Chair 7

Chairlift #7 is being modified to include a midway uploading station and a base conveyor loading system.  These improvements will allow the lift to be operated at a higher speed providing a more streamlined access point for kids and adults accessing the beginner lift directly behind the Hotel Alyeska.

Chair 3

The former Chairlift #3 has been replaced with a fixed grip quad chairlift.  The new lift alignment places the uploading station halfway between the original top station and the top of lift #7.  The bottom station has been moved closer to the Sitzmark Bar and Grill deck.  The new lift will provide greater uphill capacity while eliminating multiple stops per ride due to passenger loading and unloading.  Wade's Way Magic Carpet has been relocated from the Daylodge to the base of Chair 3 to offer a more enjoyable beginner mountain experience.  "Name the new Chairlift!"  To celebrate the new Chair 3, Alyeska Resort is offering a contest to all Anchorage School District students to name the new chair.  The winner will receive a 10 Time Powder Pass, an overnight stay at The Hotel Alyeska, and be honored at the ribbon cutting ceremony as the first passenger. 

Alyeska Access

Alyeska Resort will debut new Alyeska Access lift tickets and season passes this season, as well as Access gates at all the base lifts.  Alyeska Access incorporates RFID (radio frequency identification) technology allows users to have a hands free experience in the lift line since the chip will register tickets and passes from inside a pocket or jacket, allowing the access gates to automatically open.  Alyeska Access Lift passes cost a one-time fee of $5.00 in addition to your day or night pass.  The reusable Alyeska Access lift card allows skiers to purchase visits online and reload a ticket on to your existing lift ticket.  On your next ski day, go straight to the lifts and skip the extra stop at the ticket office.

Denali Green Tags

Alyeska is also participating again this season with Denali Green Tag program providing clean energy options throughout the State of Alaska.  Denali Green Tags, also called renewable energy credits, offset the global warming pollution impacts on conventional electricity generation, air and ground travel.  The Denali Green Tag program is specifically designed for offsetting the carbon dioxide emissions from tourism activities in Alaska.  Green tags can be purchased in Alyeska's retail and ticketing offices for $2.  Each purchase is a contribution our customers can make which equates to the cost 100 kilowatt-hours of wind power entering the energy grid and creates a savings of 140 pounds of polluting air emissions from entering the atmosphere.  Visit Denali Green Tags to learn more about the Denali Green Tag Program.

Alyeska Aerial Tram

The Alyeska Resort Aerial Tram will be closed for maintenance from October 14th through November 25th.  The Tram will be open 11am to 6pm now through October 13th.

Daily Real Estate News  |  September 26, 2008

30-Year Mortgage Rates Rise This Week

Freddie Mac's Primary Mortgage Market Survey, released Thursday, shows the 30-year fixed-rate mortgages rose to an average of 6.09 percent this week, with an average 0.7 point.

Rates are up from last week when they averaged 5.78 percent, but are lower than last year at this time, when 30-year rates averaged 6.42 percent.

Thirty-year fixed-rate mortgages are still more than 0.5 percentage points below this year's peak of 6.63 percent, set the week of July 24th.

15-Year Rates at 5.77%

The 15-year fixed-rate mortgage this week averaged 5.77 percent with an average 0.6 point, up from last week when it averaged 5.35 percent. A year ago at this time,15-year mortgage rates averaged 6.09 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.02 percent this week, with an average 0.6 point, up from last week when it averaged 5.67 percent. A year ago, the 5-year ARM averaged 6.15 percent.

One-year Treasury-indexed ARMs averaged 5.16 percent this week with an average 0.5 point, up from last week when it averaged 5.03 percent. At this time last year, the 1-year ARM averaged 5.60 percent.

Market Remains Soft

"The latest housing information for the third quarter continues to show some softness in prices and sales activity," said Frank Nothaft, Freddie Mac vice president and chief economist.

He noted that house prices fell 5.3 percent over the twelve months ending in July – weaker than the market consensus – according to the Federal Housing Finance Agency's purchase-only house price index.

Meanwhile, the August median sales price for existing single-family homes fell 9.7 percent over the year earlier, the largest 12-month drop since records began in 1968, according the NATIONAL ASSOCIATION OF REALTORS®.

Source: Freddie Mac

Daily Real Estate News  |  September 23, 2008

This Is Not the Great Depression

Comparing the current crisis to the Great Depression is just plain wrong, say historians and veteran financial experts.

"The nomenclature of the word 'crisis' has cheapened," says Roy Smith, a professor at New York University's Stern School of Business and former partner at Goldman Sachs .

“The Great Depression had thousands of banks failing and people losing their life savings, 25 percent unemployment and social unrest and tent cities of the poor," says Allan Sloan, Washington Post and Fortune magazine columnist.

"With just 6 percent unemployment, we are having a debate as to whether we are even in a recession," says Richard Sylla, professor of the history of financial institutions and markets at New York University.

Source: Reuters News, Robert MacMillan (09/22/08)

Daily Real Estate News  |  September 18, 2008

Housing Chief Says Recovery a Year Away

The housing market is a year away from improvement, says Steven Preston, secretary of the U.S. Department of Housing and Urban Development.

Preston predicts that it will be “the middle of next year or well into next year” before “we begin to see more consistency in buyers coming back into the marketplace.”

The recovery from the housing crisis in 2009 is likely to be regional in nature, the HUD secretary says.

“The crisis will begin abating in a number of regions of the country. That is what I am hopeful of. But I think it will be more intractable in other regions,” he says. “It is going to be some time” before recovery comes to certain communities in California, Florida, Arizona, and Nevada.

Source: Christian Science Monitor, David Cook (09/16/08)

Chugach Electric has scheduled an outage for Girdwood on the night of Thursday September 25th (early morning Friday September 26th) from 12 AM to approximatly 2 AM in order to replace oil in a transformer.

RISMEDIA, Sept. 16, 2008-It is a three-digit score that can shape your financial future, whether you plan to buy a new car or qualify for a reasonable mortgage loan to buy the home of your dreams. Your credit score is a determining factor in whether you obtain financing and at what cost, and there’s never been a better time to clean up your credit history and boost your score.

“With today’s tightened credit market and lenders becoming more selective about issuing loans, a good credit score has become more important than ever,” says David Hanna, president of the Chicago Association of REALTORS®. “Lenders consider credit scores when determining the risk associated with a loan application, especially for people looking to buy a home. REALTORS® know well that credit can be the difference between simply finding the home of your dreams and actually buying the home of your dreams.”

The first step in improving your credit score is to know where you stand. Your credit records have been reduced to a three-digit score commonly known as a FICO, or Fair Isaac & Co., score. Each of the three major credit bureaus (TransUnion, Experian and Equifax) have assigned a score that shows how likely you are to pay back a loan on time - the higher the score, the lower your presumed risk of default. By law, you may obtain one free report annually from each bureau online at www.AnnualCreditReport.com. By accessing your credit information one agency at a time, you can get a free credit report three times a year.

The average U.S. credit score is 694, according to Experian’s National Score Index. FICO credit scores can range from 300 to 850 and are based on the length of your credit history, the mix of credit you already have, and your number of recent credit applications.

Once you know your FICO score, you can work toward improving it. But improving your credit score can require time and commitment.

Here are some valuable tips to get you started:

- Pay your bills on time. Your payment history, including late payments and foreclosures, can count for one-third of your credit score. Accounts more than 60 days past due will be indicated on your credit report. As the length of your on-time payments increase, so too will your score.

- Check your credit report for errors. Removing errors, especially those negatively reflecting late payments or unpaid credit, is one of the easiest ways to improve a credit score. Look for expired negative records and file a dispute if necessary.

- Reduce your balances. One-third of your FICO score depends on the total amount of balances you owe versus your total credit limit. Try to keep your balances less than 80% of your credit limit to maximize your score benefit. Start with those credit cards that are closest to their limits.

- Keep older credit lines open. Having a long history of active accounts indicated to lenders that you are a good credit risk. It also accounts for 10% of your credit score. Try to use your oldest cards regularly for small purchases and pay balances each month.

- Use credit - but use it responsibly. This includes having credit cards and installment loans with timely payments. Accounting for 15% of your score, a balanced account including a mortgage payment can help homeowners boost their score.

- Avoid new credit. Opening new credit will lower your average account age. In addition, the number of new applications counts for 10% of your score. Under the Fair Credit Reporting Act, you may limit “prescreened” offers by removing your name from nationwide lists. Apply in moderation and take on new credit only when you need it.

- Check regularly for identity theft. Agencies may only provide your information to those with a valid need, such as a creditor or insurer. In addition, you must give consent for this information to be seen by an employer.

For most, credit is a way of life. Installment payments and credit cards can be useful financial tools if they are kept under control, but many let credit control them.

“A good credit score is a consumer’s financial calling card, and it is important that they do everything they can to boost their score and put themselves on the best financial footing possible,” says Hanna.

For more information, visit www.chicagorealtor.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Don’t miss other home buyer tips and topics on RISMedia.com.

Daily Real Estate News  |  September 8, 2008

8 Ways to Make a Home Sell Faster

Simple fixes and staging practices can focus buyers' attention in the right places and keep them from getting sidetracked by personal items in the home.

Here are some staging suggestions from Deborah Ehrlich-Layne of Staging Plus in Tampa, Fla., Handyman Matters, and HGTV's The Stagers.

Eliminate countertop clutter. A countertop covered with small appliances and utensils looks crowded, not spacious.
Pack up the too-personal. Don't leave toiletries on the counter. Stash family photos.
Be prepared for snoops. Prospective buyers pull open drawers, look in closets and peek behind the shower curtain.
Make sure things work. Dripping faucets, burned-out light bulbs, and squeaking hinges detract from the home's appeal.
Think "white-glove clean." Mop, dust, vacuum, clean baseboards, wash windows. Make sure the house looks fresh and smells neutral.
Make sure the front door is clean and the hardware polished. Power-wash walkways.
Store furniture that makes rooms feel crowded.
Show every room for the kind of room it is. Maybe you've turned your formal dining room into a home office. Get rid of the desk and computer, and bring back the dining table and chairs.

Source: The Dallas Morning News (09/05/08)

Daily Real Estate News  |  September 9, 2008

NAR Forecast: Home Sales to Hold Steady

The level of home sales is expected to show little movement in the months ahead, according to the latest projections by the NATIONAL ASSOCIATION OF REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, fell 3.2 percent to 86.5. In June, the Index was at 89.4, which was a 5.8 percent jump from May. The July index remains 6.8 percent below July 2007 when it stood at 92.8.

Lawrence Yun, NAR chief economist, says home sales continue to edge up and down. “Pending home sales are oscillating month-to-month, with the long-term trend essentially flat,” he says. “Overly stringent lending criteria imposed by Fannie Mae and Freddie Mac in the past month no doubt held back contract signings.”

Looking at middle-ground assumptions, existing-home sales are projected to total 5.01 million this year before rising 6.9 percent in 2009 to 5.35 million. After declining an average of 4 to 7 percent this year, home prices are forecast to rise by 2 to 4 percent next year.

New-home sales will total about 508,000 in 2008 and 463,000 next year, down significantly from 775,000 in 2007. With builders motivated to clear inventory, housing starts, including multifamily units, will probably fall 17.1 percent in 2009 to 801,000 units from 966,000 this year.

Regional Markets Stable

Even with the latest pullback, pending home sales have been fairly stable on a national basis for nearly a year, with dramatic local market differences continuing, according to NAR.

“Contract signings have been steaming ahead, nearly doubling in activity from a year before in several California and Florida markets,” Yun says. “The outer Washington, D.C., exurbs also are coming around very strongly. The Northeast region retreated following a robust gain in the previous month, and soft activity was observed in the broad midsection of America despite very affordable conditions.”

Here's how the PHSI fared across the United States:

Midwest: rose 2.8 percent to 81.6 in July but remains 2.4 percent below a year ago.
South: unchanged, holding at 93.7, but is 13.4 percent below July 2007.
Northeast: fell 7.5 percent to 73.6 in July and is 13.2 percent below a year ago.
West: dropped 10.6 percent to 90.3 but is 6.5 percent higher than July 2007.

Factors Influencing the Market

NAR President Richard F. Gaylord says there’s been a surge in FHA mortgage applications.

“Unfortunately, many people in high-cost areas aren’t familiar with FHA programs, which is why we produced a toolkit so REALTORS®, lenders, and other real estate professionals can familiarize themselves with this increasingly valuable program,” he says.

“FHA is taking a more active role in serving a broad cross section of home buyers, but it will take some time to fully get up to speed. We’re working with regulators to improve the process, and the good news is that this is becoming a big help to first-time buyers,” Gaylord says.

Yun says there are many ambiguities in the marketplace.

“The economy is producing more, yet cutting jobs. A first-time home buyer tax credit and lower interest rates on newly conforming jumbo loans favors consumers, yet buyer confidence remains low,” he says. “Even with the Treasury Department’s direct intervention in the secondary mortgage market, it is unclear if we will go back to sound normal underwriting criteria, or if it will remain overly stringent. The housing market outlook is very cloudy.”

Yun mentioned that the speed and timing of a recovery depends on local market conditions.

“Based on local market fundamentals, I expect robust home price growth in places like Denver and Houston over the next two years,” Yun says. “In addition, the frequent reporting of multiple bids in California and Florida may be signaling a bottom in home prices in these areas. Nationally, home sales are stable now but are expected to increase in coming quarters.”

Other factors influencing the housing market:

Mortgage rates: The 30-year fixed-rate mortgage, which also has been moving up and down, should trend up to 6.6 percent by the end of this year, edging up to 6.7 percent in 2009. NAR’s housing affordability index is likely to remain favorable throughout 2008, averaging 13 percentage points higher than last year.
Growth in the U.S. gross domestic product: The GDP is forecast to remain positive with a growth rate of 2.0 percent for all of 2008, and 2.0 percent also next year. The unemployment rate is estimated to average 5.8 percent over the coming year.
Inflation: As measured by the Consumer Price Index, inflation is anticipated at 3.8 percent this year and 1.6 percent in 2009. Inflation-adjusted disposable personal income is projected to grow 1.8 percent in 2008 and 2.1 percent next year.

Source: NAR

Daily Real Estate News  |  August 25, 2008

Existing-Home Sales Hit 5-Month High

Existing-home sales rose in July to the highest level in five months, although they continue to be well below the numbers from last year at this time, according to the NATIONAL ASSOCIATION OF REALTORS®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.1 percent in July to a seasonally adjusted annual rate of 5 million units from a downwardly revised level of 4.85 million in June. Sales were 13.2 percent lower than the 5.76 million-unit pace in July 2007.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the up-and-down pattern may break soon.

“We hope the new tools in the hands of home buyers from the recently enacted housing stimulus package will spark a sustained sales uptrend in the months ahead,” he said. “Buyers who’ve been on the sidelines should take a closer look at what’s available to them now in terms of financing and incentives. Given some of the inventory on the market, we also strongly encourage buyers to get a professional home inspection.”

Median Price Down 7.1% from Year Ago

The national median existing-home price for all housing types was $212,400 in July, down 7.1 percent from a year ago when the median was $228,600.

Lawrence Yun, NAR chief economist, said home prices in some regions could soon increase.

“Sales have picked up significantly in several Florida and California markets. Home prices generally follow sales trends after a few months of lag time,” he said. “Still, inventory remains high in many parts of the country and will require time to fully absorb. We expect more balanced conditions in 2009 and will eventually return to normal long-term appreciation patterns.”

Analysis of NAR price data since 1968 shows home prices normally rise 1 to 2 percentage points above the overall rate of inflation, building wealth over the typical period of homeownership.

11-Month Supply of Homes for Sale

Total housing inventory at the end of July rose 3.9 percent to 4.67 million existing homes available for sale, which represents an 11.2.-month supply at the current sales pace, up from a 11.1-month supply in June. The rise in supply results from a sharp increase in condo inventory; the single family supply declined.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.43 percent in July from 6.32 percent in June; the rate was 6.70 percent in July 2007.

Single-family home sales rose 3.1 percent to a seasonally adjusted annual rate of 4.39 million in July from 4.26 million in June, but are 12.4 percent below the 5.01 million-unit level a year ago. The median existing single-family home price was $210,900 in July, down 7.7 percent from July 2007.

Existing condominium and co-op sales increased 3.4 percent to a seasonally adjusted annual rate of 610,000 units in July from 590,000 in June, but are 18.6 percent below the 749,000-unit pace in July 2007. The median existing condo price4 was $223,400 in July, which is 2.7 percent below a year ago.

In Detail: Regional Sales, Prices

West. Regionally, existing-home sales in the West jumped 9.7 percent in July to a level of 1.13 million and are 0.9 percent higher than July 2007. The median price in the West was $273,200, down 22.2 percent from a year ago.

Northeast. In the Northeast, existing-home sales rose 5.9 percent to an annual pace of 900,000 in July, but are 11.8 percent below a year ago. The median price in the Northeast was $278,700, which is 4.9 percent lower than July 2007.

Midwest. Existing-home sales in the Midwest increased 0.9 percent to an annual rate of 1.12 million in July, but are 17.0 percent lower than July 2007. The median price in the Midwest was $175,400, up 1.0 percent from a year ago.

South. In the South, existing-home sales slipped 0.5 percent to an annual pace of 1.85 million in July, and are 18.1 percent below a year ago. The median price in the South was $179,300, down 3.5 percent from June 2007.

— NAR