Spokane Real Estate Market Trends

Do You Need An Experienced Stager When Selling Your Home In Spokane?

2011-08-21T17:24:00.000-07:00

In case you are selling your current home in Spokane you have probably heard about home staging. Many individuals selling their house have employed a home stager previously and received good success. It is pretty pricey; but if done correctly you can make your money back with a profit.

Finding a Spokane home stager In order to locate an excellent home stager in Spokane you should know precisely what you are looking for. Home staging is a very difficult activity. You need to find a person with a lot of experience and know-how. He or she should have a portfolio of other jobs they have performed. Somebody who is just getting started could seem desirable because they will usually charge a cheaper price, nevertheless, you will almost certainly have superior results by using a more knowledgeable person.

What does home staging accomplish?

Having your home staged will increase its attractiveness to many likely Spokane homebuyers since they will find it more inviting and homey. Also, it could boost the actual selling property value of your house and in some cases actually bring in additional money as compared to you had initially projected for when listing your property.

What home stagers accomplish

A home stager will come into your home and set up a good looking living space which buyers can bond with. Fresh paint is generally applied and the furnishings are arranged to flow with the layout and colors of the house. Whenever you are selling your Spokane home you should definitely give some thought to employing a home stager to beautify and improve the value of your house.

Locating a home stager could very well be the toughest part of helping your home ready to be sold. The individual you finally choose must have a lot of expertise and you need to become familiar with their work. The stager will organize household furniture and design it in a way that things are all flowing with each other and is very appealing to prospective buyers. If performed correcly, home staging will increase the swiftness of the transaction as well as the home’s value when you are selling your house in Spokane.

Spokane Homes Sales Monthly Report (December 2009)

2010-01-01T22:53:00.000-08:00

Checking the pulse of the city of Spokane's real estate market

By Jim Grapes January 1, 2010

The supply of residential homes for sale in Spokane Washington continues to drop as sellers take their homes off the market for the cold winter months or to avoid opening their home during the holidays. In the city of Spokane there were 1968 active listings as of the end of December 2009. One month ago on November 30th there were 2375 active listings so the inventory of available homes has dropped by 407 residential units. Of the current inventory 94 are Lender Owned or REOs (4.8%), and 173 are potential short sales or (8.8%) – about the same percentages as the previous month.

According to the Spokane MLS today, there were 273 home sales in the city of Spokane for December 2009. Another 272 are currently pending under contract for a 13.8% pending rate. At this rate of sales we currently have an inventory of 7.2 months supply of homes on the market. The pending rate went slightly down month-to-month which isn't a huge trend. However, anything over a 6 month supply indicates a buyers market and the trend continues to increase slightly to favor buyers this past month.

The median asking price of homes on the market the end of December was $185,000. These homes currently on the market represent the median home for sale in Spokane: Click Here to View Listings. Of the homes that sold in December the median asking price was $164,900 and they sold for a median sales price of $158,000 or 95.8% of the asking price at the time of sale.

With the home buyers tax credit set to expire in April 2010 and the Fed scheduled to wind down its purchases of mortgage-backed securities by the end of March, the housing market faces a test of its ability to sustain a recovery without as much government aid.

Out of number of homes sold in the city of Spokane in December 2009 my brokerage, Keller Williams Realty Spokane, represented itself quite well representing 38 sellers and 44 buyers for a total 13% by total dollar sales volume in each category. Fifty-one real estate offices had a listing sell in December and fifty-nine represented a buyer

Time running out on $8000 tax credit

2009-08-20T07:57:00.001-07:00

Adding in the time it takes to close on a home purchase the time is getting tight to get the first time home buyers tax credit. Buy your Spokane real estate now!

clipped from www.spokesman.com

Buy a house, get paid

Market gets boost as tax credit motivates first-time buyers

Jared and Meredith Lyda expect to receive a check from the federal government within the next few weeks.

The $8,000 tax credit should cover the renovations the Coeur d’Alene newlyweds made to their first home, a three-bedroom, two-bathroom rancher they moved into on July 31. The tax credit for first-time homebuyers also allowed the Lydas to buy a slightly bigger, newer home than they expected.

“We knew immediately when we walked in the door,” said Meredith Lyda, an assistant manager at Starbucks. “It was a no-brainer.”

Activity has amped up as the tax credit’s Nov. 30 expiration approaches, Realtors say. Because closing a sale usually takes 45 to 60 days, buyers who hope to take advantage of the tax credit need to find homes soon, real estate professionals said.

Though interest rates and low prices also are driving sales, Hardie and other Realtors said the tax credit’s impact on the market is undeniable.

Home sales pick up in Washington state

2009-08-14T07:27:00.001-07:00

This is good news for Spokane real estate. Buyers and sellers are making deals and commerce is beginning to move quicker.

clipped from www.spokesman.com

Business in brief: Home sales fare better than same quarter last year

Home sales picked up in Washington state in the second quarter compared with last year – the first quarter-over-quarter improvement in sales numbers in more than two years, according to the “housing market snapshot” produced quarterly by Washington State University’s Center for Real Estate Research.

Glenn Crellin, director of the center, cautioned in a news release that “a one-quarter improvement should not be considered a trend,” and that the sales increase likely was fueled by a new federal first-time homebuyer’s tax credit.

Home sales statewide increased 11.6 percent in the second quarter compared with the same period the previous year. Sales in Spokane County were up 13.4 percent over the year-ago period.

Crellin said sales prices are another indication of market stability, and that only four counties in the state experienced higher median sales prices during the second quarter.

I'm Hot

2009-08-01T21:19:00.001-07:00

clipped from www.spokesman.com

Spokane hits triple digits for first time in ‘09

Carolyn Lamberson
The Spokesman-Review

Yes, it really was that hot.

The National Weather Service recorded an official high at the Spokane International Airport of 101 degrees today, tying the record for the day set in 1971. It also marked the first time this year that Spokane reached the triple digits, said Laurie Nisbet of the weather service.

Spokane Foreclosures Rising

2009-08-01T08:06:00.001-07:00

It takes some time for unemployment to result in foreclosure but the recession's job losses is painfully ending in foreclosure for more and more homeowners in Spokane. This will likely have an impact on the Spokane real estate market.

clipped from www.spokanejournal.com

Six-month foreclosure filings jump

Further rises said likely to push default level here near or over 2002 peak

The Spokane County Auditor recorded 378 foreclosure filings here in the first half of this year, up 49 percent from 254 filings in the year-earlier period.

If that rate were to continue, total foreclosures here for the year would reach 834, which would be the highest since 2003, when foreclosure filings in the county totaled 1,030. Foreclosures here peaked at 1,152 in 2002.

In Washington state, one in 138 homes was the subject of a foreclosure filing in the first half of the year, up from one in 283 homes in the first quarter.

Spokane County, however, had more than double the foreclosure filings as of June than it had in the first quarter, when RealtyTrac reported that one in every 1,060 homes here faced foreclosure. The company ranked Spokane then as having the 26th lowest foreclosure rate of 203 metropolitan areas in the U.S. with populations of more than 200,000.

Great Affordable Housing

2009-07-30T17:26:00.001-07:00

Fabulous work! A great addition to Spokane real estate.

clipped from www.kxly.com

Spokane Urban Ministries unveils Walnut Corners

SPOKANE -- A new apartment complex opened in in the West Central neighborhood Thursday that will help fill a need for affordable housing in Spokane.

James Kashork is the president of the board of Spokane Urban Ministries, a non-profit created by four local Lutheran churches behind Spokane's newest affordable housing complex dubbed Walnut Corners, a 47-unit complex with one to three bedroom apartments built for people struggling to survive on $300 a month or less.

"These are most likely the folks who are on the lowest end of the income scale in the city of Spokane," Kashork said.

The complex also includes a community garden and residents will learn to grow vegetables and then they will all share the food grown here. Workers are also just completing a ground floor space that will house a small grocery store and coffee shop.

Spokane Real Estate Marketing Rally

2009-07-28T08:53:00.001-07:00

The Spokane real estate market is showing some promising signs of coming back to life. With low interest rates, good prices, and a great inventory it really is a great time to buy a home in Spokane.

clipped from www.spokesman.com

Housing markets rally for rebound

Home sales rise in June in U.S. and Spokane, Kootenai counties

Mike Prager
mikep@spokesman.com, (509) 459-5454

New figures on U.S. housing sales indicate the housing market may be starting to rebound, and recent sales figures in Spokane and Kootenai counties suggest the local housing market is picking up.

The U.S. Commerce Department said Monday new-home sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000 houses, from a May rate of 346,000, which was higher than previously thought. It was the third straight month of increases. However, the median sales price of $206,200 was down 12 percent from $234,300 a year earlier.

At the same time, the National Association of Realtors said sales of existing homes increased 3.6 percent to a seasonally adjusted annual rate of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but were 0.2 percent lower than the 4.90 million-unit level in June 2008.

Foreclosures up but still less than average

2009-07-08T19:52:00.001-07:00

Spokane is well known for its steady real estate market, that it's foreclosure numbers show less of a swing than other areas is typical of the market in Spokane.

clipped from www.spokesman.com

Spokane’s foreclosure rate has doubled, company says

A service that tracks mortgage activity says Spokane homes are being foreclosed at twice the rate they were one year earlier.

According to May 2009 data from First American CoreLogic, 3 percent of mortgage loans were 90 days or more delinquent, compared with a 1.5 percent rate for May 2008.

The company also noted that in the 12-month period from June 2008 to May, Spokane saw 3,592 foreclosure filings, or 9.8 a day.

That compares to the previous 12 months from June 2007 to May 2008, when there were 1,992 foreclosure filings, or 5.5 a day.

The company also noted that Washington’s delinquency rate for May was 3.8 percent. The national rate for the month was 6.5 percent, according to a release from First American CoreLogic.

The company’s foreclosure rates are adjusted to take out all nonactive or paid-in-full mortgages. It claims that system produces a more accurate rate when looking only at active home loans.

Federal Government in Action

2009-07-08T19:07:00.001-07:00

Laudable goal, but I'm not sure this will stimulate the economy the way they promised.

clipped from www.spokesman.com

Stimulus benefits housing for poor

Federal cash may ensure completion of affordable units

When Salem Lutheran Church in Spokane’s West Central neighborhood started looking at what really was the best use for land it owned behind and across the street from the church, the answer was simple: low-income housing.

That’s what already occupied some of the property, but only on a small scale

“Now, instead of 14 units, there are 47 units, which will be a real blessing, we think, to the community and to these folks we’re serving,” said the Rev. Tom Soeldner, pastor at Salem Lutheran. Some of the former residents are moving back into the new units.

In a city that lost about 200 units of affordable housing in the past two years due to market-rate development, a combination of federal, state, local and private funds along with the work of numerous groups brought the Walnut Corners project together, in what Soeldner called “kind of a miracle story, as far as timing is concerned.”

Home Foreclosure Legal Help Available

2009-06-24T10:11:00.001-07:00

Need help to prevent home foreclosure. Try this:

clipped from www.spokesman.com

Program offers foreclosure legal help

June 24, 2009

Thomas Clouse
tomc@spokesman.com, (509) 459-5495

A new legal assistance program aims to help homeowners facing foreclosure.

The Home Foreclosure Legal Aid Project is available to those who need legal advice to sort through the foreclosure process

Penny Youde, executive director of the Spokane County Bar Association, said the local economy has had different challenges than elsewhere in the state.

“We did not have the decrease in home values as much,” Youde said. “We haven’t noticed a lot more calls from people asking for that. But we are anticipating (more foreclosures) as people lose their jobs.”

The Foreclosure Legal Aid Project is coordinated by the Washington State Bar Association. For more information, call toll-free (877) 894-HOME (4663) or go to www.wsba.org.

For local legal help, contact the Spokane County Bar Association Volunteer Lawyers Program at (509) 324-0144 from 1 to 5 p.m. Mondays or 1 to 4 p.m. Thursdays.

Homes Sales Up, Prices Down

2009-06-24T10:04:00.001-07:00

It is a buyer's market, when will you start looking?

clipped from www.spokesman.com

Home sales rising in West

The Spokesman-Review

Los Angeles – Home sales in the Western region of the country posted a 9 percent annual increase in May as homebuyers jumped on low interest rates and falling prices, according to two reports released Tuesday.

Foreclosures and other distressed sales continued to drag down the median home sales price in the West. It tumbled more than 30 percent from May of last year to $197,700 – the biggest drop in any region. That helped pull the national median down nearly 17 percent to $173,000, the National Association of Realtors said.

Nationally, sales rose slightly from April to May, but were roughly 7 percent below year-ago levels, without adjusting for seasonal factors.

Home sales in the West have posted annual increases every month going back to at least last summer, when many first-time homebuyers and investors began snapping up sharply discounted bank-owned properties in Arizona, Nevada and California.

Spokane Real Estate Investor - Richest Spokanite

2009-05-20T08:09:00.001-07:00

Harlan Douglass made his fortune as the biggest Spokane real estate developer. Sold his Eagle Hardware to Lowes and owns a reported 40% of INB.

clipped from www.businessweek.com

Who Are the Richest People in Town?

Every town has a richest person. Do you know who the richest person in your town is?

Have you ever wondered who the richest man in town is?

Some of these individuals, like Gates, were well-known. His $40 billion fortune has established him as the richest man in Seattle, if not the world, for more than a decade. But what about the richest man in Spokane, Washington State's second-biggest city? According to Jones, it is Harlan D. Douglass, the largest real estate developer in town, who also sits on the board of Northwest Bank (NBCT) and invests in local companies such as Eagle Hardware & Garden. Bet you didn't know that.

Spokane Real Estate Foreclosures Down

2009-05-14T07:32:00.001-07:00

Spokane real estate foreclosures are down and are at a significantly lower rate than in other parts of the State. This bodes well for the price of your home in Spokane.

clipped from www.spokesman.com

Foreclosures drop in Spokane, soar in Kootenai County

Bert Caldwell
The Spokesman-Review

The April home foreclosure rate in Kootenai County jumped 52 percent from March, and almost five-fold from last April, according to statistics released Wednesday by RealtyTrac Inc., an online marketplace for foreclosed properties.

In Spokane, meanwhile, foreclosures dropped significantly month-over-month and year-over-year.

Only 53 Spokane County homes were either bank-owned or subject to a trustee sale notice. That’s down from 70 in March and 125 last April. The rate of one home per 3,680 was 24 percent lower than the rate for March, and 57 percent lower than last April’s rate.

The Spokane County rate was one-quarter the one-per-817 homes for all of Washington, which ranked 26th among the states. Fewer homes were bank-owned or subject to trustee sale notice than in March, but the total, 3,359, was up one-third from last April.

$8000 Tax Credit as a Down Payment

2009-05-09T16:30:00.001-07:00

The State of Washington is working out the kinks of an advance loan program to allow first time home buyers to use the $8000 tax credit as a down payment. Sounds like it will potentially help out a lot of people.

clipped from www.lilaccityrealestate.com

Tax Credit Advance

Loan Program

Lack of down payment assistance is the only barrier to home ownership

for 50% of qualified first-time home buyers.

The 2009 Economic Recovery and Revitalization Act included a “refundable” tax credit worth up to 10% of the home purchase price with a maximum of $8,000 for taxpayers who purchase a home between January 1 and November 30, 2009.

There is a demand from first-time home buyers – responsible people with jobs, good credit, and the ability to make the monthly mortgage payment. However, many of these potential home buyers still need down payment assistance and they can’t get the $8,000 until after the sale is closed.

The goal of the Tax Credit Advance Loan Program is to make the equivalent of a first-time homebuyer’s tax credit (up to $8,000) available to borrow for down payment, and repay the loan quickly by filing an amended return so that the HFC can turn it around for more down payment assistance to other first-time home buyers.

Spokane Home Resales Better Than Average

2009-05-09T08:19:00.001-07:00

While still slumping, the Spokane real estate is out performing the rest of our state and the national averages.

clipped from www.istockanalyst.com

Local Home-Value Decline Less Than National Average

May 8--Home values in Spokane County fell during the first quarter but performed better than the national average, according to a new report from online real estate site Zillow.com.

While home sales in Spokane County were down in the first quarter compared to last year, sales in March alone showed a big jump over February, according to Multiple Listing Service statistics.

Zillow reported that home values in the county dropped 10.8 percent in the first three months of the year compared to the same period a year ago. But the report also showed that home values locally over the past five years were up 4.9 percent, while in more than half the markets the firm covers, values were flat or negative over that same period.

Spokane Real Estate Market Outperforms Rest of State

2009-05-09T08:15:00.001-07:00

The Spokane real estate market really out performed the rest of Washington State in April.

clipped from seattletimes.nwsource.com

Wash. existing home sales drop 30%

By NICHOLAS K. GERANIOS

Sales of existing homes in Washington slumped badly in the first quarter of this year, according to the Washington State University Center for Real Estate Research.

The number of existing homes sold in Washington dropped 30.6 in the first quarter of 2009, compared to the same period a year ago, according to a report released Friday by the center.

Until recently, Washington had a stronger real estate market than much of the nation. The state also suffered a smaller number of home foreclosures. But prices have been falling steeply recently, and foreclosures are likely to spike because of rising unemployment, Crellin said.

Among larger counties, existing home sales dropped 15 percent in King County, 13.8 percent in Yakima County, 7.8 percent in Clark County and 2.3 percent in Snohomish County. Sales stayed roughly the same in the Tri-Cities, and actually increased 2.3 percent in Spokane County.

April Market Report

2009-05-09T08:11:00.001-07:00

Spokane real estate prices sagged in April as sales of existing Spokane homes continued at a steady pace. If you have the ability, right now is the perfect time to buy a home in Spokane.

clipped from www.spokesman.com

Spokane home prices dip in April

Bert Caldwell
The Spokesman-Review

Homes sales in Spokane County leveled off in April, and average and median prices slipped, possibly reflecting high unemployment in the area, the head of the Spokane Association of Realtors said Friday.

Rob Higgins said 329 properties sold, just three more than in March and substantially below the 445 of last April.

The average price was $197,339, off from $200,229 in March and $204,002 a year ago. The median price fell to $172,500 from $176,200 in March and $183,500 in April 2008.

Sales of new homes also declined.

Active listings increased to 2,997 from 2,687 in March, but down from the 3,218 last April.

Higgins said the price decreases may reflect purchases by first-time buyers seizing on the newly available $8,000 income tax credit. That activity should increase still more if the IRS signs off on a $25 million Washington program that will enable homebuyers to use the credit as part of their down payment, he said.

Alternatives to Assisted Living in Spokane Real Estate

2009-04-28T11:34:00.000-07:00

http://www.spokesman.com/stories/2009/mar/26/hybrid-homes-cater-to-seniors/

‘Hybrid’ homes cater to seniors

Wendell and Nada Anglesey knew they wouldn’t be able to live in their split-entry home much longer, but they sure weren’t encouraged by the housing alternatives on the market.

Then they saw the duplexes built by Jim Rippy on Spokane’s South Hill.

These are units designed, according to Rippy, as “a kind of upscale hybrid between assisted living and your own home, roomy and airy, but set up for the convenience of an older and less agile population.”

The 1,500-square-foot, three-bedroom, two-bath units are all on one level with no steps down to garages or patios.

Faucets and door handles are levers,

Electric outlets on the walls are placed higher than normal

Kitchen shelves pull out

nterior doors are 36 inches

hallways are wider

two-car garage is insulated

“This is the most convenient place I’ve ever lived,” Nada Anglesey said. Added her husband: “We’re going to be here forever. At our age, I don’t know how long forever is, but that’s the plan.”

3.875 % Mortgages

2009-04-24T15:48:00.001-07:00

Anyone in the market for a new home should check out this deal. Or maybe even if you aren't - it's that good!

clipped from www.lilaccityrealestate.com

Crazy-low Mortgage Deals on Unoccupied New Contruction

The time to buy is NOW. Buyers clearly benefit with banks like Sterling Savings and Banner Bank offering rates as low as 3.875 percent for a 30-year fixed loan.

This isn’t a trick. These are REAL mortgages being offered to qualified borrowers as a program to put to use part of the government bailout they’ve received under the Troubled Asset Relief Program (TARP). The homes must be built by the banks’ building partners and most (but not all) qualified buyers will have to put up either a 10 or 20 percent down payment. Sterling also gives the option of a 3 percent contribution (up to $20,000), instead of the 30-year fixed loan, that can be used to fund financing costs associated with the home purchase.

Spokane Real Estate Market Improves

2009-04-10T20:26:00.001-07:00

March sales figures show an improvement in the local market.

clipped from www.spokesman.com

Prices on Spokane homes inch upward

Average and median prices for homes sold in Spokane County last month crept above prior-year levels for the first time since last June, Spokane Association of Realtors Executive Officer Rob Higgins said Friday.

The number of homes sold continues to trail last year’s pace, he said, but if the volume keeps growing month over month as it has so far this year, April could be the first month in some time that number is higher, as well.

In March, 326 homes sold at an average price of $200,229. The median price was $176,200.

The average price in March 2008, when 382 homes sold, was $196,456, and the median was $175,875.

If February, 194 homes sold. Only 117 sold in January, when weather made travel difficult.

The inventory of homes for sale fell to 2,687 as of April 4, down from 3,044 a year ago.

Higgins said an association poll of its members found that 60 percent said they are busy, 20 percent very busy, with only 10 percent saying activity was slower.

More Spokane Homes to get Weatherization

2009-04-07T20:22:00.001-07:00

The energy efficiency of Spokane real estate is about to go up with the addition of federal funds to a program to increase energy efficiency.

clipped from www.spokesman.com

Weatherization gets a federal boost

Bert Caldwell
The Spokesman-Review

Federal stimulus money will double the pace of home weatherization in Spokane, creating jobs and reducing dependence on imported oil in the process, officials said Tuesday.

Spokane Neighborhood Action Programs, which administers the federal Weatherization Action Program in the community, will get $1.73 million annually over the next three years, on top of the $465,000 received currently, said Chris Davis, the organization’s director of housing improvement.

She said weatherization saves an average homeowner $358 a year on utility bills. To qualify for the program, a family of four can earn no more than about $44,000, she said.

Cantwell said the new money from the U.S. Department of Energy will boost the number of Spokane homes weatherized each year with federal dollars to more than 900, from about 320 now.

Still more homes are weatherized using funds from other sources, said SNAP Executive Director Larry Stuckart.

Today at the Home & Garden Show

2009-04-04T18:12:00.000-07:00

We arrived right when it opened. I don't think the A/C was going at first because it was pretty warm in the convention center. We saw landscaping companies, roofers, cabinet companies, etc. The grandkids were pretty mellow and my daughter and I were able to check out the whole scene. It was especially nice to be able to drop in on some of our friends' exhibits who own companies in the industry.

We bumped into some friends who own Cretewerks. They do some pretty cool stuff with concrete!

CreteWerx

My grandson LOVES tractors!

There was even a Girl Scout cookie bus???

My Granddaughter hanging out in the stroller.

My son-in-law works at Living Water and I'm also friends with the owner and other employees. It's a great lawn care and tree service company. Check them out at www.livingwaterspray.com.

Here's the exhibit for our good friends at Budget Blinds. You can check them out at http://www.budgetblinds.com/NorthSpokane/

This display was all artificial! Looked real to me!

And here's a shot of the whole thing.

In the news: Federal Bailout Money Being Put To Use

2009-04-04T18:09:00.001-07:00

This is a great opportunity to get into a new home with a low monthly payment at these rates!

clipped from www.spokesman.com

Heating up the home market

Sterling Savings Bank and Banner Bank are offering mortgages at interest rates below 4 percent in a pair of programs designed to help their contractor customers move unoccupied homes – and show that the banks are putting federal bailout money to work in Northwest communities.

He said customers have the option of taking a 30-year mortgage at 3.875 percent, or a 3 percent lender contribution – up to $20,000. Buyers can use the lender contributions for closing and other related costs.

They must buy a home built by a Sterling-financed contractor, and the deal must close by May 31, Costa said, although an extension is possible in markets where not enough homes sell. As of Dec. 31, Sterling had $1.5 billion in contractor loans on its books, he said.

The rate is also so good that the homes available will be less expensive than building the equivalent new, Costa said.

Saturday Fun

2009-04-03T09:41:00.001-07:00

Hi everyone, for a little break from Real Estate marketing I am taking my daughter to the Spokane Home and Garden Show at the Spokane Convention Center. More details to come....

clipped from 64.221.250.167

Spokane Home & Garden Show

Description:

Spokane Home and Garden Show 2009

Group Health Exhibit Halls

Friday, April 3rd - 12:00pm - 9:00pm

Saturday, April 4th - 10:00am - 8:00pm

Sunday, April 5th - 10:00am - 5:00pm

First Time Homebuyer Tax Credit in the News

2009-04-03T09:31:00.001-07:00

Be careful when filing your taxes, make sure you know which version of the first time home buyer tax credit you used.

clipped from www.spokesman.com

PERSONAL FINANCE

First-time home buyers could save good money on their 2008 income taxes, maybe enough to buy furniture, but they must wade through confusing tax breaks.

For ’08 first-time buyers, only one type of credit could apply. Yet if you buy a home this year before Dec. 1, you could use another break on the 2008 or 2009 return.

If you bought in 2008, know that the first-time buyer credit must be repaid.

“It’s very much like a tax-free loan,” said Mark Luscombe, principal analyst for CCH in Riverwoods, Ill.

The credit could apply if you bought the house after April 8, 2008, and before Dec. 31, 2008. Vacation homes don’t qualify.

A first-time home buyer is someone who has not owned a home within the last three years.

The credit amounts to 10 percent of the purchase price, up to a credit of $7,500 for either a single taxpayer or a married couple filing a joint return. The maximum credit is $3,750 for married persons filing separate returns.

Local Area High End Real Estate Slumping

2009-04-03T09:23:00.001-07:00

Although this Black Rock North is in Idaho, the decline of this project mirrors the decline in the high-end Spokane real estate market as well.

clipped from www.spokesman.com

Black Rock North faces foreclosure

Bank files action for $14.6 million against luxury home project on Lake Coeur d’Alene

April 3, 2009 in City

John Stucke
Staff writer

Bankers have filed a $14.6 million foreclosure action against one of developer Marshall Chesrown’s ambitious and upscale projects overlooking Lake Coeur d’Alene.

Though construction crews built the second golf course, the demand for luxury homes to pay for the project has collapsed. No homes or lots have been sold and the Black Rock North Development group has defaulted. The plans included 206 homes and 325 condo units overlooking the lake.

The foreclosure action is the latest sign of trouble with North Idaho’s high-end real estate market.

Chesrown also controls the company developing Kendall Yards, a housing and retail project near downtown Spokane. That plan calls for transforming 78 acres along the north bank of the Spokane River into a residential and commercial neighborhood.

Fear or Faith in the Economy and Government

2009-03-31T16:05:00.001-07:00

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

2009-03-31T16:02:00.001-07:00

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

2009-03-24T09:02:00.001-07:00

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

2009-03-24T07:19:00.001-07:00

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

2009-03-17T21:09:00.001-07:00

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.

Spokane Real Estate on the Today Show

2009-03-10T15:58:00.000-07:00

Spokane real estate starts at minute 1 minute 37 seconds....

Visit msnbc.com for Breaking News, World News, and News about the Economy

This Month in Real Estate

2009-03-10T13:46:00.000-07:00

Check out this report on the real estate market.

I strongly Recommend Radon Tests

2009-03-08T10:15:00.001-07:00

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.

Huge Snow Also Affects Home Buyers

2009-02-27T16:30:00.001-08:00

Spokane real estate sales slowed to a snails pace in January. Few people braved the heaps of snow to look at Spokane homes for sale.

clipped from www.spokesman.com

February 25, 2009 in Business

Spokane home sales down, but prices holding

Volume fell noticeably in December

The lingering effects of the early winter snow onslaught weighed on the Spokane residential real estate market in January.

Sales volume fell considerably, according to the Spokane Association of Realtors, but average and median prices held up well relative to other markets in the Northwest.

The 115 closed sales yielded an average selling price of $206,585, almost unchanged from the $207,085 for January 2008, when 201 homes sold.

The median price, $170,000, was off 7.8 percent. By comparison, the median value of Seattle homes fell 12 percent last month.

Spokane Homes Holding Value

2009-02-27T16:27:00.001-08:00

Spokane homes seem to be holding their values as compared to other parts of the state and nation.

clipped from www.spokesman.com

Home prices holding in Spokane

The lingering effects of the early winter snow onslaught weighed on the Spokane residential real estate market in January.

Sales volume fell considerably, according to the Spokane Association of Realtors, but average and median prices held up well relative to other markets in the Northwest.

The 115 closed sales yielded an average selling price of $206,585, almost unchanged from the $207,085 for January 2008, when 201 homes sold.

The median price, $170,000, was off 7.8 percent. By comparison, the median value of Seattle homes fell 12 percent last month.

There were 2,530 homes for sale in January, down only slightly from 2,624 a year ago.

But pending sales were up, and association president Rob Higgins said activity has picked up in February.

He said the $8,000 credit for first-time homebuyers that was included in the stimulus bill may help, especially if income tax refunds give potential buyers the down payments they need to qualify for a loan.

Unintended Consquences

2009-02-27T16:14:00.001-08:00

They have no idea. I hope this doesn't negatively affect Spokane real estate.

clipped from www.inman.com

Obama targets homeowner tax breaks

Wealthiest families could pay more in 2011

By Matt Carter, Friday, February 27, 2009.

Industry groups representing Realtors, home builders and mortgage lenders are up in arms over the Obama administration's proposal to roll back the itemized deduction rate for wealthy taxpayers -- including deductions homeowners can claim on mortgage-interest payments and other expenses associated with homeownership.

The rollback of the tax break wouldn't take effect until 2011, and would apply only to families earning more than $250,000 and individuals making $200,000 or more -- less than 4 percent of taxpayers in 2006.

But industry industry groups say the change would hurt home sales and prices at a time when homebuyers need incentives, not disincentives, to buy.

Quite a Few Have Moved On

2009-02-27T14:15:00.001-08:00

It's not so easy to sell Spokane homes anymore. My biggest issue is getting loans to go through.

clipped from www.kxly.com

Downturn in housing market sends realtors packing

Posted: Feb 26, 2009 05:36 PM

SPOKANE - It's another sign of the economy: The downturn in the housing marking in the Inland Northwest has sent more than 100 local realtors looking for work.

The Spokane Association of Realtors puts out a list of each month of people who have left the business. In the past two months 122 realtors have left the business and the association expects the list could grow by another 100 realtors by the end of next month.

Only 115 homes sold in January in Spokane County, which is about one-third of the homes that sold in January 2006. The median price is now $170,000, which is down seven-percent from a year ago.

The Association of Realtors told us this downturn is not unusual. The last downturn started in 1993. Downturns last about three years, level off for about five years and then the market begins to climb again.

Spokane Economist Makes Prediction

2009-02-14T07:58:00.001-08:00

Shaun O'L Higgins, a local Spokane economist is predicting that the Spokane economy will turn around quicker than other regions in Washington due to our higher ratio of adventurers and risk takers in the local population. See Feb 12, 2009 Spokesman-Review for complete story.

clipped from www.spokesman.com

Local economic crunch may be brief

February 12, 2009 in Business

The recession crushing many areas of the United States came late to the Inland Northwest, will leave sooner, and inflict less pain, a longtime economic observer and forecaster told a Spokane Valley Chamber of Commerce gathering Wednesday.

Spokane-area housing prices eased last year, and will continue to do so in early 2009, he said, but very few owners are under water, and only 8 percent are feeling “damp,” mostly those who bought after mid-2007. Owners “under water” owe more on the house than it is worth.

From 2001 through 2007, median household incomes in Spokane rose 9.5 percent, almost twice the 5.6 percent for the U.S.

The area did lose some jobs in 2008, but recent increases in the Spokane County unemployment rate can be blamed in part on an influx of workers from other counties, and by decisions by spouses, retirees or adolescents to seek work and support their households, he said.

Possible New Mount Spokane Lodge

2009-02-14T07:50:00.001-08:00

Washington State Parks are proposing a new lodge in the State Park and Ski Resort north of Spokane, Washington. Many people are attracted to Spokane real estate because of the many amenities in around Spokane.

clipped from www.spokanejournal.com

State park plans $20 million lodge

Mount Spokane aspires to open year-round facility for centennial in 2013, seeks design money

By Mike McLean
Of the Journal of Business

The proposed new lodge, illustrated here, would be nearly twice as large as the current main lodge.
—Rendering courtesy of BSA Architects

Mount Spokane State Park proposes to develop a $20 million lodge that would serve year-round activities at its ski resort and wants to open the facility in 2013, during the state park system's 100th anniversary.

The lodge would be located just east of the ski area's current main lodge and would be at the parking-lot level of the ski resort, McQuarrie says, so skiers and other visitors wouldn't have to climb a hill to get to it.

Because the proposed lodge would be built at a different site, the ski resort could remain open at its current service level during construction, which, under the proposed schedule, would take two years, beginning in 2011.

Spokane has 13% Fewer Real Estate Agents

2009-02-14T07:46:00.001-08:00

About 300 Spokane real estate agents have quit the business due to a huge decline in home sales.

clipped from www.spokanejournal.com

Real estate agent ranksdwindle here

Trend in people leaving realty business follows big slump in home sales

By Mike McLean
Of the Journal of Business

Changes in the number of real estate agents here typically lag behind trends in the number of annual home sales.

Following a steep decline in home sales here, the ranks of real estate agents also are thinning out.

Rob Higgins, executive officer of the Spokane Association of Realtors, estimates that membership in the association has fallen to 1,950 today, a 13 percent drop from about 2,250 at the end of 2007, which was the peak year for membership.

Higgins says he expects that number to continue to drop at least through April, when annual membership fees come due.

The decline in the association's membership is in line with a statewide drop in the number of licensed real estate agents, says Christine Anthony, spokeswoman for the Washington state Department of Licensing.

Spokane in Bank Rescues Beaverton in Beaverton

2009-02-14T07:39:00.001-08:00

Spokane's Washington Trust Bank purchased the assets of Beaverton's Pinnacle Bank.

clipped from www.oregonlive.com

Pinnacle Bank fails; Oregon's first in 17 years

by Jeff Manning, The Oregonian
Friday February 13, 2009, 9:29 PM

Oregon suffered its first bank failure in 17 years Friday afternoon when state regulators closed Pinnacle Bank, a small, one-office institution in Beaverton.

The deepening recession has led to a surge in bad loans at banks across the country. The bad loans have weakened some banks' balance sheets to the point that regulators have stepped in and closed their doors.

Pinnacle was a tiny bank with only $73 million in total assets and $64 million in deposits.

Pinnacle, like Bank of Clark County, suffered not only loan quality issues, but also significant liquidity issues.

Washington Trust bought the Pinnacle assets for $66.4 million and agreed to assume all deposits of Pinnacle. It also entered into a loss-sharing agreement with the Federal Deposit Insurance Corp. that limits the bank's potential losses on the loans it is acquiring, said FDIC spokesman David Barr.

No Housing Fix

2009-02-13T05:31:00.001-08:00

Wasn't housing the root of the problem? Perhaps a $15000 credit would have been too much, but it was completely cut.

clipped from www.inman.com

$15,000 homebuyer credit cut in compromise

Stimulus package may restore higher loan limits

By Matt Carter, Thursday, February 12, 2009.

Inman News

A proposal to provide a $15,000 tax credit to home buyers was stripped from a $789 billion economic stimulus package that appears headed for a vote Friday, but a restoration of higher loan limits for Fannie Mae, Freddie Mac and FHA loan guarantee programs appears to have made the cut.

Low Mortgage Rates Available

2009-02-12T18:13:00.001-08:00

Spokane real estate mortgage rates are still very low. With today's rates, the large resale inventory, and lower prices Spokane homes are very attractive.

clipped from www.cnbc.com

Rates on 30-Year Mortgages Fall to Average 5.16%

Rates on 30-year-fixed mortgages fell this week, offering homeowners a chance to refinance their loans, Freddie Mac said Thursday.

The average rate on a 30-year fixed mortgage dropped to 5.16 percent this week from 5.25 percent last week. A year ago, the 30-year, fixed-rate mortgage averaged 5.72 percent.

Frank Nothaft, Freddie Mac's chief economist, said interest rates for 30-year fixed-rate mortgages are almost 1.5 percentage points below last year's peak set in late July, "offering many homeowners an incentive to refinance."

The new rate translates into a monthly payment savings of about $188 on a $200,000 loan, Nothaft said.

Average rates for 30-year-fixed mortgages had been rising since hitting a record low of 4.96 percent a month ago, a decline attributed to the Federal Reserve's move to buy $500 billion in mortgage-backed securities to spur lending by banks.

Retail Sales Rebounding?

2009-02-12T08:09:00.001-08:00

You won't hear this on the evening news?

clipped from seattlepi.nwsource.com

Retail sales rise unexpectedly in January

WASHINGTON -- U.S. retail sales jumped 1 percent in January, reversing a six-month declining trend and defying economists' expectations by posting the biggest increase in 14 months.

The Commerce Department reported Thursday that January retail sales rose 1 percent from December after having fallen for six straight months. Wall Street economists surveyed by Thomson Reuters had expected January sales to show a drop of 0.8 percent. They plunged a revised lower 3 percent in December, which marked the weakest holiday selling season since at least 1969.

"This is a big surprise, though the net rise in sales is less impressive than it looks because (December and November) were revised down by 0.3 percent each," Ian Shepherdson, chief U.S. economist at High Frequency Economics, wrote in a research note. "The headline relief today is welcome but it is unlikely to last."

New Jobless Claims Slightly Down

2009-02-12T08:07:00.001-08:00

Is this good news or bad news? I bet the media emphasizes all the bad and overlooks any encouraging signs.

clipped from seattlepi.nwsource.com

New jobless claims drop slightly to 623K

The Labor Department said Thursday that the number of initial jobless benefit claims dropped to a seasonally-adjusted 623,000, from an upwardly revised figure of 631,000 the previous week. The latest tally still was above analysts' expectations of 610,000 claims.

Economists consider jobless claims a timely, if volatile, indicator of the health of the labor markets and broader economy. A year ago, initial claims stood at 339,000.

Virginia saw the largest drop in claims, a decline of 1,937, which it attributed to fewer layoffs in manufacturing. Drops of 1,000 or more also were reported in New Jersey, Missouri, Oklahoma and Connecticut.

Among the states, California saw the biggest increase in jobless claims, a jump of 20,000 that it attributed to layoffs in construction and service industries. The next largest increases were in: North Carolina, with 8,663; Ohio, with 4,738; Georgia's 4,392; and Kansas, with 3,232.

Mortgage Help on the Way?

2009-02-06T06:53:00.001-08:00

Solving the mortgage crisis is the best bet to turn around the economy.

clipped from www.nypost.com

HOME LOAN ASSIST

TARP COVERS MORTGAGE

A cornerstone of the economic recovery plan that President Barack Obama is expected to unveil Monday will be modifying problem mortgages, The Post has learned.

In a nod to Main Street over Wall Street, sources familiar with the plan say Treasury Secretary Tim Geithner plans to allocate almost half of the remaining $350 billion in funds from the Trouble Asset Relief Program to the so-called "Mo Mod," or mortgage modification, platform.

"Mo Mod" is an algorithmic mortgage processing program that can rewrite up to 500,000 loans a month, and will be a major part of Treasury's plan to help repair tattered bank balance sheets.

The 21-day "Mo Mod" program works by structuring a new mortgage that more accurately reflects a home's worth so that a troubled borrower no longer owes more on their home than the property is worth.

Resale Home Prices Fall (Less in Spokane)

2009-02-04T08:15:00.001-08:00

All real estate is local!! Spokane real estate prices have fell some but not nearly as much. In my opinion, probably about half as much. Spokane homes have held their value better than many other regions.

clipped from www.inman.com

Resale home price falls 9.3% in 2008

The National Association of Realtors today reports that the median price of single-family resale homes sank 9.3 percent in 2008 and is projected to dip another 2.4 in 2009 before rising 4.6 percent in 2010.

Sales of resale homes fell 13.1 percent in 2008, following a 12.8 percent drop in 2007, and are projected to rise 4.1 percent this year and another 6.3 percent in 2010, the Realtor trade group also reported.

Single-family new-home prices fell an estimated 7 percent in 2008 and are projected to fall another 1.7 percent in 2009 before rising 4.8 percent in 2010.

New-home sales dove 37.8 percent in 2008 following a 26.3 percent decline in 2007, and are projected to drop 30.4 percent in 2009 before rising a whopping 44.9 percent in 2010, according to the latest monthly NAR forecast.

After dropping from 103 in 2007 to 58 in 2008, NAR projects that consumer confidence will fall to 44 this year before kicking up to 55 in 2010.

Hopefully Good For Spokane Real Estae

2009-01-08T16:09:00.001-08:00

I hope technology will show off all the benefits Spokane has to offer and boost the real estate market here.

clipped from www.inman.com

Craig: on change, democracy and technology

Craigslist founder sees opportunity in economic crisis

By Glenn Roberts Jr., Thursday, January 8, 2009.

NEW YORK -- Craigslist founder Craig Newmark sees light at the end of this economic downturn, with technology and teamwork serving as sparks for a recovery.

"Our system of representative democracy, with its flaws, works OK. What's different now is the Internet makes this grassroots democracy possible on a large scale," said Newmark, an avid supporter of President-elect Obama, during an appearance Wednesday at the Real Estate Connect conference in New York City.

"Instead of thousands of people getting involved, we can get millions and maybe tens of millions involved, and that's just beginning to happen. It's a start."

He added, "I see the beginning of people working together, actually from the bottom up, to support some of the programs that we're going to need to get the country back on track."

Record Snow Makes Home Selling Challenging

2009-01-01T07:59:00.001-08:00

Nearly sixty inches of snow this past December has made selling Spokane real estate especially difficult. Vacant homes with piled high snow and snow berms from street clearing add hurdles to the few clients interesting in viewing homes.

clipped from www.boston.com

Spokane buried by record Dec. snows

December 31, 2008

SPOKANE, Wash. - Spokane residents were trying to dig out yesterday after a record-breaking month of snow collapsed roofs and clogged streets.

The center of a supermarket roof in north Spokane collapsed Monday evening, prompting the evacuation of that store. A fire official said one minor injury was reported.

Two more collapses were reported yesterday morning, at a church gymnasium and a hardware store. No one was injured. The collapses occurred as Spokane set a monthly record for snowfall, at 59.7 inches, after 8.3 inches was recorded in the 24-hour period ending at 4 p.m. Monday, said National Weather Service meteorologist Ellie Kelch. That's more snow than the area receives in a typical winter.

Spokane Realtors Are Optimistic for 2009

2008-12-27T06:41:00.001-08:00

The president of the Spokane Association of Realtors is optimistic about the local Spokane real estate market. The combination of factors for a good market are better here than in other regions across the U.S.

clipped from spokanejournal.com

Real estate said poised for rebound

Real estate industry insiders are optimistic that the relatively resilient economy here can carry the residential and commercial real estate sectors through the national recession. The residential sector is expected to bottom out here and perhaps begin to rebound in 2009,

Stable home prices, an increase in mortgage applications, and historic low interest rates may stop the bleeding in the Spokane residential market, says Rob Higgins, executive vice president of the Spokane Association of Realtors.

In the first 11 months of 2008, 4,619 homes were reported sold in Spokane County through the Spokane Multiple Listing Service, down a whopping 29 percent from 6,309 homes sold in the year-earlier period.

Total home sales volume through November this year was $954 million, down 30 percent from $1.37 billion in the year-earlier period, the MLS reports.

Yet, home values haven't fallen significantly, Higgins says.

Low Mortgage Rates Spur Activity

2008-12-27T06:33:00.001-08:00

Fed activity to lower mortgage rates has prompted a flood of mortgage applications for people hoping to lock in seriously low fixed rate mortgages. Those with good credit have rarely seen rates this low in their lifetime. It is a chance to large amounts of interest payments.

clipped from spokanejournal.com

Plunging loan rates ignite activity

Mortgage requests, refinancings soar after Fed's action

By Richard Ripley

Plunging home mortagage rates have ve sparked a flood of refinancings, a rise in mortgage applications from people who are seeking to buy homes, and hopes that the whirlwind of activity might provide a boost for the Spokane-area economy.

Applications for mortgages jump-ed 25 percent in the week ended Dec. 10 at Golf Savings Bank, a Sterling Financial Corp. mortgage subsidiary, says Troy Sims, Golf's home-loan branch manager here. Applications for refinancings "are so high we can't even track them," he says.

On the morning of Dec. 11, Golf was offering 30-year mortgages with a fixed rate of 4.875 percent.

"We've only seen these rates one other time" in his almost 17 years in the mortgage business, Sims says. That occurred in August 2004, although he says comparable rates were available for extremely brief periods, such as for "an hour or an hour and a half," earlier this year.

Protect Your Investment - Spokane Real Estate

2008-12-24T16:05:00.001-08:00

TV stations are reporting roofing contractors are booked out for several days. Fire department warns

clipped from www.spokesman.com

Experts say no need to shovel roofs, yet

Most can hold a snow load equivalent to 5 inches of water

Jonathan Brunt
Staff writer

Despite a record snowfall and more on the way, most homeowners don’t need to worry about clearing their roofs of snow. Not yet, anyway.

Local building codes require new buildings to hold about 30 pounds of snow per square foot, engineers said Tuesday. Roofs up to code should hold snow that equals about 5 inches of water if melted. On Tuesday, the National Weather Service reported that the snow on the ground in Spokane is the equivalent of about 1.4 inches of water.

The snow so far has been light and powdery. “It’s not insignificant, but it is not big” in terms of weight, National Weather Service meteorologist John Livingston said.

The snowpack is expected to grow this weekend with a storm forecast to bring wetter snow. Officials recommend keeping an eye not so much on the amount of snow, but on the weight.

New Spokane Real Estate Development Coming Soon

2008-12-19T18:12:00.001-08:00

Are you looking for a new home with acreage? Here's a chance to build on ten acres of fine Spokane real estate.

clipped from spokanejournal.com

Large-lot subdivision planned in northwest Spokane County

By Mike McLean
Of the Journal of Business

A Spokane real estate broker says he plans to develop a large-lot residential subdivision with 14 single-family homesites in northwest Spokane County.

The broker, Donald Hertz, who owns Great West Properties, says he plans to sell the 10-acre lots to builders and future homeowners, and likely would price each lot at around $79,000.

The subdivision, to be called Moon-shadow, would be located about four miles west of Eloika Lake on 140 acres of land north of Bridges Road and east of Sherman Road. Eloika Lake is about 20 miles north of Spokane via U.S. 2.

Power and phone service will be available to each lot through underground conduits, he says. Water likely would be supplied through private wells, although Hertz says he hasn't decided whether to drill wells prior to selling lots or to leave that responsibility to buyers of the lots.

Record Snow in Spokane

2008-12-19T09:23:00.001-08:00

clipped from apnews.myway.com

West digs out from record snow that's heading east

SPOKANE, Wash. (AP) - Road crews worked around the clock to remove 2 feet of snow from Spokane streets early Friday as the winter storm that set records in the West moved through the Great Lakes region and bore down on the Northeast.

Spokane city officials declared a "Condition Red" snow emergency, meaning crews were working 24 hours a day to complete a full city plow, with private contractors brought on to help.

"This is our priority," Mayor Mary Verner said. "We will get the community moving."

(AP) A snowman built on Kerry Park's wall is seen Thursday, Dec. 18, 2008, in Seattle. Thursday was no...
Full Image
The 19.4 inches of snow that had fallen at Spokane International Airport Thursday morning was the most in a 24-hour period since record keeping began in 1881. Another 4 inches had fallen by Thursday afternoon.

Records were similarly smashed in Coeur d'Alene, Idaho, with 25 inches of snow. The past record was 16 inches in 1955.

Snow Shuts Down Spokane

2008-12-18T11:10:00.001-08:00

Officials say stay home, emergency travel only.

clipped from www.spokanecity.org

City Crews Working On Arterials, Snow Emergency Routes, Starting On Residential Hills

City of Spokane Street Department crews are continuing their work this morning plowing arterials and snow emergency routes. Meanwhile, cross-trained Water and Wastewater department crews are being deployed in graders to work to open up the residential hills. Ten graders will be working in snow area sections 23 and 24 in southwest Spokane and Indian Trail. (See snow route map at www.spokanestreetdepartment.org/snowplow.)

"We know this record snowfall is causing hardships for many people, and we want to thank our citizens for their patience and assistance today," says Mayor Mary Verner. "We've deployed all of our snow removal equipment and are calling in more from the private sector to efficiently and effectively open our streets. This is our priority; it is my priority. The City of Spokane is the heart of this region, and we will get the community moving."

What Movie Is This?

2008-12-17T07:34:00.001-08:00

clipped from srtctransportation.blogspot.com

Traffic Obstruction Due To Movie Shoot

Tomorrow (Wednesday), from 10 a.m. to 5 p.m. drivers near First Ave. and Washington St. in downtown Spokane will encounter obstructions as film crews shoot a scene for a movie.

The scene will have a trailer followed by a police escort driving in a loop. The loop will begin at 1029 W. First Ave.; the film crew will drive on First Ave. to Washington St., from Washington St. to Sprague Ave., and from Sprague Ave. to Adams St., ending up back at First Ave.

Check Your Mortgage Renogiator's Credentials

2008-12-16T08:29:00.001-08:00

If you need to renegotiate the mortgage and terms on the note for your
Spokane home, be sure to use caution when selecting a service provider. Be sure not to end up in more financial trouble working out the terms of your mortgage.

clipped from www.spokesmanreview.com

Mortgage renegotiator adds workers

Officials urge caution using such services

Bert Caldwell
Staff writer
December 16, 2008

A new Coeur d'Alene company has found a promising niche in mortgage loan modification just as Idaho and Washington officials are advising consumers to be cautious using such services.

Apply 2 Save Inc. recently hired 21 employees, boosting its payroll by one-quarter, because so many homeowners are calling for help with overwhelming monthly payments, said Ryan Robinson, who leads the company's recruitment efforts.

"We were looking for anyone who spoke mortgage," Robinson said.

Washington and Idaho officials who regulate companies that help renegotiate loans say they have no consumer complaints against either company.

The Better Business Bureau has received several inquiries about Apply 2 Save, which is a BBB member, and so far the company has responded to every one, said regional President Jan Quintrall. "Right now, we're getting the problems solved," she said.

What about my title insurance?

2008-11-22T10:39:00.001-08:00

clipped from www.inman.com

Fidelity calls off LandAmerica merger

LandAmerica's future in doubt

By Inman News, Friday, November 21, 2008.

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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

2008-11-21T11:09:00.001-08:00

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

2008-11-20T10:10:00.001-08:00

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

2008-11-19T10:12:00.001-08:00

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

2008-11-18T21:13:00.001-08:00

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.

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

2008-11-17T17:48:00.001-08:00

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

2008-11-17T07:14:00.001-08:00

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

2008-11-14T10:30:00.001-08:00

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

2008-11-14T10:20:00.001-08:00

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

2008-11-14T10:17:00.001-08:00

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

2008-11-14T10:15:00.001-08:00

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

2008-11-13T07:36:00.001-08:00

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

2008-11-13T07:26:00.001-08:00

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

2008-11-09T15:19:00.001-08:00

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.”