Real Estate Information

Students, Faculty and Staff at Kansas State Univ. now have free campus transportation this spring semester of 2012. The fixed-route loop connects several facilities and runs every 30 minutes from 7 A. M. to 9 P. M. on weekdays. The busses can transport up to 20 passengers and have a bicycle rack and wheel-chair lift. Points of access are Kramer Dining Center, Jardine Apartments, the Center for Child Development and Derby Dining Center.

Flint Hills Area Transportation Agency and Kansas State Univ. partnered to create this new venture in campus accessibility and safety.

Exciting News! Congress restored the FHA loan limits so that you the buyer have access to more houses. And you the seller now have more opportunities to sell your house.

Wow check out this amazing kitchen!

With Deep Respect and Honor, I am giving thanks to the families, friends, and loved ones of those who gave their lives to keep us free.

Blessings on your journey.

Welcome Home! Are you looking for a Relaxing Hilltop View?

http://youtu.be/f7XAJ_zENFw

E-mail from Manhattan Association of REALTORS

Last night, a seller experienced something odd that you should be aware of.  A REALTOR had a scheduled showing at a listing and the seller came back home after the showing.  As the seller was getting home, a couple driving a champagne colored Tahoe with Michigan plates got out and told the seller their REALTOR was running late but they'd like to go in and see the house.  The seller left the property after letting the couple into his house. The sellers later called the listing agent to verify a second showing and there was nothing scheduled.  When the seller got back to the house, the couple was gone.

It appears that they were posing as buyers and didn't have a REALTOR but gained access to the home.  No word if anything is missing or not from the house.  If you recognize the description of the vehicle and you've worked with these "buyers", please contact the MAR office at 776-1203.  This listing is in Pottawatomie County 4 miles north of Wamego.

Welcome to the Flint Hills! The sixth annual concert known for selling out quickly will take place this year in Fix Pasture in Volland, which is in Wabaunsee County near Alma. The Kansas City Symphony conducted by Steven Jarvi will perform.

The main event begins at 6:45 P.M., but plenty of activities will be available through the afternoon and evening. For more information, go to www.symphonyintheflinthills.org.

Nearby communities also have plenty of weekend activities, such as art shows, food vendors, tour, a street dance (in Alta Vista) and a cowboy poetry contest (in Alma). Go to www.wabaunsee.com for more information.

What will happen to mortage interest rates if Freddie Mac and Fannie Mae no longer have Federal Government backing? The experts have stated that the rates could rise as much as 2 percent. While Congress is still considering the issues, you may want to contact them with your feedback. Karen Westover 2-24-2011.

Daily Real Estate News  |   February 14, 2011  

Bye-Bye Fannie, Freddie? What It Could Mean

The Obama administration announced on Friday plans to reform the housing finance market, including winding down government-controlled mortgage giants Fannie Mae and Freddie Mac and turning most of the market over to the private sector, as well as requiring larger down payments. The White House proposed three approaches to replacing Fannie Mae and Freddie Mac rather than offering up one final plan.

The administration’s proposal is expected to reshape the way Americans buy and own homes.
Among the plans outlined in the administration’s “white paper”:

▪ Shrinking the size of the portfolio of mortgages held by Fannie Mae and Freddie Mac by at least 10 percent a year.
▪ Creating an insurance fund for mortgages, supported by premiums paid by lenders.
▪ Winding down government subsidies of mortgages by raising the fees charged to cover the risk of default.
▪ Raising fees for borrowers and requiring larger down payments for home loans.

The administration also recommended measures to make government-backed mortgages more expensive in order to allow the private-sector to better compete in the mortgage market. For example, it called for reducing by this fall the size of mortgages Fannie and Freddie may purchase from $729,750 to $625,500.

Raising Rates?

Some critics of the proposal are concerned that the administration’s overall plan would raise mortgage rates.

Treasury Secretary Timothy Geithner said that mortgage costs likely will rise in the coming years, as government support is withdrawn and the private sector takes on a bigger role. Credit Suisse has estimated that rates on a 30-year fixed mortgage may rise as much as 2 percentage points if the government withdraws its backing of Fannie Mae and Freddie Mac.

Higher borrowing costs could be a thorn for a recovering housing market, since interest rates greatly affect how much buyers can afford, experts say.

“Reducing the government’s involvement in the mortgage finance market is necessary for a healthy market, but should not be done at the expense of the economy or home buyers,” NAR President Ron Phipps said in a public statement in response to the Obama administration's plan. “Any proposal for increasing fees and borrowing costs beyond actuarially sound levels will only make it harder for working, middle-class individuals to achieve home ownership, and only the wealthy will be able to achieve the American dream.”

NAR’s economists estimate that a retreat of capital from the housing market will negatively impact the economy too. For every 1,000 home sales, 500 jobs are created for the country, NAR notes.

Geithner estimates that reducing the government’s role in the mortgage market may take five to seven years for the transition.

“Most people in Congress understand that this is a very political, contentious issue,” says David Berson, a former Fannie Mae chief economist. “It’s going to be a very volatile ride as we move toward what ultimately will be the future of Fannie and Freddie. It’s hard to know what that’s going to be.”

Source: “NAR: Secondary Mortgage Market Needs Improvement," National Association of REALTORS® (Feb. 11, 2011); “Winners and Losers in the Obama Housing Plan,” Reuters News (Feb. 11, 2011); “White House Wants Fannie, Freddie to Go,” MSNBC (Feb. 11, 2011); and “Obama Report on Fannie, Freddie Plan May Boost Mortgage Rates,” Washington Post (Feb. 11, 2011)

Read more on NAR's position on GSE Reform and Banks, MID, and GSE Reform Covered in NAR’s First Virtual Town Hall