AmericanWest to Close Branches in Spokane

The financial crisis has hit a local bank and it is taking action. The bank didn't disclose an analysis of the reasons for the losses in the report I read.

clipped from www.spokanejournal.com 10/31/2008 AmericanWest posts huge loss, plans branch closures ... AmericanWest Bancorp., Spokane-based parent of AmericanWest Bank, today reported a third-quarter loss of $96.9 million, or $5.63 a diluted share, down from net income of $5.3 million, or 31 cents a share, in the year-earlier period, and said it plans to close six of its 64 branches, including branches on the West Plains, in the Qualchan area, and in Latah, Oakesdale, and Kennewick, Wash., plus an in-store branch in St. Maries, Idaho. It also said that last month it began a process of marketing for sale "an initial cluster" of branches as part of a strategy to reduce assets and streamline operations.

Propping up housing market by guaranteeing mortgages

Something must be done. I just hope this will be used to benefit the nation and not end up lining insider's pockets with our cash. Perhaps those enormous bonuses should be returned by management that was pushing risky loans so much.

clipped from www.spokesmanreview.com Homeowner help in the works Feds would back loans Peter Whoriskey, David Cho and Zachary A. Goldfarb Washington Post October 30, 2008 WASHINGTON – Negotiators for the Treasury and Federal Deposit Insurance Corp. are nearing agreement on a plan to have the government guarantee the mortgages of millions of distressed homeowners in what would be a significant departure for the federal rescue program, which has so far directed relief exclusively to banks and other financial institutions. The plan, which sources said could cover as many as 3 million homeowners in danger of foreclosure and cost between $40 billion and $50 billion, would go well beyond previous government and private-sector initiatives. Critics say these have attracted too few lenders or offered too little aid to homeowners to stem the foreclosure crisis. The possible details of the homeowner bailout emerged Wednesday, another day of extraordinary measures by U.S. and foreign governments to arrest the financial crisis.

Home Buyers Exploit Current Conditions

Bargain seeking home buyer's are making deals while while the fearful and timid let them pass by. Followers of the pack believe the hype spewed out by news providers and sit idle even though they have good jobs, credit and need a home. Contrarians see the fear, buck the trend and secure great deals in the meantime. It is officially a buyer's market, so why don't you buy now. Check out Spokane homes for sale.

clipped from www.spokesmanreview.com Existing home sales up across West Foreclosure prices, low rates fuel rise Heavy discounting on foreclosed homes and low interest rates continued to power a homebuying spree across the West in September, sending sales of existing homes in the region soaring at an annual pace reminiscent of the days of the housing boom, according to two reports Friday. About 100,000 existing homes and condos were sold last month in the 13-state region. Without adjusting for seasonal factors, sales were up nearly 43 percent from the same month last year, but declined 9.6 percent versus August's total, according to the National Association of Realtors. With sharply discounted foreclosures making up a larger slice of overall sales, the median price in the West plunged almost 19 percent from a year ago to $253,600 – slightly higher than what the median was five years ago, the association said.

INB Not Loaning on Income Property

Inland Northwest Bank (INB) says they're not interested in new income property loans and mortgages.

clipped from www.spokanejournal.com Bankers are cautious, but still OK loans Borrowers said to be ‘hunkered down;’ income-property loans tighten By  Richard Ripley With the financial markets in turmoil, businesspeople here will be watching to see whether their friendly banker still will be so chummy, but bankers here say that while they might be a bit more cautious, they’re not going to snub solid would-be borrowers Randall L. Fewel, president and CEO of Inland Northwest Bank, says he believes that all of Spokane’s banks are prepared and ready to make loans to small businesses, although loan demand is down right now. As for INB, he says, “We’re not interested in making income-property loans, for hotels, motels, strip malls, or apartment buildings. We’re not interested in land-acquisition and development loans. The regulators are looking very hard at that kind of lending and at what part of your portfolio that makes up. When the economy is tough, income property can really be stressed.”

Spokane Commercial Real Estate Transaction

clipped from www.spokanejournal.com Gonzaga buys campus-edge property for $1.45 million By  Jeanne Gustafson Gonzaga University has bought, for $1.45 million, the Spokane Regional Plan Center’s 12,000-square-foot building at the southeast corner of Boone Avenue and Ruby Street and says it eventually plans to use the structure as office space. The Spokane Regional Plan Center, a nonprofit organization that serves the construction industry in Washington, Idaho, Montana, and parts of Oregon, is seeking space that will be more efficient for its operations, says Rita Heldenbrand, its executive director. The plan center bought the building, at 102 E. Boone, in 1965. It offers its members access to construction plans online now, rather than just on paper at the center, so the space needs of the office have changed, Heldenbrand says. The plan center has made plans for 2,100 construction jobs available to its 800-plus member companies so far this year, she says.

Lower Interest Rates

Eventually, events like this combined with lower housing prices will turn the Spokane real estate market around.

clipped from www.freddiemac.com LOWER-THAN-EXPECTED INFLATION AND WEAKER HOUSING ALLOWED MOST MORTGAGE RATES TO EASE "Long-term mortgage rates fell this week amid news of tame inflation and a weaker housing market," said Frank Nothaft, Freddie Mac vice president and chief economist. "Consumer prices were unchanged in September and core prices, which exclude food and energy products, rose by only 0.1 percentage point, all below the market consensus. On a year-over-year basis growth in core consumer prices remained at a 2.5 percent clip.

What's First: House or Community?

Good question, actually I believe the study presumes the buyer already has determined the area they want to live in. Perhaps the study should be more accurate in stating its assumptions. What do you think, what IS the first step in buying a home in Spokane??

clipped from blog.onboardinformatics.com What Is The First Step in Buying a Home? If you look at the 2007 NAR Profile of Home Buyers and Sellers 32% of recent buyers reported that their first step in the home-buying process was looking online for properties for sale. Really? Because said executive and I spent a lot of time talking about various towns, neighborhoods, and school systems. Not once did a particular listing or a house come up. It makes sense, actually. When my wife and I were thinking about buying a house, long before either of us got online and started combing through listings, we were talking about what kind of town we wanted to live in. Before we even thought about a house, we were thinking about convenience to our respective jobs, school system, what kinds of parks and shops, what sort of downtown we wanted, etc. etc. I believe that is the real first step in the home-buying process — thinking about the town or neighborhood.

Spokane Has Jobs

Strong employment trends should help keep local economy strong and support above average Spokane real estate market.

clipped from www.spokesmanreview.com Washington unemployment bucks trend Bert Caldwell Staff writer October 22, 2008 Unemployment numbers dipped for Washington and Spokane County in September, bucking a trend toward increased joblessness. Figures released Tuesday by the Department of Employment Security pegged the state rate at 5.8 percent, compared with 6 percent in August. In Spokane County, the decline was more pronounced, with the September rate dipping to 5.5 percent from 6.1 percent in August. Spokane County has more job seekers, as well as more jobs. The labor force grew by 3,200 people from August, to 234,760, while employment increased by 4,250, to 221,820. But Doug Tweedy, state labor economist for Spokane, said the area has done well considering the effects of the Boeing Co. workers’ strike on local suppliers. Metal fabrication companies picked up the slack, he said, driving manufacturing employment up by 100 despite layoffs announced by Kaiser Aluminum and Triumph Composites.

Slumping New Home Construction Lowers Lumber Demand

Construction materials including lumber are decreasing in demand, if this results in lower prices it just may be a good time for a custom home. Click here for
Spokane homes

clipped from www.spokesmanreview.com Lumber demand sees steep downturn From Staff Reports October 22, 2008 A historic downturn in lumber demand likely will extend at least a year, according to a forecast from the Western Wood Products Association. U.S. lumber demand is expected to drop 15 percent to 44.3 billion board feet this year, then fall 3 percent to 43 billion board feet in 2009, the trade association said. Housing starts are forecast to reach just 993,000 in 2008 and decline to 933,000 next year. New housing typically accounts for more than 40 percent of annual lumber demand. The downturn has led to mill closures and temporary shutdowns. The forecast said housing starts and lumber demand will grow in 2010, but cautioned that recovery will be slow.

Commute by Biking and Walking

A real surge in biking to work would correspond with a corresponding trend to urban living. Biking commuter routes would need to be more prominent to have any impact on
Spokane real estate

clipped from www.spokesmanreview.com Group hopes to get Spokane walking and pedaling Mike Prager Staff writer October 19, 2008 When the SpokeFest organization held its first community bicycle ride in September, 1,255 people showed up. That apparent two-wheel zeal has a group called SmartRoutes angling for a share of a potential $5-billion federal fund to boost non-motorized transportation - otherwise known as walking and bicycling - for Spokane. SmartRoutes' partners, which include the Spokane Regional Health District, business interests, activists and public officials, believe that promoting walking and biking can help reduce congestion and energy consumption, while shrinking waistlines. They'll hold a rally Monday in downtown Spokane to build enthusiasm for bicycle and pedestrian routes. "I would say we are having a bike boom locally," said City Councilman Richard Rush, who commutes by bike and recently won funding for a new bike/pedestrian coordinator to expand the use of non-motorized transportation.

Home Builders Slash Production

Fewer home starts will lower excess inventory of new
Spokane homes for sale.

clipped from www.spokesmanreview.com Crisis slams home starts Martin Crutsinger Associated Press October 18, 2008 WASHINGTON – The nation is on track to build fewer homes this year than at any time since the end of World War II, adding to the woes of an economy that analysts said Friday has almost certainly entered a recession. A monthly survey by the National Association of Home Builders showed sentiment among home builders hit a record low in early October. He forecast that builders will keep slashing production in coming months, with construction starts for new homes and apartments totaling just 936,000 this year, the lowest level since 1945. Analysts said new data released Friday showed it's probably too late to avoid a recession. clipped from www.spokesmanreview.com On the housing front, while the sharp cutbacks in production will help reduce huge inventories of unsold homes, the problem is that rising levels of foreclosures are dumping more homes on the already glutted market.

Spokane Real Estate Development Going Green

More and more developers are aiming to go for environmental friendly certifications. Spokane real estate development can be profitable and green, green in multiple way.

clipped from www.spokesmanreview.com Liberty Lake development aiming for green certification A 100-acre, mixed-use development under way in Liberty Lake is slated to incorporate environmentally friendly elements as the first regional development to shoot for certification through Inland Northwest Built Green. Developer Whitewater Creek, of Hayden, boasts its master-planned Hawkstone project will follow the standards, which are being developed by the Spokane Home Builders Association. The development, located south of Interstate 90, is approved for more than 800 residences, several acres of parks and a commercial hub. "Hawkstone was fortunate to get funding before the economic turmoil hit," Warfield said. "There's just not a lot of master-planned communities that are moving forward."

Future Looks Bright for City Living

Eliminating the need for a car and all of its operating costs makes downtown living more affordable, green and attractive going into the future. Urban planners are at work on making Spokane a walkable city and ways to include more affordable downtown Spokane homes.

clipped from www.spokesmanreview.com Planners predict urbanized future Bert Caldwell Staff writer October 16, 2008 Americans are returning to the nation's downtowns, reversing a century of migration to the suburbs and challenging planners who grew up in an automobile-dominated society, prominent planner and author Christopher Leinberger said Wednesday. Speaking to a regional conference of planners at the Davenport Hotel, Leinberger said walkable urban spaces became all but "illegal" in the post-World War II era, but shrinking households, higher transportation costs and the desire for more amenities are bringing people back into cities. "The future isn't really going to be about the car," he said. In fact, said Leinberger, eliminating a car would go a long way toward making mortgages on urban condos or townhouses more affordable. AAA calculates the annual cost of operating a Toyota Camry driven 15,000 miles a year at $7,800, he said, a sum that by itself could support a $150,000 mortgage.

Spokane Mayor Says City is Financially Strong

Spokane is fortunate to have a diverse economy that avoids wild swings up or down. Steady growth and a relative low cost of living helps make Spokane an attractive place to lice.

clipped from www.spokesmanreview.com Verner says state of the city is strong Spokane's finances much better off than nation's, she says Jonathan Brunt Staff writer October 14, 2008 Though federal leaders acted in ways that have thrown the nation's economy into turmoil, Spokane officials' foresight will help the city survive hard economic times, Spokane Mayor Mary Verner said Monday in her annual state of the city address. "At the local level, we will feel the impacts of private-sector and federal government behaviors that arose from thinking in the short term without appropriately planning for long-term consequences," Verner said, noting Congress' recent $700 billion bailout of Wall Street. "That is not the legacy we want to leave for Spokane's future generations." The mayor said she will soon present to the City Council a balanced budget for 2009 and 2010. "In these economic times, I would venture to say that most cities are struggling just to balance 2009, maybe even 2008," she said.

Spokane Commercial MLS Alternative

Try this interactive web site to help your business find the right property to lease or purchase.

clipped from www.redorbit.com Regional Site Selector Off to Good Start, Backers Say By Crompton, Kim The Spokane Regional Site Selector, a Web site that allows visitors to identify and research quickly available commercial properties here online, had a strong first year and is proving to be a multifaceted resource, say members of the consortium that established it. The economic-development tool, at www.selectspokane.com, notched nearly 129,000 page views in its first 12 months of operation, ended June 13, according to data gathered using Google's Urchin Web- traffic analyzing software. Mark McLees, a commercial real estate broker here with NM Black and last year's president of the Spokane Traders Club, which is made up of commercial brokers from throughout the Spokane area, says, "It's been a great tool. There are only a few really good Web sites that commercial brokers use and this is one of the three that are good." Visitors can search for properties by type and size, parcel number

Spokane Home Idea Show - This Weekend

Looking for ideas for your Spokane Home. Check out this show at the fairgrounds.

clipped from spokane.onethousandthingstodo.com 30th Annual Spokane Fall Home Idea Show clipped from spokane.onethousandthingstodo.com by Sweyo on 10/10/08 at 7:47 pm This evening after work we headed to the 30th Annual Spokane Fall Home Idea Show to see what new products, new ideas and new inventions we could find. The Spokane Fall Home Idea Show is at the Spokane Fair & Expo Center (404 N. Havana Street). It cost us $6 per person to get in and kids 12 an under are free. If you are military or a senior admission is only $4. As we wondered the isles, we saw everything from Tupperware, house plans, insurance, decking companies, cabinet companies, plumbers, roofers and contractors. We go every year to get some ideas to inspire us on our own home. This year there were many more “green” vendors then in the years past which was nice as it gives ideas to make big changes or little changes in our life. If you are looking for something fun to do this weekend (October 11-12) I would definitely stop by the Spokane Fall Home Idea Show to get some inspiration for your home.

Ski Resort Housing Development on Hold

A period of waiting for demand to return is probably wise. Otherwise the inventory would sit idle and over supply dampen values.

clipped from www.spokanejournal.com Ski resort will ‘wait and see’ on big project 49 Degrees North cautious about big housing project, to go ahead with lift, runs By  Jeanne Gustafson 49 Degrees North Mountain Resort says it has adopted a “wait and see” stance on a proposed $1 billion real estate development there it had announced last year, based on the troubled economy. Owner John Eminger had unveiled a master plan for the property that eventually could include more than 2,700 new homes and apartments, along with hotels, restaurants, grocery stores, retail outlets, and related infrastructure constructed over a period of 15 to 20 years. “We are being prudent businessmen,” Wolther says. “Before we dive into a multimillion-dollar development we want to be sure the area is doing well.”

High Volume, Low Price, Hassle-Free Mortgages

Comparatively low pricing on mortgages, should be a benefit for home buyers. Although the offices are in Kellog and Couer d'Alene they are licensed to sell mortgages in Idaho and Washington with other states planned.

clipped from www.spokanejournal.com Dave Smith now selling mortgages Big Kellogg car dealership says lending unit’s addition unrelated to auto slowdown By  Mike McLean Dave Smith Motors, the high-volume motor-vehicle dealership based in Kellogg, Idaho, has added home mortgages to its product mix. The dealership has created a new department called Dave Smith Home Loans, which is operating in a 600-square-foot office in the main dealership building in Kellogg and in a second, 1,600-square-foot location above the service center at Dave Smith Frontier Sales, in Coeur d’Alene, says Matt Smith, president of the new operation. Dave Smith Frontier Sales is a used-car outlet.  Dave Smith Home Loans applies the high-volume car dealership’s one-low-price, “hassle-free buying” philosophy to home loans, with the intent of making money through volume, he says. “We thought Dave Smith Motors has a nice captive audience,” Smith says, referring to the dealership’s reputation for comparatively low pricing.

Pending Homes Sale Rise

Offers to purchase homes rose across the nation in August. When these sales close the cash that flows upon completion may give the US economy a little pick up compared to if the sales had been flat.

clipped from www.spokesmanreview.com Nationwide pending home sales rose 7.4 percent in August Economists had forecast slight drop Associated Press October 9, 2008 WASHINGTON – Pending home sales rose 7.4 percent from July to August, an unexpected piece of positive news for the battered U.S. housing market. The National Association of Realtors said Wednesday its seasonally adjusted index of pending sales for existing homes rose to 93.4 from an upwardly revised July reading of 87. The reading was the highest since June 2007. Home sales are considered pending when the seller has accepted an offer, but the deal has not yet closed. Typically there is a one- to two-month lag before a sale is completed. A major unknown is how the worldwide financial crisis and economic slump will affect the housing market. Despite numerous efforts by the Federal Reserve to encourage banks to lend more, lenders have kept tight reins on mortgage lending, and average rates on 30-year mortgages have remained over 6 percent for most of the year.

Spokane Attracts with Families with "Top 100" Award

Spokane Washington continues to be a major destination for families looking to move to a great community when their major focus is to benefit their children. People searching for a great place for young people normally study the amenities and characteristics of many target communities and time and again relocate to Spokane because of its great combination of features contributing to a nurturing environment. Most people searching and evaluating alternative communities also quickly recognize the great values Spokane homes offer prospective home buyers. Spokane has what it takes to attract families and this fact was recently confirmed by Colin Powell's America's Promise Alliance.

Former Secretary of State Colin Powell founded America's Promise in 1997 to provide leadership, encouragement and recognition for communities providing wholesome environments which permit young people to grow and thrive. America's Promise Alliance believes communities owe a moral obligation its children and express this obligation in "Five Promises." America's Promise works to encourage the fulfillment of these promises and to recognize excellent communities that achieve them. The Five Promises are: Caring Adults, Safe Places, A Healthy Start, An Effective Education and Opportunities to Help Others. Studies show cities providing more of these promises to the community produce children more likely to avoid violence, contribute to their communities and achieve high grades in school. Achieving these Five Promises also helps to mitigate gaps across racial and economic boundaries.

To recognize and reward communities successful at achieving the Five Promises America's Promise Alliance created a competition with an award called the "100 Best Communities for Young People". The "100 Best" is a competition based on a community's attention to the issues facing young people. For the 2008 competition cycle more than 750 communities applied to compete for recognition of their hard work providing a great place young people to achieve success. The most recent results of the competition were announced recently in Washington DC on September 22-23, 2008.

Spokane Washington exemplifies the realization of the Five Promises and has won a place in the 2008 "100 Best Communities for Young People" as selected by America's Promise Alliance, based in Washington DC. Actually, Spokane Washington has won this award for the third consecutive time and is one of only 43 cities in the United States to receive this recognition three straight times.

Spokane, the easternmost city in Washington State, was chosen as one of the "100 Best" due to their fulfillment in upholding the Five Promises. In Spokane an extraordinary partnership of business leaders, social service agencies, media and other community partners, launched a campaign, "Our Kids: Our Business," to inform the community about the threat of abuse to our children and the impact it has not only on children's lives and the community.

According to America's Promise Alliance, "Spokane is a progressive community supported by a dynamic network of organizations and business leaders committed to the success of its youth," according to program materials. "In Spokane, it's about developing relationships with youth, connecting them with resources and growth opportunities, and empowering them to be the best they can be."

Spokane Washington focuses on developing relationships with youth, connecting them with resources and growth opportunities, and empowering its young people to achieve. Garnering praise, recognition and awards from Forbes, Fortune and National Geographic Adventure magazines, among others, Spokane does not work for the “awards” but the “rewards”—seeing its children thrive and succeed.

These efforts creating a great community for young people have also been noticed by the general public. United States migration studies show Spokane attracts families from all across our nation. As a Spokane Realtor many people search my we site from many regions around the country everyday. I have personally helped people from California, Nevada, Montana, Illinois, Minnesota, Wyoming and Texas this year. In addition to being a great place for young people to thrive Spokane has great climate and weather, a diverse and stable economy with a wide variety of industries and a very affordable housing market. All of these features in our community makes Spokane real estate very attractive keeping