Spokane Realtors Are Optimistic for 2009

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

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

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

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

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

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?

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

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?

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."