by Kenneth R. Harney

With all the turbulence and losses in stocks and bad economic news in the headlines lately, you can easily lose perspective on what’s really going on in the real estate sector.

For example, new mortgage applications increased last week by 12 percent, according to the Mortgage Bankers Association. Applications from people looking to buy houses with FHA loans were up by 15.3 percent, while applications from purchasers seeking conventional mortgages rose by six and a half percent. Read more »

by Kenneth R. Harney

It’d be a mistake to give too much weight to a single week’s statistics that point to a turnaround taking shape in the housing market. But this week’s and this past month’s numbers have been exceptionally promising.

You can’t just ignore them. Read more »

by Bob Hunt

It has been said that the only time Americans are safe is when Congress is not in session. A possible corollary of this maxim might be that any time a widely-supported bi-partisan bill is hailed as a “rescue”, someone is liable to get hurt. Certainly, if your situation is dealt with in the portion of the bill titled Revenue, you’d better watch out. Read more »

Prospective homebuyers with decent credit and steady income should have no problem securing a mortgage.

By Steve Tytler

Question: We want to buy a house now that home prices are finally coming down to the point where we might be able to afford one. But we keep hearing that due to the credit crunch it is almost impossible to get a mortgage now unless you have a 20-percent down payment. Is it true that it’s very hard to get a loan to buy a home now?

N.B. Everett

Answer: This is a common misunderstanding of the mortgage mess. Read more »

By Mike Benbow

There are some good deals on homes in Snohomish County, but tighter credit and the upcoming elimination of a program that allowed builders to help buyers with their downpayments are making things tougher, agents said.

Statistics released Tuesday by the Northwest Multiple Listing Service showed that prices for single-family homes continued to fall in the Puget Sound region during August. In Snohomish County, the median price for houses was $339,950 last month, a 9.35 percent drop from a year ago.

The median price for condos actually went up significantly to a median price of $271,750, a 12 percent rise from last year at this time.

The price drop for homes, coupled with still rising inventory and slow sales, have put buyers in a strong position. Read more »

by Marylyn B. Schwartz

If you are one of the hundreds of thousands of people who have a HELOC (Home Equity Line of Credit,) you may have already discovered (much to your dismay) that the funds in the account are no longer accessible to you. The account was summarily suspended by the lender without prior notice. If, per chance, you wrote a check on the account and paid other expenses from that withdrawal, you may also have found that those checks bounced or at least were sent back by the lender as “unable to be honored.”

Often that line of credit is there as a cushion or hedge against unforeseen expenses or emergencies. Yikes, how could that security blanket be taken away in an instant when the account was paid on time and in good standing? (This article has nothing to do with accounts that are delinquent and canceled as a result of that circumstance.) How could a bank place you the homeowner in the dubious position of writing what amounts to bad checks (that’s fraud) albeit without your knowledge?

Well, they can and they are! Read more »

by Kenneth R. Harney

This just might be the turn in the numbers we’ve been waiting for: Resales of existing houses jumped by 3.1 percent in last month to the highest level in nearly half a year.

On top of that — and to the near total surprise of Wall Street analysts — new home sales also rose 2.4 percent, according to the Commerce Department. Read more »

ByTom Kelly:

Investors and second home buyers see the long-term potential of some depressed properties, but many possible players simply don’t have the ready cash to make the purchase. Besides, fuel prices are up and the kids need back-to-school clothes, plane fare and rent for an apartment.

But if you really find a can’t-miss opportunity, what about the possibility of using your Individual Retirement Account to make the deal? Even though the appreciation rate of real estate in some areas has slowed dramatically, many people are comfortable with property as an investment, especially given the inconsistent movement of stocks and bonds. Read more »

We’ve all seen them - the never-ending television ads and radio commercials with the catchy jingle for free credit reports and scores.

Nowadays a number of similar companies are offering free credit reports and scores. With all of these ads for freebies, it’s no wonder that so many consumers believe that all credit scores are created equally.

First, a little history on credit scores: Read more »

By Paul Owers South Florida Sun-Sentinel

FORT LAUDERDALE, Fla. — Selling your home in today’s depressed market might be as ambitious as drumming up positive PR for Britney Spears.

With thousands of properties for sale, buyers know they have leverage, and they’re using it. So sellers need to fight back, preferably with broom and brush in hand. Read more »

A Lesson In Normalizing Markets
by M. Anthony Carr

The numbers in Seattle are continuing an upward trend and a downward trend, depending on what you’re looking for. Prices for the latest reporting period are up across the board. Four bedroom homes, for instance, have edged upward compared to year-over-year numbers from the second quarter 2007 by more than $5,000 — and are up 11 percent when compared to the first quarter of 2008. Read more »

by William Bronchick

Doom and gloom - that’s all you hear about in the media today. Real estate is the pits, Fannie Mae is in trouble and mortgage lenders around the Country are going bust. So, you should follow their advice and stay out of real estate, right? WRONG! This is the BEST time to be buying real estate and by the end of this article, you will be 100% convinced I am right. Read more »

by Blanche Evans

The litany of bad news this week hits all sectors of the economy, with consumers hit hardest. Analysts have long cited a combination of pressures on consumers: falling home prices, rising food and energy prices, the credit crunch and a deteriorating labor market. Read more »

by Diane Kennedy

Chances are, as a real estate agent, some of your clients are real estate investors. If that’s the case, they may have been rocked recently, to learn about Freddie Mac’s new lending changes going into effect on August 1, 2008. This rule change could mean hundreds of thousands of real estate investments are now in the wrong business structure. Read more »

by Kenneth R. Harney

They’re not overwhelming yet, but definite signs of improvement continue to pop up in real estate around the country.

Take the latest home resale report: Sales were up by 2 percent nationally in May, and up 5.5 in the Midwest and 4.6 percent in the Northeast.

Condo sales also jumped 5.5 percent nationwide. Read more »

By KELLY K. SPORS

For small businesses, credit cards offer tremendous value — from helping finance big purchases and keeping better tabs on expenses to giving a little extra time to pay the bills.

Now comes the challenge — picking the best one. Read more »

Northwest Mortgage has teamed up with High-Tech Lending (a mortgage bank) to bring you a host of new and competitive loan products. This new alliance will permit Northwest Mortgage to become a branch office of High-Tech Lending. One of the products we are excited about is FHA backed loans. This will allow us to offer 100% financing on purchase of primary property (owner occupied) and 95% on refinancing (owner occupied). FHA loans have a lower requirement to qualify and now make up a huge segment of the mortgage market. If you are anyone you know is thinking about purchasing or refinancing there primary property this is a great time to get a FHA loan.

Here Is What You Need To Know About FHA Loans Read more »

by Blanche Evans

The good news is we’re still in a housing recession. Why? Opportunity. Even better news — the worst markets are starting to see signs of life. That means the window to get the best buys will soon close.
Read more »

by Kenneth R. Harney

Don’t break out the champagne glasses quite yet, but there are more economic signs this week that the worst is over for the three year real estate correction cycle.

One of the country’s most prestigious groups of market forecasters, the National Association of Business Economists, says housing and consumer credit conditions will stabilize and begin improving as the year moves on. Equally important, said Ellen Hughes-Cromwick, chief economist at Ford Motor and president of the association: The entire U.S. economy will “slowly return to health” this year. Read more »

The financial press is worried that they might have gone too far — paralyzing the nation into recession by piling on housing. So they’re finally beginning to question the indexes where they get their data, and whether the news is really as bad as it seems. Slowly but surely, headlines are changing from Don’t Buy A Home Now to Is It Time To Buy? Read more »

Some people might assume that with the overall real estate market down, investors in single family rental homes are fewer and fewer in number.

Nothing could be further from the truth: New research by the National Association of Realtors found that investors accounted for more than one out of five of all home purchases last year — 21 percent. Read more »

Drive through newer residential areas in Marysville and witness what happens when buyers stop buying houses and developers keep developing.

Empty lots line roads and the edges of cul-de-sacs. Many have sidewalks, utilities and roads, but no houses. Read more »

Real Estate Outlook: Positive Trends

You might assume from the steady drumbeat of bad news about housing and real estate that there’s nothing encouraging out there in the economy.
But you’d be wrong. And you might just be missing some positives in the market equation that you could put to work for you. Read more »

Landlords Finally Are Recovering From A Downturn In The Market

Jay Olson recently stood up in front of a room packed with several hundred property managers and landlords at a rental-housing conference in Seattle to tell them the good news.

After years of offering freebies and shaving rents to attract tenants, landlords finally are recovering from a downturn in the market, said Olson, a regional vice president at San Diego-based ConAm Management and also the president of the Washington Multifamily Housing Association. Read more »

Jobs and growth helped push sales in 3rd quarter

EVERETT — Despite an economic slowdown nationwide, Snohomish County enjoyed a healthy gain in taxable retail sales in the third quarter of 2007. Read more »

22,500 jobs created in Snohomish County last year

EVERETT — State Labor economist Donna Thompson needed only a few words Tuesday to describe Snohomish County’s economy in 2007.

“We’re smokin’, ” she said of an unemployment report that showed employers in the county created 22,500 jobs last year. Read more »

What’s going on with the housing market these days?

Bill Conerly says we’re now paying the piper for dramatic increases in sales three or four years ago.

Conerly’s no real estate expert, but he is an economist who studies these things. He was in Everett last week talking about the local economy, and he had some interesting things to say about home building and buying in the Puget Sound area. Read more »

The dramatic and long-sought transformation of Everett’s riverfront is ready to pass its most important milestone Wednesday evening. Read more »

Renters have been saying loudly that rents are rising steeply and vacancies are few.

Now comes fresh proof they’re right.

Average rents in the region jumped almost 2 percent between the first and second quarters of this year and are now 9.1 percent higher than this time last year, reports apartment analyst Tom Cain, of Cain Inc. He surveys 149,000 King and Snohomish county apartments quarterly.

The current two-county average is $1.14 per square foot, or $967 per unit.

Meanwhile, the vacancy rate continues to drop, now at 4.24 percent for the two counties. Anything under 5 percent is considered tight. Read more »

New estimates predict it will have 1 million people and rank No. 2 for jobs

Busting out their biggest crystal ball ever, local leaders believe Snohomish County will boast more than 1 million people by 2040.

By then, the skylines will be filled with high-rises.

People will climb on swift light-rail trains and the cities will have a bustle unimagined by the farmers and loggers who built the county. Read more »

EVERETT - Prices for homes and condominiums in Snohomish County continue to soar, even as sales of both in March continued to be down compared with a year ago.

The median price for single-family homes hit $382,550 countywide last month, according to the Northwest Multiple Listing Service report issued Thursday. That’s nearly 16 percent higher than the median of $330,000 in March 2006.
Read more »

Snohomish County is filling up so quickly that its growth rate is tied for 15th among the nation’s largest counties, according to updated U.S. Census Bureau figures released Thursday.

The county, now the 87th largest in the nation, grew 11 percent from 2000 to 2006.

In those six years, it swelled by 63,863 people - up from 606,024 to 669,887, census figures show.

Among the nation’s 100 most-populous counties that are still growing quickly, Snohomish is one of the few not in the sun belt. Read more »

Home insurance policies are long, complicated and written in legalese. It’s important to know what’s in yours and how it works. Most people don’t read their policy until they’ve had a claim denied, and that’s too late. Read more »

The media have been all abuzz over the past year about the softening in the housing market.

So much so that in a recent Associated Press survey, U.S. newspaper and broadcast editors voted the slowdown in home sales, home construction and home prices the top business story of 2006.

At the same time, local analysts point out that even though home sales in the greater Puget Sound region have slowed, now is still a good time to buy a home, particularly in our area.

What does this slowdown really mean for consumers? Is it wise to sit back and wait for a home in the hopes that prices may drop? Most real-estate experts in our region say don’t bet on it.
Read more »

Unemployment in Snohomish County plunged in October as nearly one-fourth of the state’s new jobs last month were created here.

“We’re going towards full employment,” Donna Thompson, a labor economist for the state Employment Security Department, said Tuesday.

The jobless rate for both the state and Snohomish County dropped one-half of a percentage point last month, employment security reported. The state’s rate fell from 5.3 percent to 4.8 percent. Read more »

I’m not smart enough to predict with a high degree of certainty how the local economy will fare in 2007, but people who are expect good things.

One indicator is that investors from around the region and other parts of the country have discovered us. They’re not running around the streets yelling, “Eureka, I’ve found Snohomish County” like an old prospector. But they’re doing something even better - buying our stuff.
Read more »

Expect the Best

Asset protection is not a secret process performed by attorneys our savvy investors with inside information. It primarily consists of taking advantage of known, straightforward and tried and true methods. Our legislature has made available these methods for the sole purpose of promoting entrepreneurialism. Business growth, investment, and risk-taking are encouraged when entrepreneurs can pursue business interests without risking their current wealth.

The purpose of this letter is to demystify the process by which entrepreneurs, such as real estate investors, can protect their wealth. This letter is aimed at residential real estate investors who have invested or plan to invest in one or more residential properties.
Read more »

It’s been difficult to pick up a paper during the past few weeks and not notice two major stories: The Dow Jones Industrial Average reached a record 12,000 while real estate values are falling.

A recent visitor from Mars could look at such headlines and instantly conclude that the best place to invest one’s money would be the stock market. However, a savvy Earthling might want to look with a little more care. Read more »

Tax breaks available to a landlord are significant benefits of owning rental property. However, many landlords either ignore, or are unaware of, these deductions and do not take full advantage of them. Rental property is one of the best investments you can make in terms of tax benefits, which include much more than the benefits you may associate with owning your own home.

A good accountant or tax attorney can help you find these deductions and make sure you are receiving all the tax benefits you deserve as a landlord. It is to your benefit to have a basic knowledge of the tax rules regarding rental property and keep good records. The most significant tax breaks a landlord can take advantage of include: Read more »

The condo glut in some markets could soon turn into a blessing for owners looking to sell and buyers trying to land their first home, if a forecast from the Urban Land Institute (ULI) is accurate.

Driven by inflated housing costs, more expensive financing, greater energy expenditures and the failure of incomes to keep pace with inflation, the housing market is entering an era when demand grows for smaller, more compact and affordable homes.

The predicted trend could come at an opportune time. Smaller homes, most notably condos, right now are not weathering the downturn as well as single-family homes. Speculators are bailing out of once-super-hot condo markets and some potential first and second-home buyers, thwarted by higher energy costs, are opting for the rental market instead. Read more »

Home sellers spoiled by three years of record or near-record sales may have to lower their expectations.

If the Puget Sound area’s July home-sales numbers, released yesterday by the Northwest Multiple Listing Service (MLS), are any indication, homes might sit on the market longer. Read more »

EVERETT - A year ago, Bob and Karyn Zigler moved from their longtime home in Marysville to a small apartment in the Nautica, a downtown Everett building with a rooftop deck offering panoramic views of the water, mountains and city.

“My husband was sick of the yard work,” Zigler, 56, said.

When the Nautica announced months ago that it would convert its apartments to condominiums, the Ziglers were among the first to buy. Read more »

21 percent increase this year; tax assessments go out Monday

EVERETT - Property values across Snohomish County rose about 21 percent in the past year, according to new figures released by the county assessor. Read more »

NEW YORK (CNNMoney.com) - As forecasts for housing price growth have cooled for most of the country, they are calling for booming values in the state of Washington.

For the June issue of MONEY Magazine, Fiserv Lending Solutions and Moody’s Economy.com provided forecasts for the coming 12 months for 380 metro areas - they predict that five of the top 10 fastest growers will be in Washington. Read more »

You survived a turbulent stock market, making a little profit on a couple of stocks and dumping some dogs just in time. Well, the ride isn’t over yet. Buckle up and get ready to report your transactions to the Internal Revenue Service.

If you sold a stock or other property, regardless of whether you made or lost money on it, you have to file Schedule D. This two-page form, with all its sections, columns and special computations, looks daunting and it certainly can be. Read more »

Money gurus are always preaching long-term investing. Not only will that give you a better shot at earning more, it’ll also get you a lower tax rate when you sell.

But exactly what rate you get depends on several things, including when you bought the asset, when you sold it, your overall income level and sometimes what tax-code changes are made in the meantime. Read more »

Developers jump to take advantage of Snohomish County’s new 20-year growth plan.

A rush of development is about to hit Snohomish County.

“We’re experiencing the highest volume of applications since I’ve worked here,” said Tom Rowe, manager of development review and construction and a 23-year county veteran. Read more »

On a number of fronts, Snohomish County is set to soar in 2006

Increases at the Boeing Co.’s Everett plant should drive the economy faster in 2006, observers say.

“It’s all about jobs,” said Constance Wilde, a retail real estate broker with CB Richard Ellis. “With more jobs there, there’s more people, more residents and more retail.”

New retail developments will open across Snohomish County this year. The red-hot housing market will cool slightly but remain strong, analysts say. Read more »

For anybody who’s lost a bidding war for a house in Seattle, here’s a small consolation: Some of the biggest real-estate magnates in the world are enduring the same experience as they try to buy into the region’s hot housing market.

In what brokers are calling “a perfect storm” of economic circumstances, investors from Australia to Bellevue are pouring money into Seattle-area apartment complexes, breaking sales records and driving up prices because they see rents about to take off.

Some $2.1 billion worth of apartments have changed hands in the Seattle metro area this year, triple the level of two years ago, and the traditional year-end flurry of sales hasn’t even happened.

Apartments in Seattle are selling for an average $140,000 a unit — nearly 60 percent higher than two years ago. A luxury lakefront complex in Kirkland, Carillon Heights, recently sold for a regional record $370,000 a unit. Read more »

Is there significant merit in waiting for the local housing market to cool before jumping in to buy a home? While that question may be on the minds of many consumers, the reality of a significant drop in home prices and a rise in inventory is rather remote.

I have given considerable thought to both the price and inventory factors recently for two reasons: I was intrigued by comments from consumers resulting from the latest Northwest Multiple Listing Association monthly figures plus I followed the three-day story of a young woman’s pursuit of a University District home two weeks ago.

The idea of “saving my money until home prices come down” has probably become a contradiction in terms - at least for the foreseeable future. Yes, housing is cyclical but it usually does not go backward for very long, if at all. The additional money you save now probably will not offset the appreciation (albeit slower than today’s torrid pace) you would have accrued had you found a way to purchase a local home sooner rather than later. Read more »

If you’re looking to turn a quick buck on a real-estate transaction, accountant Bill Rucci has some words of warning: “It may be quick, but it also may not be as lucrative as you first thought.”

As housing prices in many parts of the United States skyrocketed, “flipping” — buying a property and then quickly reselling it at a higher price — has become the hottest investment trend.

Many people view it as more lucrative than the stock market. Plus, flippers enjoy the tangible aspect of the deal. Since real estate is “real,” you can look at a property and neighborhood and get a personal take on whether or not it’s a good investment.

But if you’re not careful with your real estate flips, your investment strategy could produce a sizeable payoff for an unintended partner: the Internal Revenue Service. Read more »

If you want to be wealthy, you must understand what wealth is. Here is the best definition of wealth you will ever find. Wealth is “Cash flow from other sources.”

Make Your Money Work For You
What this means is that, you are not wealthy just because you earn a lot of money. You are only wealthy when your money works for you. To become wealthy, your main job is to acquire money and then put it to work making more money for you. Read more »

Want to get a big return on your home-improvement investment?

Look outside.

While studies show that you’ll only recoup 80 to 90 cents on every dollar you spend to upgrade your kitchen or bath, professional landscape designers estimate that improvements to your lawn and garden can boost your home’s value by 7 percent to 15 percent. Those findings have been confirmed by survey results from the Gallup Organization and the National Gardening Association, or NGA. Read more »

Most option ARMs are based on one of three indexes: the 11th District Cost of Funds Index (the COFI), the 12-month moving Treasury average (the MTA), or the one-month London Interbank Offered Rate (the 1-month LIBOR). All of these move up and down roughly together, but the COFI has the smoothest ups and downs, the LIBOR is the most volatile (sometimes rocketing upward or plunging downward in just a month or two) and the MTA lies in the middle.

The rate on an option ARM is adjusted monthly, but the minimum payment is adjusted annually and remains fixed for a year. If rates rise afterward, the minimum payment doesn’t cover all of the interest charged. When that happens, you owe more on the mortgage at the end of the month than at the beginning of the month, even after making that minimum payment. This phenomenon is called negative amortization. Read more »

Anyone who owns investment or business property in a high-growth area knows what happens to the tax bill when property values go up, especially if they’ve had the property for a long time and taken deductions for depreciation.

“They can’t afford to sell because the tax bill will be more than the profit,” says Jay Gordon, chair of the tax law department for the New York office of Greenberg Traurig LLP. “That’s what I call tax-locked. They want to get rid of the property, but they can’t afford to do it. I don’t feel sorry for them because they got all these benefits over the years, but none of my clients see it that way.”

Read more »