Text of Federal Tax Lien Relief Press Briefing December 16, 2008

Federal Tax Lien Relief Press Briefing Opening Remarks – IRS Commissioner Douglas Shulman Good afternoon, everybody. Thanks so much for spending the time with us today. These are clearly difficult times for the U.S. economy.  Many homeowners are at risk of losing their homes.  Many are hoping to refinance at lower rates, and in some cases, homeowners are forced to sell their homes and get the best deal they can in the current marketplace.  This is a particularly important time for government leaders to be mindful of the various challenges we face together as a nation.  At the IRS, we need to ensure that we balance our responsibility to enforce the law with the economic realities facing many American citizens today.  In a small but potentially important way for some families, the IRS is trying very hard to help.  Today, I’m announcing an expedited process that will make it easier for financially distressed homeowners to avoid having a federal tax lien block refinancing of mortgages or the sale of a home.  For taxpayers who are trying to refinance their mortgage, the existence of a tax lien generally means that the new lender will not go through with the refinancing.  But in a lot of cases, the IRS will decide to make the federal tax lien secondary to another lien, such as a new mortgage.  The IRS is ready to help taxpayers who find themselves in these situations.  Where we can subordinate our lien to help a family win that new refinance mortgage, that may mean that they can stay in their homes.  Some taxpayers are also trying to sell their homes.  Often, they have no equity in the home because it has gone down in value.  Again, the tax lien makes it unlikely that a new buyer could get a mortgage on the property.  In these cases, we can discharge the tax lien so that the sale can proceed.  I want to stress the IRS is doing whatever it can under the constraints of the law and common sense to avoid getting in the way of people trying to save their homes or sell their homes.  It currently takes about thirty days to apply for and receive either a discharge or a subordination of a federal tax lien.  The IRS is committed to putting in place whatever resources are needed to speed this process up as much as possible, so that we will not be the party delaying a closing or a settlement.  So, the question is, will this help a lot of families?  I’m not in a position to predict how many families this will affect or how many families will take advantage of these new, expedited IRS procedures, but I can say that there are more than a million federal tax liens outstanding today, tied to both real and personal property. Let me just give you a little more how it works.  Then I’ll be happy to take some questions.  And then Fred Schindler, our technical expert, will take you through as many questions as you have.  A taxpayer or their representative, such as their lender, may request that the IRS make a tax lien secondary to the lien by a lending institution that is refinancing or restructuring a loan.  A taxpayer may also request that the IRS discharge its claim if the home is being sold for less than the amount of the mortgage lien in some cases.  Taxpayers can find all the information they need at www.irs.gov.  You know, I think the main message and what we want to let people know is that, as commissioner, I’ve given instructions to all IRS personnel to work with taxpayers on any mortgage-related issue.  We’ve shifted resources to expedite our subordination process.  We’re gonna go the extra mile ’cause we’re very sensitive that this is an important issue the taxpayers are gonna be working through in these difficult economic times. Audio File: Federal Tax Lien Relief - IRS Commissioner Douglas Shulman – 12/16/08, 4 minutes and 31 seconds long.  The audio file will open in Windows Player, and you will be able to pause, fast forward, rewind, mute, and control the volume from the interactive player. Audio Press Briefings Table of Contents page

Weekly Market Report As Of Dec. 22nd, 2008

What you are looking at below are charts and numbers derived from the Northern Nevada Regional Multiple Listing Service for Single Family Homes only for the East Shore.  The reason that I use this segment of the market is that it has the most influence on the general value trends. 

Little change for the East shore of Lake Tahoe, Nevada.  There is one less Active listing with 142 Single Family Homes on the market, and 8 Pending sales.  Since December 1st, 2008, the Average Sale is $1,530,000, the Median Sale is $765,000 and the Days On Market(DOM) is 587 days.  See the charts below for more information which is broken down into price bands.

Status	Class	Type	Price Range	No. of Listings	Dollar Volume	Average Price	Median Price	Average DOM
ACTIVE
	RESIDENTIAL
		Residential
			$295,000 – $299,999	1	$299,900	$299,900	$299,900	114
			$325,000 – $329,999	1	$329,900	$329,900	$329,900	55
			$330,000 – $334,999	1	$332,500	$332,500	$332,500	14
			$395,000 – $399,999	2	$798,900	$399,450	$399,450	102
			$405,000 – $409,999	1	$405,000	$405,000	$405,000	95
			$425,000 – $429,999	1	$429,000	$429,000	$429,000	91
			$445,000 – $449,999	1	$449,000	$449,000	$449,000	52
			$450,000 – $454,999	1	$450,000	$450,000	$450,000	55
			$465,000 – $469,999	1	$465,000	$465,000	$465,000	663
			$475,000 – $479,999	3	$1,433,000	$477,667	$479,000	366
			$500,000 – $504,999	2	$1,000,000	$500,000	$500,000	68
			$545,000 – $549,999	1	$549,900	$549,900	$549,900	72
			$550,000 – $554,999	1	$550,000	$550,000	$550,000	232
			$555,000 – $559,999	1	$555,000	$555,000	$555,000	254
			$560,000 – $564,999	1	$560,900	$560,900	$560,900	60
			$570,000 – $574,999	1	$574,900	$574,900	$574,900	33
			$585,000 – $589,999	4	$2,348,000	$587,000	$587,000	116
			$595,000 – $599,999	4	$2,388,000	$597,000	$597,000	242
			$635,000 – $639,999	2	$1,278,000	$639,000	$639,000	149
			$645,000 – $649,999	1	$645,000	$645,000	$645,000	259
			$685,000 – $689,999	1	$689,500	$689,500	$689,500	143
			$695,000 – $699,999	4	$2,792,000	$698,000	$699,000	356
			$715,000 – $719,999	2	$1,434,000	$717,000	$717,000	158
			$725,000 – $729,999	1	$725,000	$725,000	$725,000	95
			$745,000 – $749,999	1	$749,000	$749,000	$749,000	162
			$750,000 – $754,999	2	$1,500,000	$750,000	$750,000	151
			$795,000 – $799,999	1	$795,057	$795,057	$795,057	564
			$845,000 – $849,999	2	$1,694,999	$847,500	$847,500	89
			$975,000 – $979,999	1	$975,000	$975,000	$975,000	178
			$990,000 – $994,999	1	$990,000	$990,000	$990,000	172
			$995,000 – $999,999	3	$2,985,000	$995,000	$995,000	564
			$1,050,000 – $1,054,999	1	$1,050,000	$1,050,000	$1,050,000	75
			$1,085,000 – $1,089,999	1	$1,088,000	$1,088,000	$1,088,000	99
			$1,090,000 – $1,094,999	2	$2,180,000	$1,090,000	$1,090,000	356
			$1,095,000 – $1,099,999	4	$4,384,000	$1,096,000	$1,095,000	334
			$1,145,000 – $1,149,999	1	$1,145,000	$1,145,000	$1,145,000	126
			$1,195,000 – $1,199,999	1	$1,195,000	$1,195,000	$1,195,000	461
			$1,200,000 – $1,204,999	1	$1,200,000	$1,200,000	$1,200,000	511
			$1,245,000 – $1,249,999	2	$2,498,000	$1,249,000	$1,249,000	220
			$1,250,000 – $1,254,999	1	$1,250,000	$1,250,000	$1,250,000	218
			$1,295,000 – $1,299,999	2	$2,590,000	$1,295,000	$1,295,000	295
			$1,385,000 – $1,389,999	1	$1,385,000	$1,385,000	$1,385,000	493
			$1,395,000 – $1,399,999	1	$1,399,000	$1,399,000	$1,399,000	161
			$1,445,000 – $1,449,999	1	$1,449,000	$1,449,000	$1,449,000	39
			$1,495,000 – $1,499,999	2	$2,994,000	$1,497,000	$1,497,000	378
			$1,595,000 – $1,599,999	1	$1,595,000	$1,595,000	$1,595,000	237
			$1,600,000 – $1,604,999	1	$1,600,000	$1,600,000	$1,600,000	37
			$1,650,000 – $1,654,999	1	$1,650,000	$1,650,000	$1,650,000	266
			$1,750,000 – $1,754,999	1	$1,750,000	$1,750,000	$1,750,000	156
			$1,785,000 – $1,789,999	1	$1,785,000	$1,785,000	$1,785,000	172
			$1,795,000 – $1,799,999	4	$7,180,000	$1,795,000	$1,795,000	290
			$1,975,000 – $1,979,999	1	$1,975,000	$1,975,000	$1,975,000	144
			$1,995,000 – $1,999,999	3	$5,985,000	$1,995,000	$1,995,000	173
			$2,100,000 – $2,104,999	2	$4,200,000	$2,100,000	$2,100,000	550
			$2,195,000 – $2,199,999	1	$2,195,000	$2,195,000	$2,195,000	346
			$2,275,000 – $2,279,999	1	$2,275,000	$2,275,000	$2,275,000	389
			$2,295,000 – $2,299,999	2	$4,590,000	$2,295,000	$2,295,000	203
			$2,300,000 – $2,304,999	1	$2,300,000	$2,300,000	$2,300,000	192
			$2,345,000 – $2,349,999	1	$2,345,000	$2,345,000	$2,345,000	223
			$2,450,000 – $2,454,999	2	$4,900,000	$2,450,000	$2,450,000	133
			$2,455,000 – $2,459,999	1	$2,459,000	$2,459,000	$2,459,000	175
			$2,495,000 – $2,499,999	2	$4,990,000	$2,495,000	$2,495,000	113
			$2,550,000 – $2,554,999	1	$2,550,000	$2,550,000	$2,550,000	645
			$2,580,000 – $2,584,999	1	$2,580,000	$2,580,000	$2,580,000	165
			$2,700,000 – $2,704,999	1	$2,700,000	$2,700,000	$2,700,000	112
			$2,750,000 – $2,754,999	2	$5,500,000	$2,750,000	$2,750,000	339
			$2,795,000 – $2,799,999	2	$5,593,000	$2,796,500	$2,796,500	467
			$2,850,000 – $2,854,999	1	$2,850,000	$2,850,000	$2,850,000	648
			$2,995,000 – $2,999,999	1	$2,995,000	$2,995,000	$2,995,000	1158
			$3,390,000 – $3,394,999	1	$3,394,000	$3,394,000	$3,394,000	287
			$3,495,000 – $3,499,999	1	$3,495,000	$3,495,000	$3,495,000	208
			$3,800,000 – $3,804,999	1	$3,800,000	$3,800,000	$3,800,000	461
			$3,895,000 – $3,899,999	1	$3,899,900	$3,899,900	$3,899,900	498
			$3,995,000 – $3,999,999	2	$7,994,999	$3,997,500	$3,997,500	154
			$4,495,000 – $4,499,999	3	$13,485,000	$4,495,000	$4,495,000	396
			$4,750,000 – $4,754,999	1	$4,750,000	$4,750,000	$4,750,000	34
			$4,950,000 – $4,954,999	2	$9,900,000	$4,950,000	$4,950,000	402
			$5,250,000 – $5,254,999	1	$5,250,000	$5,250,000	$5,250,000	572
			$5,400,000 – $5,404,999	1	$5,400,000	$5,400,000	$5,400,000	243
			$5,500,000 – $5,504,999	2	$11,000,000	$5,500,000	$5,500,000	474
			$5,595,000 – $5,599,999	1	$5,595,000	$5,595,000	$5,595,000	216
			$5,895,000 – $5,899,999	1	$5,895,000	$5,895,000	$5,895,000	68
			$5,950,000 – $5,954,999	1	$5,950,000	$5,950,000	$5,950,000	116
			$5,995,000 – $5,999,999	4	$23,980,000	$5,995,000	$5,995,000	387
			$6,250,000 – $6,254,999	1	$6,250,000	$6,250,000	$6,250,000	968
			$6,500,000 – $6,504,999	1	$6,500,000	$6,500,000	$6,500,000	32
			$7,495,000 – $7,499,999	1	$7,495,000	$7,495,000	$7,495,000	535
			$7,750,000 – $7,754,999	1	$7,750,000	$7,750,000	$7,750,000	40
			$9,495,000 – $9,499,999	1	$9,495,000	$9,495,000	$9,495,000	553
			$11,250,000 – $11,254,999	1	$11,250,000	$11,250,000	$11,250,000	497
			$32,500,000 – $32,504,999	1	$32,500,000	$32,500,000	$32,500,000	63
			$100,000,000 – $100,004,999	1	$100,000,000	$100,000,000	$100,000,000	822
			Sub Total	137	$430,549,355	$3,142,696	$1,449,000	276
New
	RESIDENTIAL
		Residential
			$545,000 – $549,999	1	$549,900	$549,900	$549,900	5
			$1,750,000 – $1,754,999	1	$1,750,000	$1,750,000	$1,750,000	3
			$1,900,000 – $1,904,999	1	$1,900,000	$1,900,000	$1,900,000	4
			Sub Total	3	$4,199,900	$1,399,967	$1,750,000	4
Price Reduced
	RESIDENTIAL
		Residential
			$495,000 – $499,999	1	$495,000	$495,000	$495,000	549
			$1,490,000 – $1,494,999	1	$1,492,000	$1,492,000	$1,492,000	104
			Sub Total	2	$1,987,000	$993,500	$993,500	327
Active/Pending-Call
	RESIDENTIAL
		Residential
			$410,000 – $414,999	1	$412,500	$412,500	$412,500	49
			$625,000 – $629,999	1	$629,900	$629,900	$629,900	81
			$4,995,000 – $4,999,999	1	$4,995,000	$4,995,000	$4,995,000	247
			Sub Total	3	$6,037,400	$2,012,467	$629,900	126
Active/Pending-Loan
	RESIDENTIAL
		Residential
			$775,000 – $779,999	1	$775,000	$775,000	$775,000	31
			$795,000 – $799,999	1	$799,000	$799,000	$799,000	67
			Sub Total	2	$1,574,000	$787,000	$787,000	49
Active/Pending-Short Sale
	RESIDENTIAL
		Residential
			$445,000 – $449,999	1	$445,000	$445,000	$445,000	385
			$1,495,000 – $1,499,999	1	$1,495,000	$1,495,000	$1,495,000	117
			Sub Total	2	$1,940,000	$970,000	$970,000	251
SOLD
	RESIDENTIAL
		Residential
			$580,000 – $584,999	1	$580,000	$580,000	$580,000	81
			$950,000 – $954,999	1	$950,000	$950,000	$950,000	1093
			Sub Total	2	$1,530,000	$765,000	$765,000	587
PENDING-No Show
	RESIDENTIAL
		Residential
			$1,995,000 – $1,999,999	1	$1,995,000	$1,995,000	$1,995,000	433
			Sub Total	1	$1,995,000	$1,995,000	$1,995,000	433
EXPIRED
	RESIDENTIAL
		Residential
			$560,000 – $564,999	1	$563,299	$563,299	$563,299	152
			$725,000 – $729,999	1	$729,500	$729,500	$729,500	123
			$875,000 – $879,999	1	$875,000	$875,000	$875,000	116
			$885,000 – $889,999	1	$885,000	$885,000	$885,000	135
			$995,000 – $999,999	1	$995,000	$995,000	$995,000	155
			$2,595,000 – $2,599,999	1	$2,595,000	$2,595,000	$2,595,000	365
			$5,900,000 – $5,904,999	1	$5,900,000	$5,900,000	$5,900,000	196
			Sub Total	7	$12,542,799	$1,791,828	$885,000	177
Grand Totals				159	$462,355,454	$2,907,896	$1,295,000	266

Weekly Statistics For Nevada East Shore As Of Dec 13th, 2008

What you are looking at below are charts and numbers derived from the Northern Nevada Regional Multiple Listing Service for Single Family Homes only for the East Shore.  The reason that I use this segment of the market is that it has the most influence on the general value trends. 

There has been little change in the market for the Lake Tahoe East Shore in Nevada.  The Active Listings has decreased slightly to 143 and the Pending Sales remain at 8 to give us a ratio of 5.29%.  The Sold Average for the year to date is at $1,190,198 and the Median is $630,000 with an average Days On Market (DOM) of 241.

Status	Class	Type	Price Range	No. of Listings	Dollar Volume	Average Price	Median Price	Average DOM
ACTIVE
	RESIDENTIAL
		Residential
			$325,000 – $329,999	1	$329,900	$329,900	$329,900	46
			$355,000 – $359,999	1	$357,500	$357,500	$357,500	105
			$395,000 – $399,999	2	$798,900	$399,450	$399,450	93
			$405,000 – $409,999	1	$405,000	$405,000	$405,000	86
			$425,000 – $429,999	1	$429,000	$429,000	$429,000	82
			$445,000 – $449,999	1	$449,000	$449,000	$449,000	43
			$465,000 – $469,999	1	$465,000	$465,000	$465,000	654
			$475,000 – $479,999	3	$1,433,000	$477,667	$479,000	357
			$500,000 – $504,999	2	$1,000,000	$500,000	$500,000	59
			$545,000 – $549,999	1	$549,900	$549,900	$549,900	63
			$550,000 – $554,999	1	$550,000	$550,000	$550,000	223
			$555,000 – $559,999	1	$555,000	$555,000	$555,000	245
			$585,000 – $589,999	4	$2,348,000	$587,000	$587,000	107
			$595,000 – $599,999	5	$2,987,900	$597,580	$599,000	191
			$635,000 – $639,999	2	$1,278,000	$639,000	$639,000	140
			$645,000 – $649,999	1	$645,000	$645,000	$645,000	250
			$685,000 – $689,999	1	$689,500	$689,500	$689,500	134
			$695,000 – $699,999	4	$2,792,000	$698,000	$699,000	347
			$715,000 – $719,999	2	$1,434,000	$717,000	$717,000	149
			$725,000 – $729,999	1	$725,000	$725,000	$725,000	86
			$745,000 – $749,999	1	$749,000	$749,000	$749,000	153
			$750,000 – $754,999	2	$1,500,000	$750,000	$750,000	142
			$795,000 – $799,999	1	$799,000	$799,000	$799,000	58
			$845,000 – $849,999	2	$1,694,999	$847,500	$847,500	80
			$875,000 – $879,999	1	$875,000	$875,000	$875,000	275
			$885,000 – $889,999	1	$885,000	$885,000	$885,000	126
			$975,000 – $979,999	1	$975,000	$975,000	$975,000	169
			$990,000 – $994,999	1	$990,000	$990,000	$990,000	163
			$995,000 – $999,999	2	$1,990,000	$995,000	$995,000	674
			$1,050,000 – $1,054,999	1	$1,050,000	$1,050,000	$1,050,000	66
			$1,085,000 – $1,089,999	1	$1,088,000	$1,088,000	$1,088,000	90
			$1,090,000 – $1,094,999	2	$2,180,000	$1,090,000	$1,090,000	347
			$1,095,000 – $1,099,999	3	$3,285,000	$1,095,000	$1,095,000	434
			$1,145,000 – $1,149,999	1	$1,145,000	$1,145,000	$1,145,000	117
			$1,195,000 – $1,199,999	1	$1,195,000	$1,195,000	$1,195,000	452
			$1,200,000 – $1,204,999	1	$1,200,000	$1,200,000	$1,200,000	502
			$1,245,000 – $1,249,999	2	$2,498,000	$1,249,000	$1,249,000	211
			$1,250,000 – $1,254,999	1	$1,250,000	$1,250,000	$1,250,000	209
			$1,295,000 – $1,299,999	2	$2,590,000	$1,295,000	$1,295,000	286
			$1,385,000 – $1,389,999	1	$1,385,000	$1,385,000	$1,385,000	484
			$1,395,000 – $1,399,999	1	$1,399,000	$1,399,000	$1,399,000	152
			$1,445,000 – $1,449,999	1	$1,449,000	$1,449,000	$1,449,000	30
			$1,495,000 – $1,499,999	2	$2,994,000	$1,497,000	$1,497,000	369
			$1,595,000 – $1,599,999	1	$1,595,000	$1,595,000	$1,595,000	228
			$1,600,000 – $1,604,999	1	$1,600,000	$1,600,000	$1,600,000	28
			$1,650,000 – $1,654,999	2	$3,300,000	$1,650,000	$1,650,000	176
			$1,750,000 – $1,754,999	1	$1,750,000	$1,750,000	$1,750,000	147
			$1,785,000 – $1,789,999	1	$1,785,000	$1,785,000	$1,785,000	163
			$1,795,000 – $1,799,999	4	$7,180,000	$1,795,000	$1,795,000	281
			$1,950,000 – $1,954,999	1	$1,950,000	$1,950,000	$1,950,000	540
			$1,975,000 – $1,979,999	1	$1,975,000	$1,975,000	$1,975,000	135
			$1,995,000 – $1,999,999	3	$5,985,000	$1,995,000	$1,995,000	164
			$2,100,000 – $2,104,999	2	$4,200,000	$2,100,000	$2,100,000	541
			$2,195,000 – $2,199,999	1	$2,195,000	$2,195,000	$2,195,000	337
			$2,275,000 – $2,279,999	1	$2,275,000	$2,275,000	$2,275,000	380
			$2,295,000 – $2,299,999	2	$4,590,000	$2,295,000	$2,295,000	194
			$2,300,000 – $2,304,999	1	$2,300,000	$2,300,000	$2,300,000	183
			$2,345,000 – $2,349,999	1	$2,345,000	$2,345,000	$2,345,000	214
			$2,450,000 – $2,454,999	2	$4,900,000	$2,450,000	$2,450,000	124
			$2,455,000 – $2,459,999	1	$2,459,000	$2,459,000	$2,459,000	166
			$2,495,000 – $2,499,999	2	$4,990,000	$2,495,000	$2,495,000	104
			$2,550,000 – $2,554,999	1	$2,550,000	$2,550,000	$2,550,000	636
			$2,580,000 – $2,584,999	1	$2,580,000	$2,580,000	$2,580,000	156
			$2,595,000 – $2,599,999	1	$2,595,000	$2,595,000	$2,595,000	362
			$2,700,000 – $2,704,999	1	$2,700,000	$2,700,000	$2,700,000	103
			$2,750,000 – $2,754,999	2	$5,500,000	$2,750,000	$2,750,000	330
			$2,795,000 – $2,799,999	2	$5,593,000	$2,796,500	$2,796,500	458
			$2,850,000 – $2,854,999	1	$2,850,000	$2,850,000	$2,850,000	639
			$3,390,000 – $3,394,999	1	$3,394,000	$3,394,000	$3,394,000	278
			$3,495,000 – $3,499,999	1	$3,495,000	$3,495,000	$3,495,000	199
			$3,800,000 – $3,804,999	1	$3,800,000	$3,800,000	$3,800,000	452
			$3,895,000 – $3,899,999	1	$3,899,900	$3,899,900	$3,899,900	489
			$3,995,000 – $3,999,999	2	$7,994,999	$3,997,500	$3,997,500	145
			$4,495,000 – $4,499,999	1	$4,495,000	$4,495,000	$4,495,000	163
			$4,750,000 – $4,754,999	1	$4,750,000	$4,750,000	$4,750,000	25
			$4,950,000 – $4,954,999	1	$4,950,000	$4,950,000	$4,950,000	246
			$4,995,000 – $4,999,999	1	$4,995,000	$4,995,000	$4,995,000	236
			$5,250,000 – $5,254,999	1	$5,250,000	$5,250,000	$5,250,000	563
			$5,400,000 – $5,404,999	1	$5,400,000	$5,400,000	$5,400,000	234
			$5,500,000 – $5,504,999	2	$11,000,000	$5,500,000	$5,500,000	465
			$5,595,000 – $5,599,999	1	$5,595,000	$5,595,000	$5,595,000	207
			$5,895,000 – $5,899,999	1	$5,895,000	$5,895,000	$5,895,000	59
			$5,950,000 – $5,954,999	1	$5,950,000	$5,950,000	$5,950,000	107
			$5,995,000 – $5,999,999	4	$23,980,000	$5,995,000	$5,995,000	378
			$6,500,000 – $6,504,999	1	$6,500,000	$6,500,000	$6,500,000	23
			$7,495,000 – $7,499,999	1	$7,495,000	$7,495,000	$7,495,000	526
			$7,750,000 – $7,754,999	1	$7,750,000	$7,750,000	$7,750,000	31
			$9,495,000 – $9,499,999	1	$9,495,000	$9,495,000	$9,495,000	544
			$11,250,000 – $11,254,999	1	$11,250,000	$11,250,000	$11,250,000	488
			$32,500,000 – $32,504,999	1	$32,500,000	$32,500,000	$32,500,000	54
			$100,000,000 – $100,004,999	1	$100,000,000	$100,000,000	$100,000,000	813
			Sub Total	133	$416,963,498	$3,135,064	$1,495,000	253
New
	RESIDENTIAL
		Residential
			$330,000 – $334,999	1	$332,500	$332,500	$332,500	5
			$2,450,000 – $2,454,999	1	$2,450,000	$2,450,000	$2,450,000	3
			Sub Total	2	$2,782,500	$1,391,250	$1,391,250	4
Back On Market
	RESIDENTIAL
		Residential
			$2,995,000 – $2,999,999	1	$2,995,000	$2,995,000	$2,995,000	1149
			Sub Total	1	$2,995,000	$2,995,000	$2,995,000	1149
Extended
	RESIDENTIAL
		Residential
			$560,000 – $564,999	1	$560,900	$560,900	$560,900	51
			$4,495,000 – $4,499,999	1	$4,495,000	$4,495,000	$4,495,000	762
			Sub Total	2	$5,055,900	$2,527,950	$2,527,950	407
Price Reduced
	RESIDENTIAL
		Residential
			$450,000 – $454,999	1	$450,000	$450,000	$450,000	46
			$795,000 – $799,999	1	$795,057	$795,057	$795,057	555
			$995,000 – $999,999	1	$995,000	$995,000	$995,000	317
			$4,950,000 – $4,954,999	1	$4,950,000	$4,950,000	$4,950,000	540
			$6,250,000 – $6,254,999	1	$6,250,000	$6,250,000	$6,250,000	959
			Sub Total	5	$13,440,057	$2,688,011	$995,000	483
Grand Totals				143	$441,236,955	$3,085,573	$1,495,000	266

 

Status	Class	Type	Price Range	No. of Listings	Dollar Volume	Average Price	Median Price	Average DOM
Active/Pending-Call
	RESIDENTIAL
		Residential
			$410,000 – $414,999	1	$412,500	$412,500	$412,500	40
			$625,000 – $629,999	1	$629,900	$629,900	$629,900	72
			$4,995,000 – $4,999,999	1	$4,995,000	$4,995,000	$4,995,000	238
			Sub Total	3	$6,037,400	$2,012,467	$629,900	117
Active/Pending-Loan
	RESIDENTIAL
		Residential
			$775,000 – $779,999	1	$775,000	$775,000	$775,000	22
			Sub Total	1	$775,000	$775,000	$775,000	22
Active/Pending-Short Sale
	RESIDENTIAL
		Residential
			$445,000 – $449,999	1	$445,000	$445,000	$445,000	376
			$1,495,000 – $1,499,999	1	$1,495,000	$1,495,000	$1,495,000	108
			Sub Total	2	$1,940,000	$970,000	$970,000	242
PENDING-No Show
	RESIDENTIAL
		Residential
			$400,000 – $404,999	1	$400,000	$400,000	$400,000	79
			$1,995,000 – $1,999,999	1	$1,995,000	$1,995,000	$1,995,000	424
			Sub Total	2	$2,395,000	$1,197,500	$1,197,500	252
Grand Totals				8	$11,147,400	$1,393,425	$702,450	170

Weekly Market Update As Of Dec. 21st, 2008

What you are looking at below are charts and numbers derived from the South Tahoe Association Of Realtors Multiple Listing Service for Single Family Homes only.  The reason that I use this segment of the market is that it has the most influence on the general value trends. 

The activity level did take a drop past week.  The ratio of Pending escrows to Active listings is at 8%.  This is closer to last year at this time but with slightly less inventory or homes on the market.  This could give us a slower start for the upcoming year.  With lower interest rates, I don’t expect this to last for long.

Listings per Status
Minimum, Average, Maximum
Days On Market Analysis
$1,250,000 thru $1,499,999	1	82
	36	189

Summary Price Information
Minimum	$155,000	Maximum	$1,295,000
Average	$449,272	Median	$399,700

Equal Opportunity Housing * All information deemed reliable, but not guaranteed.

Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market Copyright ©2008 Rapattoni Corporation. All rights reserved.

 

 

Fannie Mae Provides New Servicer Flexibility to Help Borrowers Avoid Foreclosure

WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced a series of actions designed to help borrowers and loan servicers address potential mortgage problems and prevent unnecessary home foreclosures among the more than 18 million single-family loans owned or guaranteed by Fannie Mae.

Fannie Mae said the actions are designed to build on and complement the recently announced streamlined loan modification program (SMP) that targets borrowers who have missed three full payments and meet certain other criteria. The steps announced today are meant to reach borrowers earlier with foreclosure prevention options, and include:

Specific direction to servicers to provide foreclosure prevention assistance as soon as a borrower demonstrates the need for help — even if a borrower is current but default is reasonably foreseeable.
Fannie Mae’s new Early Workout program allowing servicers, in one step, to pre-negotiate a loan modification that becomes effective and permanent only after an initial trial period. The Early Workout process can begin as soon as a borrower demonstrates the need for a modification — even if a borrower is current but a default is reasonably foreseeable.
Doubling of the maximum forbearance and repayment plan periods for most loans to borrowers in need of loan workouts.
A new 2009 Single-Family Master Trust Agreement and servicer guidance that give Fannie Mae servicers the flexibility to remove a loan from an MBS pool once the loan is one month delinquent for the purpose of a loan modification. This applies only to loans backing securities issued on or after January 1, 2009. Trust agreements for pools issued before that date do not allow for this flexibility, but as described above, Early Workout gives servicers the tools necessary to address problem loans as early as necessary, regardless of MBS pool date.

These policy changes will enable Fannie Mae servicers to provide a uniform, consistent set of foreclosure prevention options for borrowers who demonstrate the need for help, whether a loan is owned by Fannie Mae or is included in a securitized Fannie Mae MBS pool.

“A borrower’s best chance of avoiding foreclosure is to get help as quickly and efficiently as possible,” said Herb Allison, president and chief executive officer of Fannie Mae. “These changes to our servicing policies are intended to remove administrative obstacles so that Fannie Mae borrowers can get the help they need and avoid foreclosure. It is important that all who have a stake in the recovery of the U.S. housing market — including borrowers, investors and lenders — work together to help limit foreclosures, which have both economic and human costs to communities across America. Investors in our MBS will continue to be entitled to receive the payments due on their investments, while Fannie Mae and servicers will have more tools to manage the risk of foreclosure during these unprecedented times.”

These steps are the latest in a series of recent actions Fannie Mae has taken to help minimize home foreclosures. Fannie Mae is working with the Federal Housing Finance Agency and 27 lenders and servicers in the HOPE NOW alliance to launch SMP by December 15. Additionally, the company has directed servicers to suspend foreclosure sales and the completion of evictions on occupied single-family properties through January 9, 2009.

Today’s announcements are more fully explained below.

New Servicer Guidance
Previously, Fannie Mae’s foreclosure prevention efforts have generally been made available to a borrower only after a delinquency occurs. Under Fannie Mae’s new guidance, loan servicers can and should use foreclosure prevention tools to assist distressed borrowers when a borrower demonstrates the need. As noted above, these guidelines apply to borrowers who are still current in their payments but whose default is reasonably foreseeable. This new guidance is effective immediately.

Early WorkoutTM Program
Under Fannie Mae’s existing single-family workout practices, a borrower must sign documents to initiate a trial workout period during which time the servicer agrees to forbear from taking action against the borrower. When the trial workout period is over, the borrower must execute a new agreement to convert the workout to a permanent modification. Under Fannie Mae’s Early Workout program, the borrower will sign a single document at the beginning of the process to establish a new monthly payment during a trial period. If the borrower successfully makes the new payments during the trial period, the workout will convert to a permanent modification. The Early Workout program can be used if a delinquency has either occurred or is confirmed to be reasonably foreseeable.

The Early Workout program adds to the efforts underway through the SMP, which will be the subject of a separate announcement to be released prior to the December 15, 2008 SMP implementation date. A modification under the SMP will be proactively offered to borrowers who have missed three payments and whose loans and financial conditions meet certain pre-set criteria. The Early Workout is an option available for any troubled Fannie Mae loan, regardless of delinquency status, when the borrower qualifies under our servicing guidelines. The terms of an Early Workout will depend on the servicer’s assessment of an individual borrower’s situation.

Longer Forbearance and Repayment Plan Periods
Servicers will now be able to offer forbearance and repayment plan arrangements for longer periods to most single-family borrowers. Whenever allowed by our MBS Trust documents, the maximum period of forbearance (when a borrower’s payments are suspended or reduced) has been increased for most mortgages from 6 months to 12 months. Additionally, the maximum length of a repayment plan (when a borrower makes additional payments over an extended period to bring a loan current) has been increased for most mortgages from 18 months to 36 months, including any periods of forbearance.

New and Amended MBS Trust Documents
In connection with these changes, Fannie Mae issued a new 2009 Single-Family Master Trust Agreement, an Amended and Restated 2007 Single-Family Master Trust Agreement, a new Single-Family base Prospectus, and updates to its servicing guidelines.

Fannie Mae’s MBS Trust agreements generally require that the servicer of an MBS mortgage loan remove the mortgage loan from the related MBS pool prior to modifying a loan. Generally, to facilitate a loan modification and avoid a foreclosure, servicers may request that Fannie Mae remove a loan from its MBS pool at any time after the loan has been in default for at least four consecutive monthly payments without a full cure of the delinquency.

The 2009 Single-Family Master Trust Agreement (MBS issued on or after January 1, 2009) and servicer guidance gives Fannie Mae servicers the flexibility, in extraordinary circumstances, to remove a loan from an MBS pool once the loan is one month delinquent for the purpose of a loan modification.

The MBS Trust documents, as well as the associated Single-Family base Prospectus that becomes effective January 1, 2009, have been posted online at:

Trust Documents: http://www.fanniemae.com/mbs/documents/mbs/trustindentures/index.jhtml

Prospectus: http://www.fanniemae.com/mbs/documents/mbs/prospectus/index.jhtml

Investors should refer to the Trust agreements and the new base Prospectus for more detailed information. The current issue of MBSenger® also provides an overview of the changes described in this release.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. In 2008, we mark our 70th year of service to America’s housing market. Our job is to help those who house America.

Fannie Mae Resource Center Telephone 1-800-7FANNIE
(1-800-732-6643

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