What about my title insurance?

clipped from www.inman.com Fidelity calls off LandAmerica merger LandAmerica's future in doubt By Inman News, Friday, November 21, 2008. lumaxart.com." /> Fidelity National Financial Inc. has called off its plan to acquire troubled rival LandAmerica Financial Group Inc., the companies said Friday, a development that casts doubt on LandAmerica's long-term prospects. Fidelity and LandAmerica both issued terse statements at 8 p.m. Eastern Time Friday saying Fidelity had exercised its right to back out of the deal during a due diligence period. LandAmerica lost $599.6 million during the third quarter and was in danger of defaulting on its debts, the company said in a recent regulatory filing.

New Home Sales Rise a Bit

The Spokane real estate market showed a slight improvement with a small increase in new home sales.

clipped from www.spokanejournal.com A glimmer OF HOPE New-home sales log small, month-to-month rise; observers predict rebound By  Mike McLean While home sales this year are well off of last year’s pace, there are signs that the swoon might be easing at least when it comes to newly built homes. The sales of such homes have shown a slight uptick here since July, says Rob Higgins, executive vice president of the Spokane Association of Realtors. The association’s monthly market activity report for October says that 79 new homes were sold in Spokane County that month, the fourth successive month in which such sales had increased from the month earlier. There were 73 sales of newly built homes in July, 74 in August, and 78 sales in September. Sales of such homes had fallen in May after being up in February and again in both March and April, and year to date they’re still off plenty, falling to 620 at the end of the first nine months, down from 934 in the first nine months of 2007.

Spokane's North Town Mall Owner in the News

clipped from seattlepi.nwsource.com Owner of 7 malls in Washington faces possible bankruptcy By ANDREA JAMES P-I REPORTER A Chicago company that owns seven mall properties in Washington state faces financial trouble and possibly bankruptcy, but its shopping centers will continue to operate as usual. General Growth Properties Inc. operates Westlake Center in downtown Seattle, Alderwood Mall in Lynnwood, two malls in Spokane and malls in Bellingham, Kelso and Aberdeen. Its portfolio includes more than 200 mall properties around the U.S.. Within two weeks, $958 million of the company's debt will mature. Next year, an additional $3.07 billion in debt is due. General Growth is working with its lenders to extend loan maturity dates, refinance or sell assets.

First Time Homebuyers in Spokane - Check This Out

First time home buyers of Spokane real estate might like to check out this down payment assistance program.

clipped from activerain.com Down Payment Assistance Loans ~ Spokane Neighborhood Action Programs Down payment assistance funds may be available for first time home-buyers in Spokane, WA.  These funds are offered by the Spokane Neighborhood Action Programs, also known as SNAP. Features of the Down Payment Assistance Loan includes: Loan payments are deferred for 30 years or until sale,, transfer, refinance or change of use Some loans are forgiven and become grants over time Borrower's investment - 3% of purchase price Must be single-family, owner occupied Income eligible Funding is limited and other restrictions may apply. Home buyer education classes are required as well.  It isn't a program for everyone but there are certainly those that can benefit from it.  For more information visit the SNAP website or call to schedule an appointment... 509-456-7106.

Spokane Home Prices Down

This 10.4% is a figure for the entire state. I'll be checking to see what the local numbers turn out to be.

clipped from seattletimes.nwsource.com WA housing prices down 10.4% in 3rd Qtr SPOKANE, Wash. - Home prices in Washington dropped 10.4 percent in the third quarter from the same period last year, the sharpest decline since the Washington Center for Real Estate Research at Washington State University began keeping statistics in 1994. SPOKANE, Wash. - Home prices in Washington dropped 10.4 percent in the third quarter from the same period last year, the sharpest decline since the Washington Center for Real Estate Research at Washington State University began keeping statistics in 1994. The number of homes sold in the third quarter was down 26 percent from the same period last year. It was at its lowest level since 1996. The median price home in Washington during the third quarter sold for $281,500, the fourth consecutive quarter of decline.

Really Big Purchase and Sale Agreements

Here in Spokane and average purchase and sale agreement can be well over 20 pages.

clipped from seattletimes.nwsource.com Real-estate paperwork Q&A Forms, forms and more forms. Buying a house used to be relatively simple. Like the price? Just sign here. Now it appears you may need a law degree to understand everything you sign. But there are good reasons there is so much paperwork needed to close a deal. Here are answers to questions about real-estate paperwork that were submitted to the Northwest Multiple Listing Service (NWMLS), the real-estate association based in Kirkland that tracks home sales across much of the state and creates and sells forms to real-estate agents. The answers were provided by the staff of the NWMLS. Q: Why the increase in the paperwork required to close a residential real-estate transaction over the past 20 to 30 years? A: First, changes in state law (both statutory and case law) and local ordinances over the years require that certain provisions be included in the parties' contract. Second, the parties to residential real-estate transactions have become more sophisticated.

FDIC Proposal for Mortgages

I wonder if anyone has looked at the underlying assumptions and given them a reality check.

clipped from www.inman.com Loan mods could restore confidence A plan for the government to partially insure lenders when they agree to modify troubled borrowers' loan terms could help stabilize housing markets, restore confidence, and bring buyers back into the market. Federal Deposit Insurance Corp. chairwoman Sheila Bair wants the Bush administration to provide incentives for lenders to do as many as 2.2 million loan modifications. Under a proposal unveiled by the FDIC Friday, the government would pay servicers $1,000 for each loan modified to defray their expenses, and then agree to cover up to 50 percent of losses if a loan should re-default. Assuming one in three modified loans were to re-default, the plan would cost taxpayers $24.4 billion, but prevent 1.5 million foreclosures by the end of next year The plan and others intended to stem foreclosures could help stabilize housing markets, but "speed is of the essence," said Paul Bishop, managing director of research for the National Association of Realtors.

Spokane Real Estate Market a Major Factor in Local Economy

As the Spokane housing market goes, so goes the local economy. Another report validating that Spokane cycles are less volatile making our region a great place to live, work and invest. Spokane real estate remains an attractive investment option especially when compared to other areas in the U.S.

clipped from www.spokesmanreview.com Regional outlook tepid Economic growth will be minimal at best, expert says Bert Caldwell Staff writer November 14, 2008 The 2009 outlook for the Spokane-Kootenai County economy is more of the same marginal growth that has characterized most of 2008, Eastern Washington University professor Grant Forsyth said Thursday. Speaking at the Greater Spokane Inc. annual economic forecast breakfast Thursday, Forsyth said he expects the region to continue to outperform the national economy, but not without potential contraction by several measures. He projected employment growth of less than 1 percent, with 2.5 percent growth the best case and a loss of 1 percent the worst. Change in other major indicators – home prices, personal income growth and taxable sales – also will hover around zero, although the possible swing for Kootenai County home prices ranges from an 8 percent increase to a 10 percent decrease. Spokane County, housing prices could trend from a 5 percent increase to a 4 percent decrease.

New Building Supplier Coming to Spokane

Another smart choice for Spokane home builders to consider.

clipped from www.spokesmanreview.com Building supplier coming to Valley Owner plans to hire 15 workers by Dec. 1 Tom Sowa Staff writer November 14, 2008 A Montana wholesale building products company will open a Spokane Valley warehouse and expects to eventually have 60 people selling products across the Inland Northwest. Privately owned Lumber Yard Supply bought 10 acres of commercial land at 17524 E. Euclid and hopes to open its doors in January. Robinson paid $3.25 million for that 5-acre parcel. He also paid about $500,000 for an adjoining 5 acres. Both parcels were owned by Four Corners LLC, the company that ran Pristina Pine. Robinson said he will build a 5,000-square-foot office building adjoining the warehouse. Company CEO and President Owen Robinson said he'll hire about 15 local workers by Dec. 1. "We only sell wholesale to lumber yards," Robinson said. "We pride ourselves on knowing how to serve rural areas. So we'll have a wide variety of building products."

Habitat Stores Support Building Homes for Low-income Families

Check them out, get a deal, help a family.

clipped from www.spokesmanreview.com Second Habitat Store opening November 14, 2008 A second Habitat store will open its doors Dec. 2 in Spokane Valley. Like the original store, at Trent and Hamilton, the new store will be a one-stop outlet for recycled building materials. Since opening the first Habitat store in Spokane in January 2000, the recycled building materials venture has sold more than 4,000 tons of materials and supplies, according to a press release. The money raised helps pay the cost of building homes for low-income families. The Valley store will have 6,000 square feet of retail space; the original Habitat store has 30,000 square feet.

Beautiful Job on this Updated Spokane Home

Check out the wonderful remodeling job on this
Spokane home. An amazing makeover.

clipped from www.spokesmanreview.com Out of the rough Todd Wood transforms 1950s Manito 'bomb shelter' with a stunning makeover Megan Cooley Correspondent November 14, 2008 Location. Location. Location. The age-old real estate rule applied when Spokane resident Todd Wood first eyed his 1954 ranch-style house overlooking the fourth hole of Manito Country Club's golf course. The avid golfer joined the club about four years ago and had been searching for a home on its rim. Two years later, when two houses went on the market on the course's north side, Wood chose the one he felt had a better view – despite the fact that the house looked "ugly and worn down," he said. But Wood saw potential: Great southern exposure. Ten-foot-high ceilings. And, of course, access to the course. "I thought it had the potential to be a very open, mid-century modern home like you might see in Palm Springs," he said. "You know, with that indoor-outdoor living space."

Spokane Home Prices Holding Better than Elsewhere

Local economists disagree with Zillow estimates, saying Spokane home prices have only declined about 3% not 9% as the outsiders suggest. I too see only a modest decrease in Spokane real estate values.

clipped from www.spokesmanreview.com Spokane homes faring well Prices have fallen, but not as badly as rest of country Spokane County is much better than in the rest of the country, the Zillow report says. Nationwide, almost a third of all homes sold in the past 12 months went for a loss, and rates of foreclosure and homeowners with negative equity nationally outpaced the rates here. Amy Bohutinsky, spokeswoman for Zillow, said the Spokane market was performing better than the national average in several categories. Over the past five years, for example, the company's estimates for home values have risen 7 percent. "Compared to the rest of the country, Spokane is actually doing quite well," she said. "I'm a little surprised they are claiming as large a year-over-year decline in values for the Spokane marketplace as they are," said Glenn Crellin, director of WSU's Washington Center for Real Estate Research. "I really had not expected a 9 percent decline."

Some Spokane Homes Selling at a Loss

When you have to sell, for whatever reason, in a declining market losses can happen if you haven't owned the property long. I believe Spokane real estate prices have held up much better than other parts of the region and country.

clipped from www.spokesmanreview.com 1 in 10 Spokane County homes sold for loss, report says Shawn Vestal Staff writer November 13, 2008 A tenth of the people who sold homes in Spokane County in the past year sold them for less than they paid originally, according to a new national report. And home values in the county dropped by 9 percent in the past 12 months, with an estimated 85 percent of all homes declining in value, according to a report prepared by Zillow.com, an online site that compiles and analyzes real estate information. Other real estate reports, however, indicate the decline in value is less than 9 percent. Either way, the picture in Spokane County is much better than in the rest of the country, the Zillow report says. Nationwide, almost a third of all homes sold in the past 12 months went for a loss, and rates of foreclosure and homeowners with negative equity nationally outpaced the rates here.

First Time Home Buyers Holding Their Own

Without the concern of selling an existing home, first time home buyers find buying opportunities in the current market. Do you know any first time home buyers looking for a
home in Spokane.

clipped from www.realtor.org NAR Home Buyer and Seller Survey Shows Rise in First-Time Buyers, Long-Term Plans The latest consumer survey of home buyers and sellers shows first-time buyers have risen in market share and plan to own their homes longer than buyers in the past. The study was released here today at the 2008 REALTORS® Conference & Expo. Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it’s a trend he expects to grow. “First-time buyers are much more flexible in entering the market because they aren’t concerned about selling an existing home,” he said. “Given low home prices, plentiful supply and affordable interest rates, it’s been an optimal time for entry-level buyers with a long-term view. “Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves – that, in turn, should free more existing owners to make a trade in 2009.”

Bad Residential Construction Loans Dragging Down Spokane Banks

Spokane normally lags the rest of the country by six or more months. Reports like this have been common in other markets around the country are now showing up locally. Along with the bad news will come opportunities in Spokane real estate for those not faint of heart and understand the times.

clipped from spokanejournal.com Bank reports give insights into economy Nonperforming assets rise sharply at institutions here as quarterly profits plummet By  Richard Ripley One of the most-watched numbers in bank earnings reports for the third quarter, which ended Sept. 30, will be nonperforming assets—and how they’ve grown amid the nation’s financial and economic crises. Peter Stanton, chairman and CEO of Washington Trust Bank, says that banks’ financial results “absolutely” reflect what has happened in the economy, and growth in their nonperforming assets “certainly reflect recessionary-type issues.” Byrne says, “In our case, our nonperforming assets are very heavily weighted toward residential construction loans.” With home sales down sharply in the region, that’s no surprise, especially with Sterling having reported for months that such loans were problematical. Sterling says its nonperforming assets related to residential construction jumped by 31.5 percent, or $75.9 million,

Search Spokane Homes From Your iPhone

Cool. I don't have an iPhone yet so please let me know what you think if you try searching Spokane homes with your iPhone.

clipped from www.desinformado.com Today RealEstate.com announces the addition of iPhone and Google Android compatible Web sites to its growing mobile phone suite called RealEstate.com Mobile. The new mobile Web sites are free for iPhone and Google Android phone users and provide access to more than two million home listings nationwide. Visitors can search homes for sale nationally, and also have the ability to view home estimates from RealEstate.com’s Home Price Check(R) tool, which includes more than 97 million values from across the country. Users can browse the RealEstate.com Web site directly from their iPhone or Google Android phone by visiting http://www.realestate.com/iphone or http://www.realestate.com/android , or for short, http://i.re.com or http://a.re.com . For easy access, users can also add a RealEstate.com icon to their phone desktop by book-marking the applicable page. Searching for homes is as easy as entering a zip code, city and state, or Multiple Listing Service (MLS) number.

A Connected Kitchen Sounds Good To Me

I'd like to talk to an expert at what works and what doesn't. Some technologies will catch on while others won't. I don't want to get stuck with a BetaMax in my next kitchen.

clipped from shba.typepad.com More Consumers Want Their Kitchens Connected The kitchen has been the center of the home ― a place where families not only eat, but where they can gather to talk about their day ― for several generations. With technology becoming more prominent in homes, “connected kitchens” with their technologically advanced appliances and networking are adding convenience and smart technology to cooking, shopping and other household needs. It's not that consumers don't want connected devices in their kitchen, however. The Internet Home Alliance, a cross-industry network of leading companies advancing the connected home market, has conducted research that found consumers want six key technologies in their kitchens: A home control station An energy usage monitoring and control system Wireless Internet access A recipe projection system A digital calendar A universal charging station

Hoping New Owner Keeps Senior Rates

clipped from homeequitytheft.blogspot.com 100+ Spokane Seniors May Face Eviction As Local Retirement Home Faces Foreclosure In Spokane, Washington, KXLY-TV Channel 4 reports: More than 100 Spokane seniors are wondering if they'll have to find a new place to live while their retirement complex faces foreclosure. The developer of Clare House on the South Hill is millions of dollars in debt and the property is heading for the auction block. The seniors living there are pretty worried because not only will their retirement complex be changing hands but many of the residents living here can't afford to move some where else. For more, see Retirement complex to be auctioned (read story) (watch KXLY-TV video). See also, Spokane Journal of Business: Retirement complex faces foreclosure (Clare House Apartments placed in receivership pending trustee sale). BetaTenantRentSkimming