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.