being healthy and enjoying the outdoors. How could we not all aspire to the racer from the US that was 93 years young? We had a huge support from the community and volunteers that have made these races seamless!

Good News for City of McCall

noreply@blogger.com (Corbet Property) — Fri, 07 Mar 2008 16:22:00 +0000

The City of McCall puts off filing for bankruptcy this week by getting the authority from the Fourth District Judge to issue a sewer revenue bond to pay for the mismanaged construction of the city's waste water storage ponds, known as J-Ditch ponds. The bonds will be able to pay off the seven million lawsuit (which includes legal fees) over a period of thirty years and only increase individual owner's sewer rates up to $11 per month. Finally a good turn over a fairly lengthy drawn out ordeal.

World Masters Coming to McCall, Idaho

noreply@blogger.com (Corbet Property) — Wed, 13 Feb 2008 01:58:00 +0000

The town of McCall is abuzz with the upcoming World Master's Cross Country Ski Race. Close to 1,300 skiers from all over the world will be coming to this small ski town resort to cross country ski on some of the best nordic trails in the west. And with the amount of snow we have received so far this winter, we will not lack for good ski conditions. Ponderosa State Park will be the host for this event and offers spectacular scenery along Payette Lake and tucked in some of the largest Ponderosa trees around. It also should be a fantastic race to watch, the amount of skiers alone will amaze you, let alone some of the dynamic sprint finishes and the nations duking it out at the relay. Go USA!

Housing components in economic stimulus package

noreply@blogger.com (Corbet Property) — Sat, 26 Jan 2008 23:44:00 +0000

It has become clear that the House of Representatives and Bush Administration view strenthening the housing market as key to improving the national economy. On January 24, the House along with Treasury Secretary Paulson on behalf of the Bush Administration announced an economic stimulus package with provisions that can help jump start the housing market and protect some current homeowners.

Currently being reported as part of the package includes:
· The FHA limit will increase permanently to as much as $729,750 in high cost areas (125% of local median home prices). The language is similar to the bill passed by the House before to the 2007 holiday break, including reducing downpayment requirements.
· The GSE limit is expected to be increased to up to $729,750 for one year. Currently Fannie Mae and Freddie Mac are capped at $417,000. It appears that there will be a formula similar to that of FHA, with GSE loan limits increasing to 125% of the local median home price, but not to exceed $729,750.

This could stimulate new-home sales, possibly reduce the amount of foreclosures, give families a safer alternative to many of the riskier mortgages of the past, and the opportunities for more families to purchase a home because of lower down payment loan options that will become available.

With McCall's median home price of $450,000 for homes currently listed, this could make high end homes and condos much more affordable to finance.