Winter is over and summer is finally on its way! Mount Snow has been known for the versatile outdoor activities and winter/snow fun but what a lot of people don’t know is there are endless things in the summer to enjoy in the valley. Let’s start with water activities. We have Lake Harriman, Lake Raponda and Woodford Lake all out our back door for boating, water skiing, jet skiing, canoeing, kayaking etc. Want to do some camping with some friends or family? Grout Pond State Park located on the Stratton Arlington road has a beautiful pond and tranquil setting for some of the greatest kayaking, hiking and camping. There are numerous camping sites set up some with picnic tables and tent platforms but most importantly a clean standing bathroom! Thinking of taking a hike? Come grab a map and we can show you some of the best trails this valley has to offer! Are you a big golfer? Haystack & Mount Snow golf clubs are open for business!

These are all just some of the things the Mount Snow Valley has to offer!

Are you looking to find out what’s going on around here on a week/weekend you’re here? Check out our chambers website www.visitvermont.com for the events calendar.

The real estate market in the DeerfieldValley and the resort area of MountSnow has definitely been a challenge over the last twelve months. Although both selling prices and mortgage interest rates are the lowest in many years, the pace of closings for single-family homes, condominiums/townhouses, and raw land are certainly down from the all-time highs of four or five years ago.

Condos and townhouses are off by more than 25%-30% in some cases while, single-family homes have dropped between 10% and 15% depending upon the price range of the individual property. Those in excess of $500,000 have slid close to 40% making them a very attractive buy. Continued erosion in prices could continue for another six to twelve months but most of the “heavy” discounting has probably already taken place making it a great time to look and ultimately purchase a home or condo.

One encouraging bright spot for the local real estate market is the continued interest in commercial properties especially those on Route 9 in Wilmington and Route 100 in West Dover next to MountSnow. Tropical Storm Irene dealt a crushing blow to many buildings and businesses in our area and in particular, downtown Wilmington. That said, many are being rebuilt and reopened with an emphasis on a “new-beginning” rather than a return to the past where the old ways of doing business just won’t “cut it” anymore.

With an eye on the future, the real estate market in Southern Vermont should start to shine again although, probably not with the irrational exuberance that created the “sub-prime” mess of earlier days. Coupled with the extreme volatility of the stock market, the “rock-bottom” selling prices for real estate right now can offer a fairly “safe haven” for the savvy investor whether it be in either residential or commercial property. Shouldn’t you consider another look at real estate in Vermont?

The flooding from Irene was significant, but our communities, government and road crews have come together to put the state back in working order in an astoundingly short time period. Almost all roads are back open. If you are wondering how you can help, please come visit for foliage season – we need your business. If you are considering a trip to Vermont, come on up.

Events in the Area:

September 23/24 – FLOODSTOCK – Music made to save businesses in Wilmington

www.floodstockvt.com for more information

Fri 6PM at the Snow Barn, Sat noon at Adams Farm & Sat at 6PM at Grand Summit Lodge

October 8/9 – 38th Annual Harvest Art & Craft Show at Mount Snow from 9AM to 5PM

October8/9 – OktoBrew Fest at Mount Snow 11AM to 5 PM

October 8/9 – Newfane Heritage Festival – Newfane Town Green from 10AM to 4PM

October 22 – Gilfeather Turnip Festival at the Wardsboro Town Hall in Wardsboro beginning at 10AM

Due to the large amounts of damage inflicted by Hurricane Irene, Agriculture Secretary Tom Vilsack is prepared to provide as much assistance as possible to Vermont and the other eleven states affected by the hurricane. “USDA is ready to provide food, emergency assistance and other resources to the affected areas”, Vilsack said at a recent press conference. Vilsack plans to provide assistance to homeowners, farmers and ranchers, as well as the general community.

Assistance to Homeowners

The USDA has been encouraging Vermonters affected by Hurricane Irene to immediately apply for funding assistance under rural, single-family housing loans, and grant programs. These funds can be used for new housing or repair and rehabilitation of current housing. For home loans, the USDA will assist through expediting lender approval and providing underwriting services to streamline the loan processing. Individuals who currently have a USDA loan and need payment assistance are encouraged to contact the Centralized Servicing Center at 800-414-1226.

Many homebuyers who hear of the USDA home loan program either do not know much about the program, or sometimes think it is only for farmers; however, this is not the case. Over 50 million people in the United States are considered to be living in a rural area and are possibly eligible for one of the last available zero down lending programs out there. It is best to contact a USDA loan specialist to determine your eligibility.

Farm and Ranch Assistance

The USDA is also encouraging farmers who have crop damage or physical damage to contact their local Farm Service Agency (FSA) center as soon as possible, due the high volume of calls coming in.

The FSA offers assistance through supplemental revenue assistance programs, noninsured crop disaster assistance programs, emergency assistance for livestock, livestock producers with abnormally high mortality rates, debris assistance programs, as well as debt relief for people who currently have FSA direct loans.

Community Assistance

The USDA’s Natural Resources Conservation Service (NRCS) state operations are prepared to start working with local communities to fill Emergency Watershed Protection requests in Hurricane Irene disaster areas. This program provides assistance for property owners whose land and lives are threatened by flooding and erosion due to Hurricane Irene. Owners and users of public, private, or tribal lands are eligible for Emergency Watershed Protection if the watershed area has sustained damage from the storm.

The NRCS is available to immediately fund projects necessary to protect and maintain life and property that is in the affected area. For instance, if your area has excessive debris or blocked waterways, assistance is rapidly available.

The USDA is encouraging homeowners, farmers, ranchers, and producers to contact their local Rural Development office for housing, business, or community assistance information or their local NRCS office for debris removal.

Matt Polsky is a real estate commentator associated with VA Mortgage Center, the nation’s leading dedicated provider of VA home loans.

A proposed 20 percent down payment rule for qualified residential mortgages is too high, argues a growing group of lawmakers in the House of Representatives.

Late last week, about 240 lawmakers in the House sent a second letter to federal regulators urging them to lower the down payment rule on QRMs. Last month, about 150 lawmakers had signed a letter urging the same.

“The resultant reduction in demand for housing, due to an overly burdensome government dictate, would only add to the challenges the housing market faces, and could threaten a full-fledged economic recovery from years to come,” the most recent letter reads.

The 20 percent down payment rule arises from an effort of several federal agencies that have been trying to urge more responsible lending and borrowing. The agencies created a proposed risk-retention regulation under the Dodd-Frank Wall Street reform law, which requires lenders that securitize mortgage loans to retain 5 percent of the credit risk unless the mortgage is considered a safe mortgage or a “qualified residential mortgage.” (FHA and VA mortgages would be exempt.)

QRMs would be exempt from the 5 percent credit requirement but would have to meet certain guidelines, such as the proposed 20 percent down payment requirement. Borrowers with less than 20 percent down could then be forced to pay higher fees and interest rates.

A 20 percent down payment requirement would cause more first-time buyers to flee from the already fragile housing market, analysts at Capital Economics say.

The National Association of REALTORS® also has been an outspoken critic of the proposal, saying that a 20 percent down payment requirement would jeopardize a housing recovery.

Source: “More Lawmakers Join Major Push to Reduce QRM Down Payment,” HousingWire (June 20, 2011)