Spokane Real Estate Foreclosures Down

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

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

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

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

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

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

‘Hybrid’ homes cater to seniors

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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.

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

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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.”

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

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Faucets and door handles are levers,

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Electric outlets on the walls are placed higher than normal

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Kitchen shelves pull out

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nterior doors are 36 inches

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hallways are wider

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two-car garage is insulated

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“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

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.