Fear or Faith in the Economy and Government

Are you feel more optimistic as 2009 progresses?

clipped from www.spokesman.com March 31, 2009 in Nation/World Americans still gloomy, but optimism is growing Jon Cohen And Dan Balz Washington Post WASHINGTON – The number of Americans who believe that the nation is headed in the right direction has roughly tripled since Barack Obama’s election, and the public overwhelmingly blames the excesses of the financial industry, rather than the new president, for turmoil in the economy, according to a new Washington Post-ABC News poll. At this early stage in his presidency, Obama continues to benefit from a broadly held perception that others should bear the bulk of responsibility for the severe economic problems that confront his administration. Americans see plenty of offenders, but only about a quarter blame the president and his team for an economy that’s in the ditch.

I blame ecomomic fear

Economic fear stirred up by politicians is affecting behaviors and now that the election is in the rear view mirror that have to somehow change their tune.

clipped from www.spokesman.com March 31, 2009 in Business Sales of second homes off 22 percent Expert blames tighter credit availability Sales of vacation and investment homes slid 22 percent last year, a sign that tough economic conditions and tight lending requirements shut out buyers, the National Association of Realtors reported Monday. Second home sales comprised 30 percent of the entire housing market, down from a peak of 40 percent in 2005 when financing was easier. “The vacation home market really was driven by the availability of debt,” said Daniel Alpert, managing director of Westwood Capital LLC, a New York-based investment bank. “Folks were able to pick up vacation homes with very little money down and substantial loans. Given the absence of mortgage money for primary homes, one can imagine that there’s no mortgage money for vacation homes.” Just 9 percent of sales last year were for vacation homes, down from 12 percent in 2007. Proportionally, investment properties held steady at 21 percent.

Spokane Home Sales Showing Promise

The first reports of an uptick in sales of Spokane homes are beginning to trickle in. Let's hope these portend more improvement in the Spokane real estate market.

clipped from www.spokesman.com Home sales rising in West Low prices, mortgage rates boost market for previously owned houses From Staff And Wire Reports The Spokesman-Review Sales of previously occupied homes in the West climbed in February as low mortgage rates and cheap foreclosed properties drew in many first-time buyers and investors, according to two reports released Monday. A total of 68,000 existing homes and condos were sold in February in the 13-state region. Sales were up 24 percent from the same month last year, without adjusting for seasonal factors, according to the National Association of Realtors. Nationally, sales of existing homes grew 5.1 percent to an annual rate of 4.72 million last month, from 4.49 million units in January, the group said. The Spokane Association of Realtors reported the sale of 194 homes during February at an average price of $197,016, off less than 1 percent from February 2008. The median price was $171,654, off 3 percent.

Government Intervention

Government manipulation is what greatly contributed to the current mess, it shows much arrogance to believe they can tinker their way out the mess they created.

clipped from www.inman.com False hope for homeowners The U.S. government has started several programs to help homeowners escape burdensome mortgage payments and avoid foreclosure. But so far, these programs have amounted to little more than false hopes. Programs with catchy names like "Hope for Homeowners" were announced with much fanfare and great promise. In effect, these programs meant that we, the U.S. taxpayers, held out the hope of mortgage relief to our neighbors, both nearby and far afield. We gave them hopes of "staying in their homes," as government officials so often phrased it. But so far, these programs haven't delivered even a tiny fraction of the promised relief. The "Hope for Homeowners" program created late last year was supposed to help 400,000 homeowners replace troublesome mortgages with traditional 30-year fixed-rate loans. But as of early 2009, only 25 new loans had been approved. Yes, you read that right: not 400,000. Just 25.

Great Spokane Mortgages

I have a client getting one of these mortgages. Super!

clipped from www.inman.com Bank offers home loans below 4% Program helps indebted builders with low rates for buyers A small bank in the Pacific Northwest is hoping to boost sales for builders who owe the bank millions by offering mortgages to new homebuyers at less than 4 percent interest. Banner Bank began offering the low rates through a subsidiary on March 7 in Portland, Ore., and surrounding markets, and plans to expand the program next month to Seattle and Spokane, Wash., and Boise, Idaho. In announcing the "Great Northwest Home Rush" program, Banner subsidiary Community Financial Corp. said borrowers with good credit and 20 percent down payments could qualify for 30-year fixed-rate loans with a "note rate" of as low as 3.875 percent. That translates into a 3.973 percent annual percentage rate, or APR, when the best rate available from most lenders is closer to 5 percent. Even prospective homebuyers bringing no money to the table could obtain 4.875 percent fixed-rate loans, the bank said.

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I strongly Recommend Radon Tests

When you are buying
Spokane real estate I strongly recommend you have a radon test performed.

clipped from www.spokesman.com March 7, 2009 in News, City Radon still a problem in Spokane region John Stucke The Spokesman-Review The Spokane region – including Kootenai County – is a hot spot for radon, the colorless, odorless, naturally occurring gas ranked as the second-leading cause of lung cancer, behind smoking, in the United States. State and local health officials believe 60 percent of the homes in Spokane County have elevated levels of radon based on the testing of thousands of homes over the years. Today they worry such testing has grown lax and that the threat posed by radon has dropped from the public health debate. “Let’s face it: To have radiation decay in your lungs is not good for you. As I tell people, if I were moving to Spokane, I would absolutely make any real estate transaction contingent upon having a satisfactory radon test.” Most builders embraced the radon measures, LaScuola said. The work is relatively easy, with the right fill material and pipes placed before the foundation is even poured.