New loan limits would cost state 674 sales a year – NAR
Ken Fears, manager of regional economics for the National Association of Realtors, recently completed a study on the impact of lowering the nation’s lending ceilings, titled “Small Market Share, Big Economic Impact.” The Federal Housing Administration will install new ceilings on mortgages it will insure in high cost areas beginning October 1. Fannie Mae and […]15 years ago
Up-front neighbor: Loud parties, loud music, loud cars
A Brighton, Colorado man is trying to sabotage the sale of his neighbor’s home by posting warning signs to potential buyers of what they can expect if they become his neighbor: Loud parties, loud music, and loud cars. Titus Terranova posted the sign to would-be buyers on his recreational vehicle outside of his home. He […]15 years ago
Zillow finds a bright light: Luxury home market
In luxury home markets, bidding wars are back and homes are selling quickly, serving as a stark contrast to everywhere else. “Luxury is the best performing segment of the housing market right now,” said Stan Humphries, chief economist for Seattle-based Zillow. Prices of $1 million-plus properties have risen 0.7 percent since February. Meanwhile, prices of […]15 years ago
‘Banks were lying’ about loan quality – former inspector
Mortgage and foreclosure abuses have costs the country's five largest lenders nearly $66 billion - and that number will likely double by the end of the fallout, according to a Bloomberg News report.
15 years ago
Classy former Mariners player’s home on market for $6.75 million
It's been more than five years since Jamie Moyer was traded to the Philadelphia Phillies, but the classy former Mariner's impact remains alive and well in the region and U.S. through the Seattle-based Moyer Foundation, a non-profit serving children in severe distress.15 years ago
Spokane makes list for best places to retire
Spokane was the only city in the state to be named to CNNMoney’s top 25 cities for retirement. Spokane, ranked No. 19, was chosen for its sunshine, lakes, golf courses and five nearby ski resorts. Approximately one-third of its 208,900 population is over the age of 50. The city’s median home price was listed at […]15 years ago
Sellers say their homes are worth more
Seventy-five percent of homeowners say their homes are worth more than the recommended listing price, according to real estate professionals recently surveyed by HomeGain. And, not surprisingly, 68 percent of homebuyers say homes are overpriced. However, homeowners may be getting more realistic about falling home values. Forty-five percent of homeowners say they expect home values […]15 years ago
Tight lending keeping good borrowers from loans
It’s not easy to get a loan these days, housing experts say. Even home buyers with excellent credit are struggling to get approved for a loan, as home lending standards have tightened to some of their strictest level in decades. Tightening credit is affecting home sales and hurting the housing industry’s recovery, economists note, as […]15 years ago
Defaults soar 33 percent, biggest monthly gain in 4 years
A new wave of foreclosures hit in August, as banks picked up the pace in taking action against home owners who have fallen behind on their mortgage payments, according to RealtyTrac Inc., a company that follows delinquencies and foreclosures. The number of U.S. homes that receiving an initial default notice rose 33 percent in August […]15 years ago
Federal plan for mortgages could speed refinancings
Shaun Donovan, secretary of the Department of Housing and Urban Development, said a federally induced refinancing program for mortgages held by Fannie Mae and Freddie Mac would remove some of the legal and financial issues preventing “underwater” borrowers from reworking their loan. Homeowners whose mortgages are greater than the value of their home are in […]15 years ago
Bank of America cranks up foreclosure filings
Foreclosure filings and sales jumped significantly throughout areas in the West, reversing what had been a declining trend the past several months, ForeclosureRadar reports. The surge was driven by a drastic increase in filings by Bank of America, according to ForeclosureRadar. Bank of America and related entities posted a 116 percent increase from July to […]15 years ago
Freddie Mac offers new ‘loan mod’ option
Borrowers whose loans were purchased by Freddie Mac yet deemed ineligible for participation in the Home Affordable Modification Program or previously in default on a HAMP (or other loan workout), will be able to take advantage of a new option that reduces mortgage principle and monthly payments by at least 10 percent each. Under a […]15 years ago
Bottom? Zillow economist predicts 2012 – at best
Merced, California leads the nation for the biggest home value drop over the past five years, according to a recent Zillow study based on its home-value estimates and Zillow Home Value Index.
15 years ago
State issues consumer alert on ‘loan mod’ services
The Washington State Department of Financial Institutions (DFI) is warning consumers to verify the license of any lending professional with which they are considering doing business. Save My Home, Selig Law Group, and Krista Selig provide loan modification services to consumers without a license issued by the Washington State Department of Financial Institutions. Additionally, they […]15 years ago
Living trust: A flexible alternative to life estate
In a recent column, we explored the use of a life estate and the complexities of selling a home when both the life tenant and remaindermen have real interests in the home. A life estate is an agreement whereby an individual’s interest in property is limited to that individual’s life. The property then passes to […]15 years ago
Sweet spot for real estate? Rental homes
The rental market is continuing to heat up and can offer potentially big returns for buyers willing to jump into the landlord role. For investors looking to take advantage of low record-reaching mortgage rates and big discounts on home prices, the opportunities are plenty. Rents are rising and demand is up too, partially due to […]15 years ago
This week’s FAQ: Combine home-sale exemptions?
A question that has been on the minds of many sellers – especially those who have lived in their homes for decades and now may be considering a sale – is the federal income tax exclusion. In order to qualify for the $250,000 exclusion ($500,000 for married couples) you must have owned and used the […]15 years ago
Local agents report busy August sales activity
Brokers affiliated with the Northwest Multiple Listing Service closed 5,704 sales in August, up more than 35 percent from the same month a year ago. Through eight months, this year’s completed transactions have outgained last year by 592 sales (36,918 versus 36,326, for an increase of more than 1.6 percent). “For the first time in […]15 years ago
How do drugs affect an on-site septic system?
There’s an older home in the neighborhood that was occupied by a single woman for more than two decades. When she died of cancer a few years ago, her son inherited the home and moved in. Not long after, the septic system failed and had to be replaced. Several people believe that the woman’s cancer […]15 years ago
Tom Kelly: Life estates . . . and Lake Chelan
We had friends who grew up on a small apple orchard overlooking Lake Chelan. The kids helped the folks with the apple harvest, sold the fruit by the box to friends and family members and pocketed the cash for spending money during the academic year. In July and August, the family would take the outboard […]15 years ago
Foreclosures bad for your health, study reveals
According to a new study, the higher the foreclosure rates, the more risks to your community’s health. The increasing number of foreclosures in Arizona, California, Florida, and New Jersey were found to coincide with a rise of stress-related health problems in those states, finds new research by Janet Currie of Princeton University and Erdal Tekin […]15 years ago
Is Paul selling Allen Island or Allan Island?
If you are dreaming about a Northwest getaway to take the kids, the 292-acre island southwest of Anacortes owned by Microsoft co-founder Paul Allen is back on the market at $13,500,000. However, Allan Island – named in honor of Captain William Henry Allen of the U.S. Navy – is spelled differently than the name of […]15 years ago
