The Cascade Team Real Estate

Wa State Home Sales begin to Stabalize

2011-01-05T11:05:00.000-08:00

Western Washington home sales during December nearly equals year-ago levelsKIRKLAND, Wash. (Jan. 5, 2011) – December‟s volume of pending sales around Western Washington nearly matched the total for the same month a year ago, which was the best December since 2006.

Sellers accepted offers from 4,359 buyers last month, only 40 fewer than a year ago when members of Northwest Multiple Listing Service reported 4,399 pending sales of single family homes and condominiums. In 2008, members notched 3,255 pending sales, down from 2007‟s total of 3,950 pendings and the 2006 figure of 5,744 mutually accepted offers.

Eight counties had year-over-year increases in pending sales for December, with two others equaling the year-ago totals.

“If you were in any mall in Washington state in December, you got the feeling that the economy is headed in the right direction,” said OB Jacobi, president of Windermere Real Estate Company and a member of the board of directors of Northwest Multiple Listing Service. “That increase in consumer confidence is the boost the real estate market needs,” he suggested.

Closed sales, another barometer of activity, improved on November‟s volume, but dipped about 6 percent when compared to figures from twelve months ago. MLS members reported 4,430 closings across its 21-county service area during December. A year ago, brokers logged 4,711 completed transactions.

For 2010, Northwest MLS members tallied 52,408 closed sales of single family homes and condos (combined), up slightly from the previous year when there were 52,105 completed transactions.

“Despite the expiration of the tax credit, King County saw about 3 percent more home sales in 2010 than in 2009,” Jacobi noted.

The area-wide median price for last month‟s closed sales of homes and condos was $255,000, up slightly from November‟s figure of $250,000, but down about 3.8 percent from a year ago when the median selling price was $265,000. In King County, where 40 percent of last month‟s closings occurred, the median sales price was $342,400, about 2.2 percent lower than a year ago when it was $350,000.

Listing activity tapered off last month compared to 12 months ago. Northwest MLS members added 5,460 new listings of single family homes and condominiums during December. That‟s down 7 percent from a year ago when 5,873 sellers listed their homes with a member-broker.

Last month‟s additions boosted system-wide inventory to 32,171 at month end. That number nearly equals the selection of a year ago when the NWMLS database encompassed 32,152 active listings, although thirteen counties have fewer properties for sale than at this time a year ago.

Measured by months supply (the time, in months, that it would take to sell existing inventory at the current rate of sales), there is a supply of less than 7.4 months across the NWMLS market area. (A market with a supply of approximately six months is considered balanced, favoring neither buyers nor sellers.)

Nationwide, the National Association of REALTORS® reported a 9.5-month supply. Both King and Snohomish counties have less than a 6-month supply.

“Buyers are taking their time and looking for the „perfect‟ house,” Jacobi observed. “One of our agents worked with a couple for over a year before a higher-end home they'd been eying for months had a price drop and they jumped on it,” he noted, adding, “Whether it's a starter home or a luxury property, to sell in today's market a great home also needs to have a great price.”

Lawrence Yun, NAR chief economist, described continuing gains in home sales as encouraging and believes all the indicator trends are pointing to a gradual housing recovery. “In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market,” he commented. However, he cautioned, further gains are needed to reach normal levels of sales activity, and home price prospects will vary depending largely upon local job market conditions.

NAR president Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., expects good buying opportunities to continue. The third generation real estate professional noted serious buyers have a lot of opportunities during the winter months since “traditionally there are far fewer buyers competing for properties at this time of year.” He believes buyers will enjoy favorable affordability conditions into the new year, even though he expects mortgage rates will gradually rise as 2011 progresses.

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes more than 24,000 brokers and agents. The organization, based in Kirkland, currently serves 21 counties in Western and Central Washington.

Snoqualmie Ridge 2010 Real Estate Review

2011-01-05T09:58:00.001-08:00

*Prices drop a modest 3% Year over Year
*Sales Volume increases by 3%
*Average Day on Market come down by 21 Days.

In comparing 2010 Residential Sales at Snoqualmie Ridge to 2009 overall prices were fairly flat with volume and average days on market showing slight signs of improvement.

In 2009 Snoqualmie Ridge saw 179 Single Family Home Sales. In 2010 that number increased to 185. The Average Single Family Home at Snoqualmie Ridge sold for $493,569 in 2010. That is down for an average of $509,794 in 2009. (A drop of $16,370 for the average home or just over 3%)

In 2009 the average home was: 2,823 sq ft, took 142 Days on Market to sell, had an average starting list price of $559,424 and a final SALES price of $509,795

In 2010 the average home was: 2,876 sq ft, took 121 Day on Market to sell, had an average starting list price of $529,449 and a final SALES price of $493,569

All of these are very good trends after back to back years of double digit price drops in 2008 and 2009. We’re still a long way from moving 300+ homes in a year and seeing price improvement, but actual market stabilization may be seen by midyear and with rates remaining low and prices down to near 2003 levels it is very conceivable that we see well over 200 Single Family Homes move at Snoqualmie Ridge in 2011.

New Location for The Cascade Team RE Main Office

2011-01-03T10:18:00.000-08:00

We are happy to announce a new location for the Main office of The Cascade Team Real Estate. We have secured the western side office in St George Square in Gillman Village in Issaquah.

We will be opening our doors in the new location on January 1st, 2011.

The address is: 355 NW Gilman Blvd., Suite 101, Issaquah, WA 98027

In celebration of the new location we are hosting a public Open House on Friday January the 7th from 4:00 until 7:00. Please feel free to stop in and say “Hello”. We will have appetizers, champagne on hand and also gifts for the public and for agents who stop in.

The death of Santa

2010-12-19T07:22:00.000-08:00

Better than NEW & NOT A SHORT SALE at Snoqualmie Ridge!

2010-12-17T15:38:00.000-08:00

Priced at $525,000
34803 SE Leitz Street
Snoqulamie, WA 98065
Desirable Deer Park in Snoqualmie Ridge

Bedrooms: 4 Bathrooms: 2.75
Home Size: 3,190 sq.ft. Garage: 3
Lot Size: 5,308 sq.ft.
Community: Snoqualmie Ridge
Year Built: 2006
MLS Number: 162939

Better than NEW & NOT A SHORT SALE. With too many upgrades to mention, this tastefully decorated Meadow floor plan comes with 4 beds, large bonus room, den and backs to a green belt. Highly desirable location in Deer Park. The gourmet kitchen is appointed with slab granite counters and SS appliances, adjacent is a cozy family room with gas fireplace. Upstairs you have a large master suite, with attached bath and large walk in closet. Outside you'll find a custom built gazebo with lights, water and gas for grilling. For added peace of mind, home comes with 1 year Fidelity Home Warranty.

Features List

• FREE Home Warranty • $25,000 Gazebo • Numerous Upgrades
• Extended Hardwoods • Granite Counters • Custom Built Ins

Website with additional pictures and information HERE

The Top Home Remodeling Investments

2010-12-16T10:32:00.000-08:00

Click Here to see the Top Options for Seattle Area Remodels or click the map below to search by national region. Unfortunately, unlike in some area of the country, remodeling cost compared to return are still taking a downward turn in western Washington.

Owners Recoup More with Exterior Home Projects

As part of the 2010-11 Remodeling Cost vs. Value Report, REALTORSÒ recently rated exterior replacement projects among the most cost-effective home improvement projects, demonstrating that curb appeal remains one of the most important aspects of a home at resale time.

“This year’s Remodeling Cost vs. Value Report highlights the importance of exterior projects, which not only provide the most value, but also are among the least expensive improvements for a home,” said NATIONAL ASSOCIATION OF REALTORSÒ President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “Since resale value can vary by region, it’s smart for home owners to work with a REALTORÒ through the remodeling and improvement process; they can provide insight into projects in their neighborhoods that will recoup the most when the owners are ready to sell.”

Nine of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects. The steel entry door replacement remained the project that returned the most money, with an estimated 102.1 percent of cost recouped upon resale; it is also the only project in this year’s report that is expected to return more than the cost. The midrange garage door replacement, a new addition to the report this year, is expected to recoup 83.9 percent of costs. Both projects are small investments that cost little more than $1,200 each, on average. REALTORSÒ identified these two replacements as projects that can significantly improve a home’s curb appeal.

“Curb appeal remains king – it’s the first thing potential buyers notice when looking for a home, and it also demonstrates pride of ownership,” said Phipps.

The 2010-11 Remodeling Cost vs. Value Report compares construction costs with resale values for 35 midrange and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 13th consecutive year that the report, which is produced by Remodeling magazine publisher Hanley Wood, LLC, was completed in cooperation with REALTOR® Magazine.

Realtors® provided their insight into local markets and buyer home preferences within those markets. Overall, Realtors® estimated that home owners would recoup an average of 60 percent of their investment in 35 different improvement projects, down from an average of 63.8 percent last year. Remodeling projects, particularly higher cost upscale projects, have been losing resale value in recent years because of weak economic conditions.

According to the report, replacement projects usually outperform remodel and addition projects in resale value because they are among the least expensive and contribute to curb appeal. Various types of siding and window replacement projects were expected to return more than 70 percent of costs. Upscale fiber-cement siding replacement was judged by Realtors® the most cost effective among siding projects, recouping 80 percent of costs. Among the window replacement projects covered, upscale vinyl window replacements were expected to recoup the most, 72.6 percent upon resale. Another exterior project, a wood deck addition, tied with a minor kitchen remodel for the fourth most profitable project recouping an estimated 72.8 percent of costs.

The top interior projects for resale value included an attic bedroom and a basement remodel. Both add living space without extending the footprint of the house. An attic bedroom addition costs more than $51,000 and recoups an estimated 72.2 percent nationally upon resale; a basement remodel costs more than $64,000 and recoups an estimated 70 percent. Improvement projects that are expected to return the least are a midrange home office remodel, recouping an estimated 45.8 percent; a backup power generator, recouping 48.5 percent; and a sunroom addition, recouping 48.6 percent of costs.

Although most regions followed the national trends, the regions that consistently were estimated to return a higher percentage of remodeling costs upon resale were the Pacific region of Alaska, California, Hawaii, Oregon and Washington; the West South Central region of Arkansas, Louisiana, Oklahoma, and Texas; the East South Central region of Alabama, Kentucky, Mississippi and Tennessee; and the South Atlantic region of the District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia.

The regions where Realtors® generally reported the lowest percentage of costs recouped were New England (Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont), East North Central (Illinois, Indiana, Michigan, Ohio and Wisconsin), West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota), and Middle Atlantic (New York and Pennsylvania).

“It’s important to remember that the resale value of a particular improvement project depends on several factors,” said Phipps. “Things such as the home’s overall condition, availability and condition of surrounding properties, location and the regional economic climate contribute to an estimated resale value. That’s why it is imperative to work with a REALTORÒ who can provide insight and guidance into local market conditions whether you’re buying, selling or improving a home.”

Results of the report are summarized in the January issue of REALTOR® Magazine. To read the full project descriptions, access national and regional project data, and download a free PDF containing data for any of the 80 cities covered by the report, visit www.costvsvalue.com.

Source: NAR

Congratulations Krista Mehr for passing the Managing Broker's Exam!

2010-12-16T06:22:00.000-08:00

We are very happy to announce that Krista Mehr has passed the Managing Broker Exam for Washington State.

Krista has over seven years real estate experence and will become the new Managing Broker for The Cascade Team's Seattle office. I will keep most things to myself for now, but we have big plans for the Seattle market in 2011 and Krista is going to be leading that charge.

If you had a chance to meet her at the Holiday party on Tuesday that is great. If not, we will be planning a Grand Opening for the new main office in Gillman Village in Issaquah on Friday January 7th (Time to be announced) and you should get a chance to get to know her better there.

Congratulations Krista! We are very happy to have you on the Team!

2010 SOS Award Winners

2010-12-15T10:45:00.000-08:00

Simply Outrageous Service

Our 2010 S.O.S. Award winners are:

1) Bridget Franklin
2) Diego Vitelli
3) Melissa Hughes Wilson
4) Erica Kahler
5) Tonya Eliason
6) Danielle Koval
7) Matt Jensen
8) Stan Hartman

The S.O.S. designation is the highest honor a member of The Cascade Team Real Estate can earn. S.O.S. encompasses not only the strive and achievement of being among the top producing agents in sales, but also the commitment to the communities we serve and work in.

The S.O.S designation is awarded to agents and brokers who ranked in the top 10% for sales company wide, “And” who also demonstrated exceptional commitment to community. Holders of the s.o.s. designation are the corner stone’s of The Cascade Team Real Estate. They continually give back through community programs like project crayon drive to benefit the Children’s Hospital of Seattle, during the free holiday sleigh rides events, and within their local schools, charities, and coaching local youth team sports.

By giving more than just the time it takes to be a top sales person and performer these fine agents and brokers have also reached deep to find the time to give more of themselves to the community as a whole…. We proudly call it!

Simply outrageous service!

Sunday Funny - Ahhhh Christmas Lights!

2010-12-12T06:55:00.001-08:00

Bridget Franklin 5 Star Real Estate Agent Award - Snoquamlie

2010-12-11T06:53:00.000-08:00

Congratulations to Bridget Franklin of The Cascade Team Real Estate. Bridget is a 2010 winner of the Prestigious 5 Star Award for Real Estate Professionals for the greater Seattle area representing the Snoqualmie Valley. Below are the qualifications Bridget had to meet for this award.

FIVE STAR Real Estate Agents scored highest in overall satisfaction

The FIVE STAR Real Estate Agent Program is designed to identify and showcase real estate agents in a local market that score highest in overall satisfaction.

As part of an in-depth research process real estate agents are evaluated by their customers and real estate industry professionals based on customer service, integrity, market knowledge, communication and negotiation skills, closing preparation, helping you find the right home, marketing the home being sold, and overall satisfaction.

10,000 to 50,000 recent homebuyers (all area residents who purchased a home over $100,000 - $200,000 within a 12-36 month period depending on the market size), readers of the area magazine, and 250 mortgage and title companies are asked to name and evaluate real estate agents with whom they have had direct/personal experience with. Recent homebuyers and subscribers can evaluate up to two agents, while mortgage and title companies can evaluate up to three agents. Both positive and negative responses regarding each agent are accepted. In addition to the survey results, other criteria such as acceptable disciplinary action and review by a panel of local industry experts are incorporated into the overall evaluation process.

The final list of FIVE STAR Real Estate Agents includes the real estate agents, of those evaluated, in the local market that scored highest in overall satisfaction; representing less than 7% of the real estate agents in the local market. See the Research Methodology Summary for more information on the research process.

Bridget is also a winner of The Cascade Team Real Estate's Highest Designation. The SOS (Simply Outrageous Service) award.

Snoqualmie Ridge Home for Sale

2010-12-11T06:45:00.000-08:00

Offered at $515,000 7251fairwayavese.TheCascadeTeam.info

Beautiful five bedroom home in the heart of Snoqualmie Ridge! Gorgeous slate entryway leads to the office, formal living and dining rooms. The kitchen is remodeled with an extended slab granite island, stainless steel appliances, tile backsplash, eat-in nook, and opens up to the family room with new hardwood floors. Upstairs you will find a large bonus room and the bedrooms, all with new carpet. The Master Suite is large with a remodeled bathroom that is top notch! This home is meticulously maintained and has a professionally landscaped, fully fenced in corner-lot yard. The garage has three full bays, with room for storage and additional attic storage that will please any home owner. Buyers will love the easy location, just miinutes away from the retail center and parks!

Danielle Koval
Melissa Hughs Wilson

Office: 425.396.4569
Mobile: 206.999.0890
cary@thecascadeteam.com
www.danielleandmelissa.com

Broker

5 Predictions for 2011

2010-12-10T13:56:00.000-08:00

Freddie Mac analysts point to five features that they believe will likely characterize the 2011 housing and mortgage markets:

1. Low mortgage rates. With Fed observers expecting the central bank to keep the federal funds rate at its current target range of 0 percent to 0.25 percent for most (or all) of 2011, relatively low mortgage rates will be a feature of the 2011 mortgage market. Thirty-year fixed-rate loans are likely to remain below 5 percent throughout the year, and initial rates of 5/1 hybrid adjustable-rate mortgages will likely remain below 4 percent in 2011.

2. Prices have hit bottom. House prices are likely to begin a gradual, but sustained recovery in the second half of 2011.

3. Housing will remain affordable. With affordability high, many first-time buyers will be attracted to the housing market in the New Year, likely translating into more home sales in 2011 than in 2010.

4. Refinances will dwindle. Many eligible borrowers have already refinanced and the federal Making Home Affordable refinance program is expiring on June 30. While fixed-rate loans are likely to remain low, they will move up gradually, making it even less likely that refinances will be attractive to most home owners.

5. Delinquency rates will decline. Based on the last several business cycles, the share of loans that are 90 or more days delinquent or in foreclosure proceedings — known as the "seriously delinquent rate" — generally crests within a year of the start of the recovery in payroll employment, and this economic recovery appears to fit within that pattern. Payrolls began to rise last January, and by the spring the seriously delinquent rate had begun to fall.

Source: Freddie Mac (12/09/2010)

Mortgage rates hit 4.61 pct

2010-12-09T10:43:00.000-08:00

The time to buy is now! Home prices have dropped by nearly 30% to at or near 2003 levels and rates are still historically low..... BUT CLIMBING!

By JANNA HERRON, AP Real Estate Writer Janna Herron, Ap Real Estate Writer –

NEW YORK – Rates on fixed mortgages rose for the fourth straight week this week. The surge could slow refinancings and further hamper the housing market.

Freddie Mac said Thursday that the average rates on 15- and 30-year fixed loans increased sharply from last week. Mortgage rates tend to track the yields on 10-year Treasury bonds. Those yields have been rising as investors anticipate Congress will extend the Bush-era tax cuts for two years and long-term unemployment benefits for 13 months.

The 30-year rate rose to 4.61 percent from 4.46 percent last week. That is well above the 4.17 percent rate hit a month ago — the lowest level on records dating back to 1971.

The average rate on a 15-year fixed loan, a popular refinance option, rose to 3.96 percent. Rates hit 3.57 percent last month — the lowest level since 1991.

Rates are rising after plummeting for seven months. Investors are selling Treasury bonds in anticipation of the tax deal President Barack Obama and Republicans forged that could boost the economy next year if passed. A stronger economy would make the stock market a more attractive place to invest money. That's a big reason why many investors are selling their safer Treasurys bonds.

The sell-off is adding more Treasury bonds to market, which depresses prices and raises yields. Prices and yields move in opposite directions.

Rising mortgage rates are chilling the market for refinancing, especially among those who were seeing rates fall a few weeks ago and thought they might get a better deal. Refinance activity fell for the fourth straight week last week, according to the Mortgage Bankers Association.

"Our business has been cut by 30 percent in four weeks," said Michael Moskowitz, president of Equity Now, a direct mortgage lender in New York.

Low mortgage rates did little to boost the struggling housing market. However, the increase in rates may have convinced some homebuyers who were waffling to go ahead and make a move. Applications for home purchases rose for the third consecutive week and are at their highest point since the beginning of May. Mortgage brokers and real estate agents agree that a sustained rise in mortgage rates eventually will sideline potential buyers who started to think of historically low rates as a given.

"It's all about negative psychology," said Julie Longtin, a real estate agent with RE/MAX Cityside in Providence, R.I. "Already my buyers are thinking about withdrawing until rates dip again."

That would weigh on home prices, which have started to fall again. The ranks of homeowners who owe more than their homes are worth would grow and more won't be able to refinance to shore up their finances. Americans, feeling less wealthy, could hunker down again and curb their spending. That would slow economic growth.

"If rates stay south of 5 percent, I don't think we go back into a tailspin," said Mark Zandi, chief economist at Moody's Analytics. "Above 5 percent, it gets dicey for housing and the economy."

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.

Rates on five-year adjustable-rate mortgages averaged 3.60 percent, up from 3.49 percent. The five-year hit 3.25 percent last month, the lowest rate on records dating back to January 2005.

Rates on one-year adjustable-rate home loans slipped to 3.27 percent from 3.25 percent.

The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount.

The average fee for 30-year and 15-year mortgages in Freddie Mac's survey was 0.7 point. It was 0.6 point for five-year and one-year mortgages.

Richmond Beach Rambler

2010-12-07T15:57:00.000-08:00

Offered at $475,000 1825nw198thst.TheCascadeTeam.info

Richmond Beach daylight rambler. Kitchen with stainless Jenn-aire cooktop and double oven, granite and butcher block countertops. Dining room, living room with fireplace. Master, 2 bedrooms and full bath on main floor, 4th bedroom and full bath on lower level. Den/office, access to backyard and entrance from garage on lower level.

A Positive Surprise for Wa Home Sales!

2010-12-07T07:02:00.000-08:00

KIRKLAND, Wash. (Dec. 6, 2010) – Northwest Multiple Listing Service members recorded a few pleasant surprises last month. Pending sales during November outgained the same month a year ago, marking the first year-over-year increase since April, when the tax credits expired.

Also noted as encouraging were an upswing in relocation sales, shrinkage in the number of new listings added to inventory, and a year-to-date volume of closed sales that is outpacing 2009.

Northwest MLS director OB Jacobi described last month’s gain in the number of transactions written as “surprising.” “That’s surprising, since November is typically one of the slowest sales months of the year, and this year we essentially lost a week to poor weather conditions.” Jacobi, the general manager at Windermere Real Estate Company, also reported increased activity at open houses last month.
Jacobi suggested the increase in sales was due in part to an uptick in interest rates that motivated some buyers to move forward, combined with a desire for people to be in their new homes before the holidays.

Members of NWMLS, which covers 21 counties in Washington, reported 4,987 pending sales of single family homes and condominiums during November. That volume of mutually accepted offers was up about 2 percent from twelve months ago, when brokers logged 4,888 pending sales.

In the four-county Puget Sound region, pending sales rose more than 2.8 percent, from 3,829 a year ago to last month’s total of 3,938. That’s the highest November volume since 2006.

“We're seeing an upswing in relocation sales after a long lull, which indicates a positive sign in terms of local hiring,” Jacobi remarked, adding, “Employers traditionally want new hires in place by the first of the year, so sales are happening now.”

House-hunters have ample choices in most price ranges, with inventory currently priced from $15,000 for a manufactured home in Shelton (Mason County) to a $28.8 million home on Mercer Island.

Inventory is up slightly (1.6 percent) from twelve months ago, but fewer new listings were added during November compared to a year ago. At month end, NWMLS tallied 36,835 active listings of single family homes and condominiums in its database, which compares to the year-ago total of 36,266 listings.

Members reported 6,340 new listings during November, about 6.8 percent fewer than a year ago when they added 6,801 residential properties. Last month’s additions included 5,401 single family homes and 939 condominiums.

The shrinkage in new listings coming onto the market is lowering the month’s supply of inventory in those areas, noted J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. Area-wide, there is about a 7.3 month supply at the current sales pace. King County has about a 5.7 month supply. The National Association of Realtors (NAR) reported a 10.5 month supply at the end of October. (A market with a supply of approximately six months is considered balanced, favoring neither buyers nor sellers.)

With inventory plentiful, brokers say buyers are taking their time before making any decisions.

“Move-up buyers are moving into the market,” Jacobi said, but noted, “They know value and have the luxury of time. Buyers are willing to wait for the right home at the right price, and then they jump on it. A few years ago, the hares were driving the market. Now it's the tortoises. Today's buyer's motto seems to be: Slow and steady wins the race.”

Commenting on move-up buyers, Lennox Scott noted an increase in home sales last month in the mid-price ranges in both Seattle and the Eastside.

Prices on sales that closed last month dipped below year-ago totals. The median price area-wide for November’s closed sales of single family homes and condominiums was $250,000, down about 5.7 percent from the year-ago figure of $265,000.

In King County, prices edged up slightly, from $337,000 to $340,000. Clallam, Grant, Jefferson, Okanogan, San Juan, Skagit and Whatcom counties also reported year-over-year price gains.

Condominium prices continue to slump. The median price for last month’s closed sales was $204,500, down more than 11 percent from twelve months ago when the median price was $229,950.

Through eleven months, the volume of closed sales for 2010 is slightly ahead of 2009 (up 1.2 percent).

Tight credit continues to worry brokers, despite favorable affordability conditions.
“Everyone is wondering how long interest rates are going to remain low, but that's impossible to predict with certainty,” observed Lennox Scott. “At the moment at least, they're at near-historic lows, but every one percent increase in interest rates reduces buying power by 10 percent. And this can have a significant impact on a person's ability to buy a home,” he stated.

NAR’s chief economist, Lawrence Yun, expects the recent sales pattern to continue. In remarks accompanying NAR’s latest report on the housing market, he described it as experiencing an uneven recovery. The temporary foreclosure stoppage in some states is likely to have held back a number of completed sales, he noted. “Still,” he said, “Sales activity is clearly off the bottom and is attempting to settle into normal sustainable levels.”

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes more than 24,000 brokers and agents. The organization, based in Kirkland, currently serves 21 counties in Western and Central Washington.

A Tale of Two Houses

2010-12-06T10:13:00.001-08:00

House #1
A 20 room mansion (not including 8 bathrooms) heated by natural gas. Add on a pool (and a pool house) and a separate guest house, all heated by gas. In one month this residence consumes more energy than the average American household does in a year. The average bill for electricity and natural gas runs over $2400 per month. In natural gas alone, this property consumes more than 20 times the national average for an American home. This house is not situated in a Northern or Midwestern 'snow belt' area. It's in the South.

House #2
Designed by an architecture professor at a leading national university. This house incorporates every 'green' feature current home construction can provide. The house is 4,000 square feet (4 bedrooms) and is nestled on a high prairie in the American southwest. A central closet in the house holds geothermal heat-pumps drawing ground water through pipes sunk 300 feet into the ground.

The water (usually 67 degrees F) heats the house in the winter and cools it in the summer. The system uses no fossil fuels such as oil or natural gas and it consumes one-quarter electricity required for a conventional heating/cooling system. Rainwater from the roof is collected and funneled into a 25,000 gallon underground cistern. Wastewater from showers, sinks and toilets goes into underground purifying tanks and then into the cistern. The collected water then irrigates the land surrounding the house. Surrounding flowers and shrubs native to the area enable the property to blend into the surrounding rural landscape.

HOUSE #1 is outside of Nashville , Tennessee ; it is the home of the 'Environmentalist' Al Gore.

HOUSE #2 is on a ranch near Crawford , Texas ; it is the residence of the ex-President of the United States , George W. Bush.

Now THAT is the definition of an "inconvenient truth"!!

Verify at: http://www.snopes.com/politics/bush/house.asp

Federal Fair Housing "Bad" word list

2010-12-05T08:11:00.000-08:00

The Federal Fair Housing Act describes these words as discriminatory. In addition there are often State, County, and City ordinances that further expand on this list. As a rule when marketing homes however......

DO NOT USE THESE WORDS!

Able Bodied
Adult
African
Age
Agile
AIDS
Alcoholic
American
Ancestry
Arab
Asian
Bachelor
Black
Blind
Board Approval
Boy
Buddhist
Catholic
Caucasian
Chicana
Chicano
Child
Chinese
Christian
Church
Citizen
Colored
Congregation
Couple
Cripple
Deaf
Disability
Disabled
Drinkers
Elderly
Employed
Empty Nesters
English
Ethnic
Exclusive
Executive (such as "large executive house"
Families
Family
Female
Filipino
Filippino
Foreign
Gay
Gender
GentlemanGirl
Golden Age
Grandmas House
Guy
Handicap ("not suitable for")
Healthy
Heterosexual
Hindu
Hispanic
HIV
Homosexual
Hungarian
Immigrant
Impaired
Independent Living
Indian
Integrated
Interracial
Irish
Italian
Jew
Job References
Kid
Lady
Latina
Latino
Lesbian
Male
Man
Marital Status
Married
Mature
Membership Approval
Men
Mentally
Mexican
Migrant
Minority
Mormon
Mosque
Muslim
Nationality
Negro
Newlyweds
No Children
No Play Area
Older Person
One Person
Oriental
Parish
Perfect for Two
Philipino
Philippino
Physically Fit (ideal for)
Polish
Prestigious
Private Community ("private community"-No; "private drive"-OK)
Professional
Protestant
Public Assistance
Puerto Rican
Race
Religion
Religious Landmarks(like near St. Mark's)
Restricted
Restriction
Retarded
Retired
Retirees
Saint
Seasonal Worker
Section 8
Senior
Sexual
Shrine
Single
Smoker
Social Security
Spanish
Straight
Student
Synagogue
Temple
Traditional
Two People
Unemployed
Walking (As in "Walking distance to school" This is discriminatory to handucapped individuals)
Wheelchair
White
Woman
Women
Working
Young
Youth

Fed Releases Updated Appraisal Guidelines

2010-12-04T08:21:00.001-08:00

The Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp., the Office of Thrift Supervision and the National Credit Union Administration jointly on Thursday released the latest and what is expected to be final version of property appraisal guidelines.

The new guidelines set a standard for appraisal independence. Lenders can exchange information with appraisers, but they cannot "directly or indirectly coerce, influence, or otherwise encourage an appraiser or a person who performs an evaluation to misstate or misrepresent the value of the property."

Among other rules:

· Banks cannot tell the appraiser of any expected or qualifying estimate of value.
· Banks cannot specify a minimum value requirement for the property that is needed to approve the loan or as a condition of ordering the valuation.
· Banks cannot tie an appraiser's compensation to loan approval.
· Banks can’t blacklist an appraiser if his valuations fail to meet expected thresholds.

The agencies also clarified that broker price opinions (BPOs) don’t comply with the minimum appraisal standards.

Source: Housing Wire, Jon Prior (12/02/2010)

Green homes: Truth and Fiction

2010-12-03T12:55:00.000-08:00

Mary Ellen Podmolik
Local Scene

The idea of putting green features into a home sounds well and good, but, like other investments, homeowners want to know they're getting at least some of their investment back at resale, and buyers want to know exactly what they're getting.

Both continue to be a tricky issues when it comes to marketing a green home and placing a value on it, particularly at a time when the nearest comparable sale may be a foreclosure down the street.

"Greenwashing" has landed in the housing market, and it's proving to be a pesky nuisance that requires housing market professionals to become sleuths, as evidenced by complaints from real estate agents and builders from throughout the country who attended Greenbuild, a national conference on sustainable building practices held last month in Chicago.

Here's just one inkling of the fact versus fiction: Real estate agents have seen evidence of firms offering fake Energy Star plaques that people can affix to their homes' exterior, said Al Medina, a Chicago real estate agent and director of the National Association of Realtors' green designation.

The National Association of Realtors likes the idea of highlighting a home's environmentally friendly features in its listing but wants to ensure everything's on the up and up.

In a national survey, 240 of 629 multiple listing services said they have implemented or are in the process of inserting some green fields into their listing forms. But making sure those fields are filled out accurately is largely a matter of self-policing.

More than 70 percent of the listings in Arizona Regional Multiple Listing Service Inc., for instance, have at least one green field checked, but what does green mean? "A ceiling fan qualifies as a green feature, and in Arizona there isn't a home that doesn't have a fan," said Chief Executive Bob Bemis.

More than a year ago, the multiple listing service for the Chicago area, Midwest Real Estate Data LLC, added a green disclosure by the seller as one of the options in its listing.

Why are some in the field pushing for green listings? Because they pay off. In Portland, Ore., the price premium for a certified green home was 18 percent in 2009-2010. In Atlanta, certified green homes this year are selling 14 days faster than conventional homes.

Valuing those homes at appraisal continues to be an issue as well.

While the number of appraisers trained in placing a monetary value on green improvements continues to grow, experts say it falls on homeowners and real estate agents to ensure they've got the right appraiser for the job. The key is to be an active participant in the appraisal process from the get-go, rather than fight the results after the fact.

Homeowners are recommended to keep a running file at their home, defining every project undertaken to make the home more green. When it comes time to have a property appraised, homeowners should ask the appraiser if he or she has green training. If not, request a different appraiser.

Then show the appraiser all the documentation on the home and its environmental attributes, including its home energy rating and inspection documentation. For new construction, include the building plans, specifications and the cost breakdown between a house built to standard code and a house built to certified green specifications, said Sandra Adomatis, a Punta Gorda, Fla.-based appraiser.

"We can't (just) say it's a better-built home," Adomatis said. "The lender says 'Why?' You can argue with the appraiser all day long, but you can't argue with the facts."

Sarah Coulter, head of @Properties' green division, said she finds herself talking up green features of a home to appraisers, with the documentation to prove her words, and most of the time they welcome her assistance. But it doesn't always translate into immediate dollars and cents.

"I think it is increasing value but not by a specific calculation," Coulter said. "It's adding to the marketability. More and more consumers are interested in hearing more about what features are in the home to get them on that (green) path."

Home for Sale Preston, WA

2010-12-02T14:56:00.001-08:00

Offered at $325,000 8612308thavese.TheCascadeTeam.info

Location, Location, Location! Rare rambler by Preston Park Fields. Well maintained, move in ready 1800sf home on 1/3 acre in exceptional, convenient location. Kitchen w/WIP, conv oven, d/w, range & fridge. Bath off master, hardwoods under carpet, fireplace, bonus rms & metal roof. Large, level dbl lot. Huge detached garage/shop + shed. Hm warranty. Priced based on recent appraisal. Walk to Preston Trail or Preston Park. 1 mile to I-90, less than 20 miles to Seattle! Use Issaquah, 98027 for GPS

Tonya Eliason

Office: 425.396.4569
Mobile: 425.831.5721
info@thecascadeteam.com
www.tonyaeliason.com

Broker

Protect Home Ownership. Defend MID

2010-12-02T09:45:00.000-08:00

The Mortgage Interest Deduction (MID) is vital to both home ownership and our economy.

I'm disappointed that anyone in Congress — or on a Presidential Commission — would even suggest limits to the Mortgage Interest Deduction. Mortgage interest has been deductible for nearly 100 years, and the proposed changes will affect all 75 million home owners in the United States. We must act now to make sure the MID is not changed.

Ever since the Deficit Commission announced its conclusions, the news media have been buzzing about the report. And what do they emphasize? Proposals to limit or even eliminate the Mortgage Interest Deduction. I'm concerned because all this does is scare the public — and potential buyers — away from the housing market. The last thing the housing industry needs right now (and for the foreseeable future) is another bucket of ice water to be thrown on the market. People who hear these news reports don't differentiate between a proposal and a done deal. They just know that a tax provision they actually understand and rely on is under siege.

This is just unacceptable.

Home for Sale - Issaquah Highlands

2010-12-01T16:16:00.001-08:00

Offered at $440,000 2542longmirecourtne.TheCascadeTeam.info

Beautiful Burnstead home ideally located on a quiet cul-de-sac backing to lush greenbelt! Chef's kitchen with tiled counters, breakfast bar, gas cooktop and high quality stainless appliances. Spacious family room with gas fireplace. Master retreat with sitting area and sumptuous 5 piece bath with tile floor and walk-in closet. Gleaming hardwoods, white millwork and coffered ceilings. Upstairs laundry. Private yard with patio.

Matt Jensen

Office: 206.909.8200
Mobile: 206.909.8200
info@thecascadeteam.com
www.mattjensenre.com

PREPARING FOR WINTER STORMS

2010-11-30T14:34:00.000-08:00

Before winter storms and extreme cold...

Add the following supplies to your disaster supplies kit:
* Rock salt to melt ice on walkways
* Sand to improve traction
* Snow shovels and other snow removal equipment.
Prepare your home and family
* Prepare for possible isolation in your home by having sufficient heating fuel; regular fuel sources may be cut off. For example, store a good supply of dry, seasoned wood for your fireplace or wood-burning stove.
* Winterize your home to extend the life of your fuel supply by insulating walls and attics, caulking and weather-stripping doors and windows, and installing storm windows or covering windows with plastic.
* Winterize your house, barn, shed or any other structure that may provide shelter for your family, neighbors, livestock or equipment. Clear rain gutters; repair roof leaks and cut away tree branches that could fall on a house or other structure during a storm.
* Insulate pipes with insulation or newspapers and plastic and allow faucets to drip a little during cold weather to avoid freezing.
* Keep fire extinguishers on hand, and make sure everyone in your house knows how to use them. House fires pose an additional risk, as more people turn to alternate heating sources without taking the necessary safety precautions.
* Learn how to shut off water valves (in case a pipe bursts).
* Know ahead of time what you should do to help elderly or disabled friends, neighbors or employees.
* Hire a contractor to check the structural ability of the roof to sustain unusually heavy weight from the accumulation of snow - or water, if drains on flat roofs do not work.

Lifestyle Search About to Launch

2010-11-30T13:35:00.001-08:00

Lifestyle searches are expected to soon become one of the hottest trends in real estate.

At least four search companies are about to debut lifestyle search capabilities, according to a report from consulting firm WAV Group. The leading innovator is Onboard Informatics, which is working with EXIT Realty Corp., as well as Sunnyvale, Calif.-based MLSListings Inc. and the New York Daily News. Onboard users will be able to tap into a database that provides information about 75,000 neighborhoods and includes school ratings, population demographics, ratings, and reviews.

Competitors in the space include Home Junction Inc., which is launching what it calls Spatial Match, allowing home shoppers to overlay their own interests with area information. eNeighborhoods allows real estate practitioners and multiple listing services to display demographic information via map overlays. NabeWise invites real estate practitioners to provide content that helps consumers find neighborhoods that reflect their special interests.

A "Tiny" House Boom!

2010-11-29T06:52:00.001-08:00

See The Video HERE:

By TERENCE CHEA, Associated Press Terence Chea, Associated Press – Mon Nov 29, GRATON, Calif. –

As Americans downsize in the aftermath of a colossal real estate bust, at least one tiny corner of the housing market appears to be thriving.

To save money or simplify their lives, a small but growing number of Americans are buying or building homes that could fit inside many people's living rooms, according to entrepreneurs in the small house industry.

Some put these wheeled homes in their backyards to use as offices, studios or extra bedrooms. Others use them as mobile vacation homes they can park in the woods. But the most intrepid of the tiny house owners live in them full-time, paring down their possessions and often living off the grid.

"It's very un-American in the sense that living small means consuming less," said Jay Shafer, 46, co-founder of the Small House Society, sitting on the porch of his wooden cabin in California wine country. "Living in a small house like this really entails knowing what you need to be happy and getting rid of everything else."

Shafer, author of "The Small House Book," built the 89-square-foot house himself a decade ago and lived in it full-time until his son was born last year. Inside a space the size of an ice cream truck, he has a kitchen with gas stove and sink, bathroom with shower, two-seater porch, bedroom loft and a "great room" where he can work and entertain — as long as he doesn't invite more than a couple guests.

He and his family now live in relatively sprawling 500-square foot home next to the tiny one.

Shafer, co-owner of the Tumbleweed Tiny House Company, designs and builds miniature homes with a minimalist style that prizes quality over quantity and makes sure no cubic inch goes to waste. Most can be hooked up to public utilities. The houses, which pack a range of amenities in spaces smaller than some people's closets, are sold for $40,000 to $50,000 ready-made, but cost half as much if you build it yourself.

Tumbleweed's business has grown significantly since the housing crisis began, Shafer said. He now sells about 50 blueprints, which cost $400 to $1,000 each, a year, up from 10 five years ago. The eight workshops he teaches around the country each year attract 40 participants on average, he said.

"People's reasons for living small vary a lot, but there seems to be a common thread of sustainability," Shafer said. "A lot people don't want to use many more resources or put out more emissions than they have to."

Compared to trailers, these little houses are built with higher-quality materials, better insulation and eye-catching design. But they still have wheels that make them portable — and allow owners to get around housing regulations for stationary homes.

Since the housing crisis and recession began, interest in tiny homes has grown dramatically among young people and retiring Baby Boomers, said Kent Griswold, who runs the Tiny House Blog, which attracts 5,000 to 7,000 visitors a day.

"In the last couple years, the idea's really taken off," Griswold said. "There's been a huge interest in people downsizing and there are a lot of young people who don't want to be tied down with a huge mortgage and want to build their own space."

Gregory Johnson, who co-founded the Small House Society with Schafer, said the online community now has about 1,800 subscribers, up from about 300 five years ago. Most of them live in their small houses full-time and swap tips on living simple and small.

Johnson, 46, who works as a computer consultant at the University of Iowa, said dozens of companies specializing small houses have popped up around the country over the past few years.

Before he got married, Johnson lived for six years in a small cabin he built himself and he wrote a book called "Put Your Life on a Diet: Lessons Learned from Living in 140 Square Feet."

"You start to peel away the things that are unnecessary," said Johnson, who now lives in a studio apartment with his wife. "It helps you define your priorities with regard to your material things."

Northern California's Sonoma County has become a mini-mecca for the tiny house industry, with an assortment of new businesses launching over the last few years.

Stephen Marshall, 63, worked as a building contractor for three decades before the real estate market tanked three years ago. That's when he jumped into the tiny house business, starting Petaluma-based Little House On The Trailer.

His company builds and sells small houses that can serve as stand-alone homes equipped with bathrooms and kitchens, and others he calls "A Room of One's Own" that can be used as a home office or extra bedroom. Many of his customers are looking for extra space to accommodate an aging parent or adult children who are returning home, he said.

He said his small houses, which sell for $20,000 to $50,000, are much cheaper than building a home addition and can be resold when the extra space is no longer needed. His company has sold 16 houses this year and aims to sell 20 next year.

"The business is growing as the public becomes aware of this possibility," Marshall said. "A lot of families are moving in with one another. A lot of young people can't afford to move out. There's just a lot of economic pressure to find an alternative way to provide for people's housing needs."

Snoqualmie Holiday Tree Lighting

2010-11-28T12:09:00.000-08:00

Friends,

The Cascade Team annual Holiday Tree Lighting will be on Thursday, December 2nd this year located at the Railroad Park Pavilion in downtown Snoqualmie.

This is a great Holiday event for all ages and benefits Encompass NW who helps families throughout the Snoqualmie Valley (Snoqualmie, North Bend, Carnation, Fall City, Duvall, and Preston)

We hope that you can join us for this Family event. It’s a lot of fun for kids of all ages. Everyone will get to ride the Horse Drawn carriage & sing songs (The carriage hold between 16 and 20 adults at a time), there are free cookies and cider/ hot coco. Santa will also be there and even live carolers singing Holiday favorites.

Free Santa Photos with the kids provided by The Cascade Team for Holiday cards!

Please feel free to forward this out to everyone you know, post it on Facebook and whatever.

There is a link on the website provided below detailing needed donations.

Thank you and Happy Holidays!

Click HERE for more info:

New Lending Guidelines From Fannie Mae

2010-11-23T10:24:00.001-08:00

By LYNNLEY BROWNING
NEW lending guidelines being rolled out by Fannie Mae will make securing a mortgage a lot easier for some borrowers but harder for others.
The rules, effective on Dec. 13, will allow buyers to use gifts and grants from nonprofit groups for their minimum 5 percent down payment, which is the threshold set by Fannie Mae, the government-owned company that sets lending standards and buys mortgages from lenders. (Freddie Mac is considering similar new guidelines, said Brad German, a spokesman.)

Previously, borrowers had to contribute a minimum 5 percent down payment from their own funds, but additional down payment money could be from a gift (though never from a home seller). The exception was for borrowers who put 20 percent down: all that money could come as a gift.

Because many lenders now require a down payment of 10 percent or more, the new rules mean that borrowers will still have to come up with extra funds — either their own or gifts.
Still, “this is definitely going to help upgrade buyers and young couples who for whatever reason don’t have enough money and are getting some from their families,” said Edward Ades, the owner of Universal Mortgage, a broker in Brooklyn.

The gift rules apply only to single-family principal residences, including town houses, co-ops and condominiums, and covers mortgage amounts in excess of 80 percent of the property’s value. Also, there is a limit on the loan balance — $729,000 in high-cost areas like New York City, and $417,000 in other areas.

Now, the not-so-good news.

Fannie Mae is getting tougher on debt-to-income ratios, or the amount of a borrower’s gross monthly income that goes toward paying off all debts. The maximum ratio for those seeking a conventional mortgage will drop to 45 percent from 55 percent under the new guidelines.

The agency is also taking a harder look at payment histories on revolving debt. In the past, if a borrower missed a monthly payment, Fannie Mae ignored it, or required that lenders add a few percentage points to the total balance when calculating the debt-to-income ratio. Now, buyers who have missed a payment will have 5 percent of the total balance added to their ratios.
Mr. Ades said that new hurdle could sink many potential borrowers with student-loan debt that has been deferred.

Susan A. Kreyer, the president of the New York Association of Mortgage Brokers, added that buyers who had bought big-ticket items through financing with delayed payments would also be affected.

In addition, Fannie Mae is scrutinizing people who are at the end of their mortgages, with 10 or fewer payments left. It will now count those remaining balances in the debt-to-income ratios — another departure. Mortgage experts say that older buyers near the end of their loans may now have a tougher time securing a loan for a second home.

But perhaps the toughest news from Fannie Mae concerns borrowers who have gone through foreclosure. They will be excluded from obtaining a Fannie-backed loan for seven years, up from four. “That’s a long time in this economy,” Ms. Kreyer said. That change was announced separately from the gift and debt rules, but will also take effect in Fannie Mae’s automated underwriting systems next month.

Fannie Mae buys or guarantees around $3.2 trillion in residential loans, about 28 percent of the entire residential mortgage market in the United States. Lenders typically issue loans based on the agency’s guidelines.

Buyers who do not meet the new Fannie Mae requirements may have to consider a nonconforming loan from the Federal Housing Administration. These loans, which do not follow Fannie Mae underwriting guidelines, require mortgage insurance premiums and, for those with low credit scores, higher interest rates and steeper down-payment requirements.

A version of this article appeared in print on November 21, 2010, on page RE6 of the New York edition

Should credit-score firm revise policy?

2010-11-22T09:49:00.000-08:00

By KENNETH R. HARNEY
WASHINGTON POST WRITERS GROUP

WASHINGTON — Here’s a homeowner credit torture scenario that has a major real estate lobby on Capitol Hill demanding immediate reforms.

Say a homeowner has a solid payment record on just about all his accounts. The last time he checked, his credit scores were comfortably in the 750s.

Suddenly he receives a notice from the bank that because of “market conditions,” the equity line limit has been cut to $35,000 — slightly above the $30,000 balance outstanding — from $60,000. Then one of his credit-card issuers delivers more bad news: The $20,000 limit has been reduced to $10,000. The balance on the card is about $9,000.

The cuts could send the homeowner’s credit scores plunging into the upper 600s. This in turn could put him out of reach for a refinancing at a favorable interest rate or hamper his ability to buy a house and sell his current one.

The reason for the score plunge: With the reductions in credit limits, the homeowner is is using a higher percentage of credit — $30,000 of the $35,000 revised limit (86 percent) on his home equity line, and $9,000 of the $10,000 limit (90 percent) on the card. Scoring models typically penalize high use rates because they correlate with delinquency problems.

The largest lobby group on Capitol Hill, the 1.1 million-member National Association of Realtors, is demanding that the creator of the FICO score that dominates the mortgage market — Fair Isaac Corp. — act immediately to lessen the negative impacts when banks abruptly cancel or slash nondelinquent customers’ credit lines.

The group wants FICO either to ignore the use rate for consumers with solid histories of on-time payments or to compute the score as if the credit maximum had not been reduced.

Asked for a response, Joanne Gaskin, Fair Isaac’s director of mortgage scoring solutions, said research conducted by the company last year found that consumers who use 70 percent of their available credit “have a future bad rate 20 to 50 times greater than consumers with lower utilizations.” Ignoring this key indicator, the study said, would “decrease [the score’s] predictive power.”

The National Association of Realtors has also asked Fair Isaac to help out with the nationwide foreclosure crisis by revising its model to recognize lender codings on credit file accounts indicating that homeowners had received loan modifications approved under federally backed programs.

Rather than treating borrowers’ reduced post-modification payments as ongoing evidence that the mortgage was “not paid as originally agreed” — which depresses scores sharply — the association said FICO scores should reflect that the lender agreed to lower payments and borrowers are making payments “as agreed.”

Mortgage Rates Back on the Rise

2010-11-22T09:41:00.001-08:00

Rates for 30-year fixed mortgages rose to 4.39 percent this week from 4.17 percent a week ago, and average interest on 15-year loans moved to 3.76 percent from 3.57 percent, said Freddie Mac.

Interest for five-year adjustable-rate mortgages jumped to 3.4 percent from 3.25 percent, meanwhile, and one-year ARMs held at 3.26 percent. Rates have climbed along with long-term Treasury yields as traders unloaded Treasurys purchased before the Federal Reserve announced a $600 billion bond purchase program.

Source: Chicago Sun-Times (11/19/10)

Sunday Real Estate Funny

2010-11-21T08:22:00.001-08:00

Credit Score Requirements Stifling Borrowers

2010-11-18T14:50:00.001-08:00

Despite record-low interest rates, an increasing number of Americans can’t afford to buy a house.

The nation’s two largest mortgage lenders, Wells Fargo & Co. and Bank of America Corp., have raised the minimum required credit score on FHA-insured loans to 640 from 620.

Requiring a 640 credit score excludes about 15 percent of FHA borrowers, FHA commissioner David Stevens said.

Such a high limit will further delay a recovery in the real estate market, says Ron Phipps, president of the National Association of REALTORS®.

Source: Bloomberg, Jody Shenn and John Gittelsohn (11/17/2010)

New Listing - Issaquah Highlands

2010-11-17T08:30:00.001-08:00

Offered at $162,500 188025thavenuenen212.TheCascadeTeam.info

SHORT SALE APPROVED Courtyard side Starpoint condo in the heart of Issaquah Highlands. Beautiful laminate hardwood entry to generous sized kitchen with gas range, classy dining room and wonderful living room with gas fireplace. Enormous master bedroom and bathroom. Remarkable back patio area adjacent to lush Starpoint courtyard. Washer and Dryer included plus assigned storage space in garage. Issaquah Highland is an award winning community w/ 17 parks, lots of planned retail fast I-90 access.

Matt Jensen

Office: 206.909.8200
Mobile: 206.909.8200
info@thecascadeteam.com
www.mattjensenre.com

7 Trends That Will Drive the Future of Housing

2010-11-16T12:14:00.000-08:00

Hanley-Wood's ProSalesOnline.com identifies seven trends that the magazine’s editors believe will have the biggest impact on housing in 2011.

1. Big builders are wringing the extras out of construction costs and dropping the national average cost-to-build 36 percent to $52 per square foot.

2. Starting in 2011, Energy Star will ramp up its efficient design and quality installation standards. To get Energy Star certification, builders will have to install the right insulation, HVAC systems, and other features related to energy efficiency correctly every time.

3. Sheds are the next evolution. As homes get smaller, a separate shed will become a popular home addition.

4. There are 81 million "Echo Boomers" who were born from 1981 to 1999, compared to just 78 million Baby Boomers born from 1946 to 1964. These children and grandchildren of Boomers will drive home-building for years.

5. By 2015, demographers say, more than two out of every five households occupied by Generation Y people born between 1981 and 1999 will be WINKs (women with incomes and no kids).

6. Make room for the "Sandwich Generation" – Baby Boomers living with both their kids and their parents. These families like having two master suites, a second cooking area, and lots of storage.

7. Baby Boomers want to keep working and continue to live where they have always lived. They want a first-floor master bedroom near the washer and dryer and lots of convenient storage.

Source: ProSalesOnline.com (October 2010)

Five More Foreclosure Myths - BUSTED!

2010-11-16T10:32:00.000-08:00

Four years into the housing crisis, myths about foreclosure still litter the minds of even the smartest of real estate consumers. When it comes to matters as high stakes as your home, confusion can cost you thousands - or even your home. Whether you’re a buyer looking at foreclosures, a homeowner struggling to keep your home or a seller concerned making sure your home can compete with the foreclosed homes on your block, these foreclosure myths are prime for the busting, with no further ado.

Myth #1: Foreclosure happens fast. With unemployment and underemployment still affecting nearly 1 in every 4 Americans, no one is immune from fears that a pink slip might quickly turn into a foreclosure notice. According to NeighborWorks America, nearly 60 percent of families seeking foreclosure counseling cited a lost job or cut wages as the reason they were facing foreclosure.

While the Obama Administration's Home Affordable Programs haven't been nearly as effective as predicted in actually preventing foreclosures, they have had the effect of extending the foreclosure process for many families. Even though the legal process of foreclosure can happen in as few as 6 months in most states, it is currently taking much longer for the average foreclosure to get to completion. Recently, JP Morgan Chase revealed that their average borrower who loses a home to foreclosure has not made any payments in 14 months nationwide; 22 months in FLorida and 26 months in New York.

To be sure, some see this as a good, others view it as unnecessarily dragging out the overall market's recovery. Many insiders will point out that these delays in foreclosure may be calculated to save the banks the costs of owning and maintaining foreclosed homes, not to help homeowners. In any event, the fact that foreclosure does not happen nearly as fast, in many cases, as expected does give families who are temporarily down on their luck some extra time to try to get back on their feet and save their homes.

Myth #2: Buyers can’t get clear title or title insurance on foreclosed homes. When the foreclosure robo-signing scandal first hit, there was widespread concern that buyers would not be able to get clear title on foreclosed homes, because the former foreclosed owners might be able to come get their homes back when the improprieties in the bank's foreclosure documentation processes came fully to light. At the same time, several of the country's largest title insurance companies publicly balked at issuing policies on bank-owned homes until the issue was resolved. At this point, the banks claim they have revamped their processes, and all banks have stated that they have found not a single borrower whose home was repossessed without them having missed the requisite number of mortgage payments. Nevertheless, a number of governmental investigations are still in progress.

The fact is, buyers of bank-owned properties in nearly every jurisdiction are protected from later title attacks by foreclosed homeowners by the bona fide purchaser rule, under which courts would prefer to simply award cash damages to be paid by the culpable bank to a wrongfully foreclosed-on homeowner, rather than reversing the sale or ownership to the new, innocent buyer. Additionally, the title insurers have now changed their tune and restarted issuing insurance policies on bank-owned homes which protect buyers' interests, after working with the banks for them to take responsibility in the event a former homeowner prevails in a wrongful foreclosure suit.

While there are still many intricacies of title to be resolved for foreclosure buyers who purchase homes at trustee sales and auctions, or for cash buyers who often went without title insurance in the past, on the average, Trulia-listed, bank-owned property purchased with an average mortgage and title insurance, the chances a buyer's title will later be successfully challenged by the foreclosed homeowner on the basis of robo-signing? Exceedingly slim.

Myth #3: Buyers should wait for the shadow inventory to be released. Many a buyer, discouraged with the homes they see on the the form in their price range, has decided to sit still and wait for the banks to release for sale what is called their "shadow inventory" - rumored to be anywhere from 4 to nearly 6 million homes that have already been foreclosed, but not listed for sale, or will be foreclosed in the near future. The fact is, to the extent that the banks have acknowledged the existence of a pool of homes they own but are not selling, they have expressed that their reasoning for holding the homes off the market is to avoid flooding the market and driving home values down any further. For that reason, buyers should not expect to see a massive influx of these shadow homes onto the market anytime soon - if ever.

The banks' current modus operandi is that as they sell a home, the replace it with another home in that market - if they sell 50 homes in a town that month, they'll put another 50 on the next. So, don't hold your breath waiting for a fabulous new flood of homes. Instead, set up a Trulia alert to notify you when homes that fit your search criteria come on the market, and be ready to call your agent and go visit any and every one that looks like it might be a good fit.

Myth #4: If you’re looking for a deal, you’re looking for a foreclosure. Despite what they may say, no buyer’s heart's fondest desire is to buy a foreclosure. But almost every buyer dreams of buying a great home - and getting a great deal on it. Many people think that to get a great value on their home on today's market, it means they must buy a foreclosure. As a result, the value and other advantages of buying an individually-owned home on today's market are frequently overlooked. Individual sellers with homes on the market right now are generally quite motivated, and understand that their homes are competing with discounted short sales and foreclosed homes. Many of these sellers are slashing prices in an effort to get them sold - the most recent Trulia Price Reduction Report revealed that 27 percent of homes on the market across the country have had at least one price reduction. Now that's what I call a sale!

Further, individual owners are often much more negotiable on a wide range of contract terms than a bank which owns a foreclosed home. You can work with non-bank owners on things like repairs, closing dates, choice of escrow provider, closing costs and even included personal property much more flexibly than you can when the bank is on the other side of the bargaining table. On top of that, many individually-owned homes are in pristine, move-in condition; that is much rarer with foreclosures. So, don't underestimate the value of the deal you might be able to get on a non-foreclosed home. Just get clear on what you can afford and look at all the homes that are available in that price range, without discriminating against non-foreclosures.

Myth #5: Having a foreclosure on your credit history means it'll take years and years before you can buy again. One of the most Frequently Asked Questions in the Trulia Voices Community by homeowners who are facing or have just lost a home through foreclosure is how long it will take before they'll be able to buy again. Until recently, the standard wisdom was that 5 years, minimum, would have to have elapsed between the foreclosure and the new home purchase. Now, though, borrowers can obtain an FHA loan with the low, 3.5 minimum down payment requirement as soon as 3 years following a foreclosure. To do so, though, all your other ducks must be in a row.

Post-foreclosure buyers need a credit score of 620-640 to qualify for an FHA loan; higher for a non-FHA loan - given that the foreclosure itself usually dings anywhere from 100-150 points off the credit score (not necessarily counting a full year or more of pre-foreclosure missed payments), former homeowners who want to buy again need to ensure they have no other late payments or credit dings after they lose thier home. You must have clean credit with no derogatory marks like late credit card payments following the foreclosure, and you may also be required to document 12 to 24 months straight of on-time rent payments after the foreclosure.

Further, the bank may impose a lower debt-to-income ratio on post-foreclosure borrowers than on borrowers who have not had a foreclosure, in an effort to keep your mortgage payments low, keep you from overextending yourself and boost the chances you'll be a successful homeowner over the long-term this time around. The bank will also need to see 2 years of continuous employment history in the same field, and documentation that you meet other loan qualification requirements.

By Tara-Nicholle Nelson Broker in San Francisco, CA

Lenders face lawmaker wrath over foreclosures

2010-11-15T10:17:00.000-08:00

WASHINGTON/CHARLOTTE, North Carolina (Reuters) – Banks under fire over their foreclosure practices face twin hearings in Congress this week, at which they will come under renewed pressure to find ways to keep borrowers in their homes.

The hearings on Tuesday and Thursday will include the first appearances by executives from major lenders like Bank of America and JPMorgan Chase since the furor over sloppy foreclosure paperwork erupted in September.

Banks are accused of having used "robo-signers" to sign hundreds of foreclosure documents a day, a fiasco that has reignited public anger with banks that received billions of dollars in taxpayer aid during the financial crisis.

Lenders will be pressed on whether the paperwork problems are further evidence that modifying loans is a better alternative to eviction.

"Foreclosure should be the last option and we need to examine barriers to mortgage modifications," Democratic Senator Tim Johnson, expected to lead the Banking Committee next year, said in an emailed response to Reuters.

Other witnesses at Tuesday's Senate Banking Committee hearing include Iowa Attorney General Tom Miller, who is leading a 50-state probe of foreclosure practices.

Miller's testimony will be closely watched. A settlement with lenders could include fines or commitments to loan modifications.

Bank of America and JPMorgan were among banks that temporarily suspended foreclosures pending internal reviews of their practices, but have since begun to resume sales of foreclosed properties.

Some lawmakers and consumer activists called in October for all lenders to institute a national moratorium on foreclosures, but they failed to gain traction due to fears it would further depress home sales and crimp economic growth.

Real estate data company RealtyTrac said the temporary suspensions by banks led to a 9 percent drop in U.S. foreclosures in October from the month prior.

Republican Representative Spencer Bachus, the front-runner to be chairman of the House Financial Services Committee next year, said the paperwork problems are "disturbing," but singled out federal regulators for criticism.

"It is disappointing that the regulators didn't catch this before the media since most of the problems in the contested foreclosure proceedings occurred at the nation's largest banks," Bachus told Reuters in an email.

The House panel's foreclosure hearing is set for Thursday.

COST TO BANKS

The mortgage paperwork mess threatens to eat into bank profits by delaying sales of bank-owned properties, drawing fines from regulators, and spawning lawsuits from both homeowners and investors in mortgage-backed securities.

Some industry analysts have said a bigger cost for banks stems from investor demands that they buy back billions of dollars of mortgage bonds because they misrepresented the quality of the underlying loans.

Georgetown University law professor Adam Levitin, a witness on Tuesday, sees a fundamental danger highlighted by the sloppy paperwork. He believes the mortgage industry has failed to properly track the ownership of loans, undermining the legal standing of mortgage-backed securities.

The U.S. government's Home Affordable Modification Program has had limited success and banks have been reluctant to reduce the principal owed, a step that can require approval by multiple investors, and causes banks and investors to take losses.

Nevertheless, some economists and housing experts believe the time has come for lenders and mortgage investors to accept reductions in the amounts they are owed.

"It just cannot be the case that foreclosure is preferable to modification -- including reductions of principal -- for a significant proportion of mortgages where the dead-weight costs of foreclosure, including a distressed sale discount, are so high," Federal Reserve Governor Daniel Tarullo said in a speech at George Washington University law school on Friday.

The Fed and other federal banking regulators are reviewing the processes large banks have in place for foreclosures.

Congress is currently led by the Democrats, but big losses at the November 2 elections mean Republicans will control the House next year while Democrats retain the Senate with a reduced majority.

That split in control could ensure legislative gridlock and minimize lawmakers' influence on the foreclosure issue.

"I have no hopes for this Congress whatsoever," said John Taylor, president of the National Community Reinvestment Coalition. Taylor said he is placing his hopes for a mortgage modification push in the state attorneys general.

(Reporting by Dave Clarke and Joe Rauch; Additional reporting by Kevin Gray in Miami and Dan Levine in San Francisco; Editing by Tim Dobbyn)

Sunday Real Estate Funny

2010-11-14T06:21:00.000-08:00

Now These are some funny real estate signs and homes! : )

Snoqualmie Pass Home for Sale!

2010-11-13T06:03:00.001-08:00

Offered at $399,000 Fantastic

Room to sleep 6 to 8 people. Comfortable, all season home. Comes with additional tax parcel that allows lots of turn around room and place to build your garage or outbuilding. 4 decks-at entrance, off dining/living area, master suite, and office/loft. Beautiful interior design with knotty pine finishing. Fully equipped kitchen with custom cabinetry. Spacious dining/ living area with mountain views. One bedroom and full bath on the main level, a bedroom suite with sitting area,luxurious bathroom, plus office/loft on the third level, and bedroom with 3/4 bath and sitting area on the lower level. Like new.

Ann Meisner

Office: 425.502.6404
Mobile: 206.953.9745
info@thecascadeteam.com
www.annmeisnerhomes.com

Welcome to The Cascade Team Krista Mehr

2010-11-12T11:37:00.000-08:00

We are very happy to welcome Krista Mehr to The Cascade Team Real Estate. Krista has been a licensed agent in Washington State for over seven years working for John L Scott. Krista also worked as a transaction coordinator for her fathers real estate business in Arizona for four years prior to that.

Krista's focus is going to be on Urban Condo Sales.

Contact information is:

krista@thecascadeteam.com
206-890-6347

Welcome to the Team!

Mortgage rates fall to fresh lows this week

2010-11-12T07:58:00.000-08:00

By JANNA HERRON, AP Real Estate Writer Janna Herron, Ap Real Estate Writer – Thu Nov 11, 3:28 pm ET
NEW YORK – The mortgage rate bar is even lower, but few homebuyers are making the jump.

Rates on fixed mortgages again fell to their lowest levels in decades this week, Freddie Mac said Thursday, after the Federal Reserve unveiled a massive bond-buying program to help spur economic growth.

That marked more than a half-year of record lows. But housing activity has still faltered.

"I have zero purchase deals," said Wisconsin mortgage broker John Stearns. "That's how it's been for months."

Stiff headwinds — unemployment, foreclosures and tight credit — are undermining attractive rates and forcing buyers to the sidelines.

Home sales logged their worst summer in decades, with third-quarter sales falling by 21 percent from a year ago, the National Association of Realtors said Thursday. Median home prices fell in half of U.S. cities in the July-to-September period, up from a third in the previous quarter.

And banks are on pace to take back more than 1 million homes this year, foreclosure listing firm RealtyTrac Inc. said Thursday. Recent investigations into faulty paperwork have postponed some foreclosure sales, resulting in a 9-percent drop in home repossessions in October from the previous month.

Major lenders temporarily halted some foreclosures while they reviewed their practices and attorney generals in all 50 states launched a joint investigation into the issue. But many have resumed or plan to resume foreclosures soon.

"While that put a pause in the foreclosure process, that doesn't do anything to help delinquencies," said LendingTree chief economist Cameron Findlay.

Economic woes, such as unemployment or reduced income, continue to be the main catalysts for foreclosures. Borrowers who owe more than their homes are worth are also at high risk and their numbers are rising.

Zillow Inc. said Wednesday that the number of mortgage holders who are "upside down" on their home loans rose in the third quarter to 23 percent. Homeowners with negative equity have a harder time refinancing even though rates are enticingly low.

The average rate on 15-year fixed loans, a popular choice for refinancing, fell to 3.57 percent from 3.63 percent, Freddie Mac said. That's the lowest since the survey began in 1991. The average rate for 30-year fixed loans fell to 4.17 percent from 4.24 percent last week. That's the lowest on records dating back to 1971.

The Federal Reserve detailed plans last week to buy $600 billion in Treasury bonds. The central bank gave more details on Wednesday, saying it plans to purchase $105 billion in Treasurys over the next month. The extra demand means Treasurys will produce lower yields for investors. Mortgage rates tend to track those yields.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.

Rates on five-year adjustable-rate mortgages fell to their lowest level in at least five years. They averaged 3.25 percent, down from 3.39 percent a week earlier. It is the lowest rate on records dating back to January 2005.

Rates on one-year adjustable-rate home loans were unchanged at 3.26.

The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount.

The average fee for 30-year and 15-year fixed loans in Freddie Mac's survey was 0.8 point. It was 0.7 point for 1-year and five-year mortgages.

Technology, Energy, Full Service $100k+

2010-11-10T15:35:00.001-08:00

The Cascade Team seeks highly motivated, customer-oriented, Real Estate Brokers for Seattle and Eastside expansion

Your invited to take part in changing the way residential real estate is being done in Seattle:
The Cascade Team is a Full Service Real Estate Company like no other, because of the tools, service and savings we provide our clients. We understand that in today's fast paced environment, we need to provide a high level of service, utilize technology to keep our clients up to date at all times and provide added value to both buyers and sellers in the transaction. Our missions is to provide our agents an environment promoting flexibility, professionalism and success. In today's ever changing real estate industry, you need a partner that keeps technology in the forefront, the marketing innovative and the training relevant to keep you ahead of the curve.

We focus on you and continually work to Put cutting edge technology in your hands for FREE; with NO DESK FEES!

Save time and work smart with our suite of technology & online marketing tools:

* Get a personalized web site branded to YOU for every listed property
* Backend lead management system
* FREE leading edge CD flyers for every listing
* Mobile MLS App (No Carrier Restrictions) to drive more buyer traffic
* Text code with call capture for every listing
* Virtual tours for all listings
* NEW Snapit Tags: Instantly connect prospects to more property info
* DocuSign electronic signature & E-Fax (no need to print your contracts)
* Facebook applications to expand listing exposure
* YouTube virtual tour auto submission
* Personal Blogs - so you can target your farm area * Upload Videos, Flash and More:

We brand the marketing to you, so your leads come directly to your email; allowing you to respond quicker and close more business!

The Cascade Team Real Estate also provides all of our Broker/Agents free of charge with:

* Certified Transaction Coordinators - who market your listings and assist in managing the transaction * Professional home stagers provide your clients a FREE in-home consultation paid for by the company
* Full marketing support
* Social media and web training
* Community service opportunities
* FREE 1 hour staging consultation for your client

All The Cascade Team Properties:
• Listed on Yahoo
• Listed on Craig’s List
• Listed on Trulia (Featured)
• Listed on Zillow (Premier)
• Listed on The Seattle Times On-Line
• Listed on Homes.com
• Listed on Bing
• Listed on MLS.com

With our online interactive technology, more buyers than ever will see your client's listing!

Agent training... we are committed to ongoing education and training of our agent partners!

The Cascade Team Real Estate provides a complete change from those traditional "Brick & Mortar" Brokerages where you're just a number paying in a desk fee. At The Cascade Team, you are part of the "Family" and we have your back. We provide all of the marketing for your listing up-front! Both your clients and you get amazing service, and we don't make a penny unless YOU are a successful Broker/Agent!

Just imaging providing a higher level of service to your clients, saving them money, and having an marketing plan that is second to none for your listings. Sellers and Buyers will literally chase after you to list their home, The Cascade Team will provide the marketing and support for you, and you will be a busy, productive and $uccessful agent!

Requirements:

Our goal is to set a higher standard of professionalism, integrity and industry expertise by creating a team of real estate professionals looking to dominate in their farm areas. Client expectations are changing and we are on the leading edge. The ideal candidate will have 2-5 years experience as real estate professional. New agents are welcome to interview and ask about our mentor program.

• State of Washington Real Estate or Broker license
• Understanding of the current local Real Estate Market
• Excellent sales and client consulting skills
• Working knowledge of real estate contracts and forms
• PC literate in Microsoft Word, Excel, Outlook and the Internet

Opportunities like this don't go away, they just go to someone else if you fail to take action. To learn more about how you can be part of this real estate revolution.
Info@TheCascadeTeam.com
(425) 396-4569 Ext. 101

To learn more about our company please check out our website at:
http://www.thecascadeteam.com/

Join by December 31st and get a $500 bonus on your first closed transcation!

New Listing - Renton Highlands

2010-11-10T13:33:00.001-08:00

Offered at $363,900 639vashonplne.TheCascadeTeam.info

Nestled against a greenbelt toward the end of a quiet cul-de-sac, this home boasts brand new slab granite counters with island, cherry hardwood floors in the kitchen. Rounded wall corners. New paint and carpet throughout. The master suite looks onto views of the trees while the master bath offers a soaking tub, two sinks and sizeable walk in closet. 9-ft vaulted ceilings w/ sky lights. Cedar Shake siding, window shutters and NW rock adorn the facade. 1 year home warranty included.

Stephanie Clancy

Office: 425-396-4569
Mobile: 206-915-8800
info@thecascadeteam.com
www.thecascadeteam.com

Home for Sale Windsor Estates Bothell

2010-11-10T13:00:00.001-08:00

Offered at $550,000 2092635thdrivese.TheCascadeTeam.info

Excellent floor plan with 4 bedrooms, main floor den, upstairs bonus room and 2.75 baths. Grand two story entry with elegant curved staircase. Formal living room with soaring ceilings and gas fireplace. Dining room with butler's pantry, crown molding and plenty of space to entertain in style. Chef's kitchen with stainless appliances, granite counters, breakfast nook and abundant storage and work space. Family room with gas fireplace flanked by media alcove and custom built-ins. King sized master suite and luxurious 5 piece master bath.

Matt Jensen

Office: 206.909.8200
Mobile: 206.909.8200
info@thecascadeteam.com
www.mattjensenre.com

Issaquah- Skye Landing

2010-11-09T13:25:00.000-08:00

Offered at $299,000 41252048thcourtse.TheCascadeTeam.info

Beautiful Rare End Unit with Expansive Open Fl Plan, Lake View off Greenbelt! Many lg windows for maximum light exposure. One of largest homes in desirable Skye Landing, at 1501 sq ft. Two Lg Bdrms, 1 bright bd on main w/ own bth. Dream Kitchen w/ towering Vaulted ceilings, huge skylight, bar seats 6, Pantry, Formal DR, LR & 2 bdrms look at greenery! Custom closets in 3 rms. Nearby 25-mi trail system, lake!

Sheri Hilton

Office: 425.396.4569
Mobile: 425.750.0354
info@thecascadeteam.com
www.thecascadeteam.com

New Listing in Klahanie - Issaquah

2010-11-09T06:34:00.001-08:00

Offered at $365,000 3611252ndplacese.TheCascadeTeam.info

Beautiful 3 bed 2.5 bath home. High vaulted ceilings, three large skylights let in tons of light, Gas fireplace, Hardwood floors throughout lower level, stairs & upstairs hallway, Large Master Suite w/ 5-piece bathrooms, soaking tub, walk-in & storage area, pantry. 50-year Roof installed '08, New cedar siding 2001! Fully fenced backyard w/ maturing landscape, tiered gardens gives peaceful views. Community has 2 heated pools, 25 miles trails, multiple parks, lighted tennis, bskball, baseball, soccer, lake, dock. Could be best buy in town!

Sheri Hilton

Office: 425.396.4569
Mobile: 425.750.0354
info@thecascadeteam.com
www.thecascadeteam.com

Klahanie Issaquah Homes for Sale

2010-11-08T14:49:00.001-08:00

Offered at $200,000 25235seklahanieblvda304.TheCascadeTeam.info

Spectacular top floor condo backing to protected greenbelt. Warm and inviting living room with vaulted ceilings, gas fireplace and designer paint. Private deck with storage. Chef's kitchen with breakfast bar and tile floor and counters. King sized master suite with vaulted ceiling, ceiling fan, luxurious bath and walk-in closet. Enjoy Sundance's clubhouse, fitness room, pool and spa plus all of Klahanie's amenities including trails, shopping and dining!

Matt Jensen

Office: 206.909.8200
Mobile: 206.909.8200
info@thecascadeteam.com
www.mattjensenre.com

Home Sales Could Enter 'Virtuous Cycle'

2010-11-08T14:05:00.001-08:00

Consumer confidence and business spending are key to whether the U.S. housing market will move into a virtuous or a vicious cycle in 2011, NAR Chief Economist Lawrence Yun told a packed audience at the Residential Economic Outlook Forum Friday in New Orleans.

After the downturn, the housing market has clawed its way back to a point of near stability, Yun said, with the pace of new foreclosures easing, sales moving toward historically normal levels and prices on a national basis gaining modestly.

At the same time, affordability remains strong. He said all of the price excesses from the housing bubble have been squeezed out. In San Diego, for example, buyers today would pay $1,564 a month in mortgage payments for a house that at the height of the boom would have cost them $2,833 a month.

The broader economy is also showing positive signs, with businesses enjoying strong profits, sitting on huge cash reserves, and even adding jobs. Yun predicts this positive trend to continue into 2011, with existing home sales reaching 5.5 million units, prices rising a modest 1 percent, and the U.S. gross domestic product increasing to about 2.5 percent.

“We are entering a virtuous cycle,” he said. But for the positive trend to continue, he added, businesses will have to start spending some of their cash to fuel job growth at a far greater pace than they’re doing now. Currently, businesses are adding jobs at a pace of about 100,000 a month. That needs to grow to about 400,000 a month for unemployment
to start shrinking.

The scenario will be far more negative if businesses continue to sit on their cash. In that case, sales will fall, inventories will rise, the high rate of foreclosures will resume, and the cost to the federal government of bailing out Fannie Mae and Freddie Mac will surge.

Federal Reserve Governor Thomas Koenig, who shared the data with Yun, said the Fed’s continued effort to spur the economy, most recently through a $600 billion bond buying program, is understandable given concerns over the slow pace of growth. But the continued subsidization of the market could unleash inflationary forces.

Yun said he sees possible evidence of inflation building, but it’s not visible now because the housing-cost portion of inflation measurements is holding down prices.

—Rob Freedman, REALTOR® Magazine

30-Year Mortgage Rates Inch Up 3rd Straight Week

2010-11-08T06:44:00.000-08:00

Freddie Mac confirms that average interest for 30-year fixed mortgages rose for the third consecutive week, bumping up to 4.24 percent from 4.23 percent a week ago.

The average 15-year rate for the week ended Nov. 4 was 3.63 percent, a drop from 3.66 percent.

Source: St. Louis Post-Dispatch (11/05/10)

With rates still near record lows, and homes prices near 10 year lows, now is the time to buy. Rates basically have nowhere to go but up from here, and new government regulations taking affect in the spring of 2011 will further add to fees required to purchase.

Sunday Real Estate Funny

2010-11-07T06:23:00.001-08:00

Is your Real Estate agent doing a little more than sell homes to make ends meet these days?

BoA Real Estate Center "Powered" by The Cascade Team

2010-11-06T08:07:00.000-07:00

Search for homes from the Bank of America website in the new BoA Real Estate Center "Powered" by The Cascade Team Real Estate

The Cascade Team/ Bank of America Strategic Marketing Partnership:

Along with our “Buyer Bonus” get $1,000 towards closing from BoA, and an additional $1,000 for a energy efficient home, AND NO origination fees!

Get Prequalified With Bank Of America & Save $1000 On Your Closing Costs!

The Cascade Team Real Estate is pleased to announce the launch of our NEW strategic partnership with Bank of America Home Loans. As a valued client of The Cascade Team Real Estate, you'll receive $1000 off your closing costs with Bank of America Home Loans. In addition, to our buyer rebate program, this can substantially reduce your out of pocket expenses in closing your new home purchase. In addition, there is an additional $1000 credit if you are purchasing an energy rated home (ask your loan officer for more details). With no origination fees, Bank of America and The Cascade Team Real Estate can save you thousands of dollars on your next home purchase.

Clients of The Cascade Team receive:

$1,000 towards closing cost when closing with Bank of America

An additional $1,000 for Energy Star certified homes

No origination fees!

On time closing guarantee

Free Buyer Protection Program

Issaquah Real Estate

2010-11-05T16:11:00.001-07:00

Offered at $434,995 25029se42.TheCascadeTeam.info

Beautiful home with 4 bdrms large finished bonus rm with vaulted ceiling & 2 large skylights above garage. Use finished 5th bed/loft as private home office/den/exercise/play rm/your choice. Open floor plan w/great room, new neutral exterior/interior paint & peaceful landscaped gardens. Garage has extra lg built-in storage. Attractive hardwoods on main, large yard/patio for entertaining guests & gardening. Move-in ready & a must see!

Sheri Hilton

Office: 425.396.4569
Mobile: 425.750.0354
info@thecascadeteam.com
www.thecascadeteam.com

Broker

WA State Pending Home Sales drop 22% Year to year

2010-11-04T16:23:00.000-07:00

KIRKLAND, Wash. (Nov. 4, 2010) – Housing activity around Washington state remained lackluster during October, with brokers reporting year-over-year declines in pending sales. On a brighter note, prices on sales that closed last month showed signs of stabilizing, with eight counties showing price gains compared to 12 months ago.

“The change in the market will not be a’ light switch’ moment,” remarked NWMLS director Frank Wilson, branch managing broker at John L. Scott Real Estate in Poulsbo. He expects 2011 will be a little better than 2010, with 2012 likely to be a little better than 2011.

Northwest MLS members reported 5,653 pending sales (mutually accepted offers) during October, a drop of nearly 22 percent from the same month a year ago. Compared to September, brokers wrote 88 fewer transactions, a decline of 1.5 percent.

Broker-members are reporting upticks in activity in some geographic areas and in certain price segments.

While entry-level buyers dominated sales earlier in the year due to the tax credit, move-up buyers have a growing presence in the market, according to OB Jacobi, another NWMLS director. Commenting on October activity, Jacobi, the president of Windermere Real Estate Company, said during the first quarter, homes priced at $500,000 or more made up less than a quarter (23 percent) of all home sales in King County. Since mid-year, his analysis shows $500,000-plus homes have accounted for over a third of all sales (34 percent).

NWMLS members reported 4,072 closed sales during October, reflecting the slower pace of pending sales. Last month’s closed sales, which include single family homes and condominiums, had a median selling price of $255,932. That area-wide figure is down about 5.2 percent from twelve months ago.

In King County, the median price for last month’s sales of single family homes and condominiums (combined) was $350,000, about the same as the year-ago figure of $349,950. Seven other counties also reported price gains from a year ago. They include Clark, Ferry, Grant, Kittitas, Lewis, Mason, and Okanogan.

Inventory remained plentiful, despite the addition of fewer new listings during October than during the same month a year-ago.

Brokers added 8,212 new listings to the MLS system last month, including 7,039 single family homes and 1,173 condominiums. That total is down from a year ago, when members added 9,344 new listings.

With October’s new listings, there were 39,677 active listings in the NWMLS database at month end, an increase of nearly 4 percent from the year-ago selection that totaled 38,159 listings.
Wilson noted there is considerable variation across the NWMLS service area when measuring the months supply of homes (a barometer of how long it would take for the entire inventory of active listings to sell given recent sales activity and assuming no new listings were to appear on the market).

In Kitsap County, for example, Wilson said listings in the Indianola and Gamblewood areas are selling quite well with roughly a 4-month supply of inventory. “On the other hand,” he noted, “in the Hansville/Driftwood Key area in the northernmost part of the county, there is close to a 20-month supply.”

“Buyers and sellers need to live in the now and not try to second-guess the market or when it will actually bottom out,” Wilson suggested, adding the messages to sellers and buyers are unchanged.

Sellers need to be realistic, Wilson emphasized, noting on average 27 percent of listings sell within the first 30 days and 46 percent of listings either take more than six months or don’t sell at all. “This is why it is critical to price your home correctly right out of the gate when it is being seen by the most buyers,” he explained.

The advice to buyers has not changed either, according to Wilson. With interest rates low and inventory fairly abundant, prospective owners should be prepared to make an offer if they see an appealing house that has just been listed.

In a statement accompanying a report last week on existing home sales across the U.S., Lawrence Yun, chief economist for the National Association of REALTORS®, said the housing market is in the early stages of recovery. “A housing recovery is taking place, but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions,” he said.

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes more than 24,000 brokers and agents. The organization, based in Kirkland, currently serves 21 counties in Western and Central Washington.

Woodinville Real Estate

2010-11-04T16:16:00.001-07:00

Offered at $439,000 14914ne163rdstreet.TheCascadeTeam.info

Short Sale opportunity. Get into one of the Eastside's best neighborhoods at an Amazing Price! Requires TLC, but can provide instant equity w/ some elbow grease! TONS of SPACE inside and out! High-quality Anderson Windows, Top-notch Merbau Cherry Hardwoods; Sold "As Is". Seller agent make no warranties of any kind. Seller will do no work orders. Buyer to investigate and verify all information to their satisfaction.

Shannon Woodcock

Office: 425.396.4569
Mobile: 206.484.5330
info@thecascadeteam.com
www.shannonwoodcock.com

Issaquah Highlands Top Floor Condo

2010-11-03T15:41:00.001-07:00

Offered at $215,000 169625thavene.TheCascadeTeam.info

Top floor end unit in the Enclave at Issaquah Highlands with beautiful views! Open floorplan with windows on 3 sides is bathed in natural light. Chef's kitchen offers tiled counters, stainless appliances and breakfast bar. King sized master suite and spacious master bath with large walk-in closet. Large covered deck with storage and sweeping westerly views. Ideal location in the heart of the Highlands just steps from trails, shopping and dining!

Matt Jensen

Office: 206.909.8200
Mobile: 206.909.8200
cary@thecascadeteam.com
www.mattjensenre.com

Homeownership at lowest in a decade

2010-11-03T07:41:00.001-07:00

By The Associated Press The Associated Press –

HOMEOWNERSHIP LOW: The percentage of homes owned by their occupants remained at 66.9 percent this fall, the lowest level in more than a decade. A rise in foreclosures and weak demand for housing have kept the rate low.

LOWEST SINCE 1990s: The last time the rate was lower was in 1999, when it was 66.7 percent.

REVERSING TREND: For decades, the rate was about 64 percent. It began climbing in 1995. Presidents Bill Clinton and George W. Bush encouraged home buying and the rate hit a peak of more than 69 percent in 2004. The housing market went bust two years later.

Realtors Support FHFA Proposal to End Private Transfer Fees

2010-11-02T09:33:00.000-07:00

by Amber Pineda on October 26, 2010

RISMEDIA, October 19, 2010 (RISMedia.com) The National Association of Realtors (NAR) strongly supports the proposed guidance from the Federal Housing Finance Agency to prevent government-sponsored enterprises Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks from investing in mortgages encumbered by private transfer fee covenants.

In a letter sent to FHFA, NAR reiterated its opposition to these covenants, which developers often attach to a property to require payment of fees back to that developer each time the property is resold. These covenanted mandates are often extremely difficult to reverse once in place, and in many cases are attached to a deed for up to 99 years.

“As the leading advocate for homeownership and private property rights, we oppose private transfer fees, which decrease affordability, serve no public purpose, and provide no benefit to purchasers or the community where the home is located,” said NAR President Vicki Cox Golder, owner of a real estate company in Tucson, Ariz. “These fees increase the cost of homeownership and place an inappropriate drag on the transfer of property—they do little more than generate revenue for private developers or investors.”

NAR also made recommendations to FHFA if the agency decides to provide an exception for organizations such as homeowners associations, where there may be a direct benefit to the homeowner.

“If FHFA believes that some private transfer fees have a legitimate place in real estate markets, then we recommend they adopt strategies to minimize any unintended consequences. If an exception is made for certain organizations, such as homeowners associations, then FHFA should ensure that the fees paid are reasonable and fully disclosed—otherwise these properties could be at a disadvantage in the marketplace. FHFA should also consider an exception for existing properties with private transfer fees because the lack of an exception would curb the ability of homeowners to sell their homes,” said Golder.

There is virtually no oversight on where or how private transfer fee proceeds can be spent, on how long a private transfer fee may be imposed, or on how the fees should be disclosed to home buyers. For these reasons, 12 states have banned or restricted private transfer fees, including Arizona, Delaware, Hawaii, Illinois, Iowa, Maryland, Louisiana, Ohio, Mississippi, Minnesota, North Carolina and Utah.

3 New Anti-Foreclosure Strategies

2010-11-01T15:39:00.001-07:00

Here are three programs that are considered promising replacements for the government’s Home Affordable Modification Program (HAMP), which has failed to stop foreclosures.

· Fannie Mae and Freddie Mac would be encouraged to refinance loans for some 30 million borrowers with high-interest rate mortgages. The new mortgages would be folded into a new round of mortgage-backed securities issued by the government-sponsored finance firms.

· The right-to-rent plan would offer delinquent borrowers an option of renting their foreclosed homes at a market rate for five years. At that point, owners turned renters would have another chance to buy their homes at market value. It’s a compromise. Borrowers lose their homes, but lenders have to accept lower payments.

· Mortgage cramdowns give a bankruptcy judge the right to consider all of a borrower’s debts and create a solution that would force all interested parties, including holders of mortgage debt, to compromise.

Source: Reuters News, Alina Selyukh (10/29/2010)

Weekly Hot Sheet 10-29-10

2010-10-29T11:06:00.001-07:00

This weeks weekly HotSheet for The Cascade Team Real Estate. Click the picture or this link to see what agents are listing homes, selling homes, and closing deals this week!

HOTSHEET!

Issaquah Highlands Homes for Sale

2010-10-28T16:11:00.001-07:00

Offered at $350,000 1911juneberrylanene.TheCascadeTeam.info

Immaculate home in the heart of the Highlands! Spacious end unit with 3 bedrooms plus main floor den. Great room with gas fireplace and large dining area. Chef's kitchen with granite counters, gleaming hardwoods and breakfast nook with slider to private patio. King sized master suite with sitting area. Sumptuous master bath with tile floor and large walk-in closet. Attached two car garage.

Matt Jensen

Office: 206.909.8200
Mobile: 206.909.8200
cary@thecascadeteam.com
www.mattjensenre.com

Managing Broker

Redmond Homes for Sale

2010-10-28T10:30:00.001-07:00

Offered at $464,500 13724176thavenuene.TheCascadeTeam.info

Great Room Style English Hill 4 bed/2.5 bath Turn-Key Professional Remodel! New slab granite kitchen with stainless appliances, custom extra-tall cabinets. NEW Hardwoods on main floor, Brand New Master Bath: Spa-like floating glass tile shower, dual sink vanity w/ granite top! All baths Updated. NEW: Interior paint, new carpet in bedrooms, newly painted/stained decks. Super Backyard- LARGE & Private, entertainment deck, backs to greenbelt! Newer 40-yr. roof, quiet street, stellar Northshore schools, neighborhood trails lead to Sunrise Elementary! Welcome Home!

Shannon Woodcock

Office: 425.396.4569
Mobile: 206.484.5330
cary@thecascadeteam.com
www.shannonwoodcock.com

Broker

Seattle Area Leads Nation in Foreclosures

2010-10-28T07:34:00.000-07:00

Search Foreclosed Homes HERE

KOMO4 News:
Story Published: Oct 28, 2010 at 7:07 AM PDT
Story Updated: Oct 28, 2010 at 7:16 AM PDT

In the greater Seattle area including King, Pierce, and Snohomish Counties, 1 out of every 129 homes has recieved a Foreclosure Notice. Nationally that number is 1 out of every 339 meaning that Seattle is facing more than doubble the average foreclosure rate as the rest of the nation.

The foreclosure crisis intensified across a majority of large U.S. metropolitan areas this summer, with Seattle and Chicago - cities outside of the states that have shouldered the worst of the housing downturn - seeing a sharp increase in foreclosure warnings.

California, Nevada, Florida and Arizona remain the nation's foreclosure hotbeds, accounting for 19 of the top 20 metropolitan areas with the highest foreclosure rates between July and September, foreclosure listing firm RealtyTrac Inc. said Thursday.

Those states saw housing values surge during the housing boom years. When the boom ended, values collapsed and foreclosures soared.

But the latest data show that many of the metro areas in those states saw a decline in the number of households receiving foreclosure-related filings, while many cities in other states saw a spike in foreclosure activity.

"The epidemic is spreading from the states at the ground zero of the foreclosure problems out into areas that hadn't been previously affected," said Rick Sharga, a senior vice president at RealtyTrac.

The trend is the latest sign that the nation's foreclosure crisis is worsening as homeowners facing high unemployment, slow job growth and uncertainty about home prices continue to fall behind on their mortgage payments.

In all, 133 out of 206 metropolitan areas with at least 200,000 residents posted an annual increase in foreclosure activity in the three months ended Sept. 30, RealtyTrac said.

The firm tracks notices for defaults, scheduled home auctions and home repossessions - warnings that can lead up to a home eventually being lost to foreclosure.

Eleven out of the nation's 20 largest metropolitan areas saw foreclosure activity increase in the third quarter compared to the same period last year.

The Seattle-Tacoma-Bellevue metro area registered the sharpest annual increase - 71 percent. One in every 129 households received a foreclosure filing.

The Chicago-Naperville-Joliet metropolitan area posted the second-highest annual jump, a 35 percent increase. One in every 84 households received a foreclosure notice.

Among the other metro areas where foreclosure activity jumped by a large margin this summer were Houston-Sugar Land-Baytown, up 26 percent; Detroit-Warren-Livonia, at nearly 23 percent; and, Atlanta-Sandy Springs-Marietta, up 20 percent.

Economic woes, such as unemployment or reduced income, continue to be the main catalysts for foreclosures this year. The U.S. unemployment rate hit 9.6 percent last month.

In the Seattle metro area, unemployment stood slightly lower at 8.5 percent in August and has been edging lower. It was 8.7 percent in August last year.

Still, many troubled homeowners have been unable to hang on. As a result, there's been no letup in the inventory of foreclosed homes on the market this year, says John Bauer, an agent with ZipRealty in Seattle who represents lenders selling foreclosed properties.

"It has been on an upward trend curve ever since 2008," Bauer said. "And not just the third quarter of this year, but the last 12 months, it's been on a steady ascension."

Chicago also had the third-highest number of homes repossessed by lenders during the quarter - 12,568 - behind the Phoenix metro area's 14,317 and the Miami metro area's 12,963, RealtyTrac said.

Banks have seized more than 816,000 homes through the first nine months of the year and are on pace to seize more than a million.

A controversy stemming from allegations that banks evicted people without reading foreclosure documents wasn't a factor in the July-September quarter, Sharga said.

Lenders such as Bank of America and Ally Financial's GMAC Mortgage initially halted foreclosure activity but have since resumed processing foreclosures.

Preliminary data from this month shows almost no change in foreclosure activity versus September, Sharga said.

"We're not seeing what we might have anticipated in terms of a falloff," he said.

The Las Vegas-Paradise, Nev., metropolitan area topped the list of metropolitan areas with the highest foreclosure rates in July-September with one in every 25 homes receiving a foreclosure warning - more than five times the national average. But foreclosure filings declined 20 percent from the same quarter last year.

"It's not out of the woods yet, it's just less bad than it was a year ago," Sharga said.

Rounding out the rest of the top 10 metros with the highest foreclosure rate were Cape Coral-Fort Myers, Fla.; Modesto, Calif.; Stockton, Calif.; Merced, Calif.; Riverside-San Bernardino-Ontario, Calif.; Miami-Fort Lauderdale-Pompano Beach, Fla.; Phoenix-Mesa-Scottsdale, Ariz.; Bakersfield, Calif.; and Vallejo-Fairfield, Calif.The foreclosure crisis intensified across a majority of large U.S. metropolitan areas this summer, with Seattle and Chicago - cities outside of the states that have shouldered the worst of the housing downturn - seeing a sharp increase in foreclosure warnings.

California, Nevada, Florida and Arizona remain the nation's foreclosure hotbeds, accounting for 19 of the top 20 metropolitan areas with the highest foreclosure rates between July and September, foreclosure listing firm RealtyTrac Inc. said Thursday.

Those states saw housing values surge during the housing boom years. When the boom ended, values collapsed and foreclosures soared.

But the latest data show that many of the metro areas in those states saw a decline in the number of households receiving foreclosure-related filings, while many cities in other states saw a spike in foreclosure activity.

"The epidemic is spreading from the states at the ground zero of the foreclosure problems out into areas that hadn't been previously affected," said Rick Sharga, a senior vice president at RealtyTrac.

The trend is the latest sign that the nation's foreclosure crisis is worsening as homeowners facing high unemployment, slow job growth and uncertainty about home prices continue to fall behind on their mortgage payments.

In all, 133 out of 206 metropolitan areas with at least 200,000 residents posted an annual increase in foreclosure activity in the three months ended Sept. 30, RealtyTrac said.

The firm tracks notices for defaults, scheduled home auctions and home repossessions - warnings that can lead up to a home eventually being lost to foreclosure.

Eleven out of the nation's 20 largest metropolitan areas saw foreclosure activity increase in the third quarter compared to the same period last year.

The Seattle-Tacoma-Bellevue metro area registered the sharpest annual increase - 71 percent. One in every 129 households received a foreclosure filing.

The Chicago-Naperville-Joliet metropolitan area posted the second-highest annual jump, a 35 percent increase. One in every 84 households received a foreclosure notice.

Among the other metro areas where foreclosure activity jumped by a large margin this summer were Houston-Sugar Land-Baytown, up 26 percent; Detroit-Warren-Livonia, at nearly 23 percent; and, Atlanta-Sandy Springs-Marietta, up 20 percent.

Economic woes, such as unemployment or reduced income, continue to be the main catalysts for foreclosures this year. The U.S. unemployment rate hit 9.6 percent last month.

In the Seattle metro area, unemployment stood slightly lower at 8.5 percent in August and has been edging lower. It was 8.7 percent in August last year.

Still, many troubled homeowners have been unable to hang on. As a result, there's been no letup in the inventory of foreclosed homes on the market this year, says John Bauer, an agent with ZipRealty in Seattle who represents lenders selling foreclosed properties.

"It has been on an upward trend curve ever since 2008," Bauer said. "And not just the third quarter of this year, but the last 12 months, it's been on a steady ascension."

Chicago also had the third-highest number of homes repossessed by lenders during the quarter - 12,568 - behind the Phoenix metro area's 14,317 and the Miami metro area's 12,963, RealtyTrac said.

Banks have seized more than 816,000 homes through the first nine months of the year and are on pace to seize more than a million.

A controversy stemming from allegations that banks evicted people without reading foreclosure documents wasn't a factor in the July-September quarter, Sharga said.

Lenders such as Bank of America and Ally Financial's GMAC Mortgage initially halted foreclosure activity but have since resumed processing foreclosures.

Preliminary data from this month shows almost no change in foreclosure activity versus September, Sharga said.

"We're not seeing what we might have anticipated in terms of a falloff," he said.

The Las Vegas-Paradise, Nev., metropolitan area topped the list of metropolitan areas with the highest foreclosure rates in July-September with one in every 25 homes receiving a foreclosure warning - more than five times the national average. But foreclosure filings declined 20 percent from the same quarter last year.

"It's not out of the woods yet, it's just less bad than it was a year ago," Sharga said.

Rounding out the rest of the top 10 metros with the highest foreclosure rate were Cape Coral-Fort Myers, Fla.; Modesto, Calif.; Stockton, Calif.; Merced, Calif.; Riverside-San Bernardino-Ontario, Calif.; Miami-Fort Lauderdale-Pompano Beach, Fla.; Phoenix-Mesa-Scottsdale, Ariz.; Bakersfield, Calif.; and Vallejo-Fairfield, Calif.

Search Seattle Foreclosed Homes HERE

Seattle Home price decline 5th worse in US amoung cities.

2010-10-27T09:00:00.000-07:00

By The Associated Press and Seattle Times staff

The Standard & Poor's/Case-Shiller 20-city home-price index fell 0.2 percent in August from July. Fifteen of the cities showed monthly price declines, including Seattle, whose 0.75 percent drop was the fifth worst.

Home prices are weakening around the country, even in metro areas that were showing strength earlier in the year.

The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday fell 0.2percent in August from July. Fifteen of the cities, including Seattle, showed monthly price declines. Prices are expected to drop further in the coming months.

The biggest drop came in Phoenix. Prices there fell 1.3 percent from a month earlier. Seattle's decline of 0.75 percent was fifth worst among the 20 cities.

Prices in three California cities that had been rebounding — San Francisco, San Diego and Los Angeles — also fell in August from July.

Detroit, Chicago, Washington, New York and Las Vegas were the only cities to show monthly price increases. The 20-city index has risen 6.7 percent from its April 2009 bottom. But it remains nearly 28 percent below its July 2006 peak.

A higher proportion of foreclosed homes likely pushed down California markets, said David Blitzer, the S&P index's chairman. During the summer, foreclosures were moving swiftly. That was before allegations surfaced of mortgage lenders using flawed documents to foreclose on homes. Lenders responded by freezing foreclosures in many states.

Even with the declines, the San Francisco area's home prices have surged more than 21 percent from spring 2009, when they hit bottom. Prices in San Diego have risen nearly 14 percent and in Los Angeles they have increased by more than 10 percent in that same period. Home prices would have to rise by more than 50 percent in each of the markets to return to their peaks during the housing boom.

Those California cities "had come back very fast and very strongly," Blitzer said. "Prices come down when you get a lot more foreclosures."

Problems with flawed foreclosure paperwork could weaken home prices. That would happen if buyers fear purchasing foreclosed homes because the sale could be contested — or even canceled — if the previous owner claims the foreclosure was invalid.

In an October survey taken by the National Association of Realtors, about 23 percent of real-estate agents said they have a client who is no longer interested in purchasing a foreclosed property due to the foreclosure-document mess.

In the short run, however, the documents problem could prop up sale prices if fewer foreclosed homes are put up for sale.

Home prices rose in many markets from April through July. But those increases were mostly fueled by now-expired government tax credits. Now that the peak buying season is over, a record number of foreclosures, job concerns and weak demand are pushing prices down.

August's Case-Shiller price decline in the Seattle metropolitan area — which includes King, Snohomish and Pierce counties — followed five straight months of increases. Prices are down 24 percent from their August 2007 peak.

Most experts expect roughly 5 million U.S. homes to be sold through the entire year. That would be in line with last year's totals and just above sales for 2008, the worst since 1997.

Seattle Times business reporter Eric Pryne contributed to this report.

Home Sales Up In Sept. But More Troubles Ahead.

2010-10-25T09:00:00.001-07:00

ALAN ZIBEL, AP Real Estate Writer

WASHINGTON -- Sales of previously occupied homes rose last month after the worst summer for the housing market in more than a decade. And the industry fears lawsuits over flawed foreclosure documents could keep buyers on the sidelines in the final months of the year.

Sales grew 10 percent in September to a seasonally adjusted annual rate of 4.53 million, the National Association of Realtors said Monday.

Home sales have declined 37.5 percent from their peak annual rate of 7.25 million in September 2005. They have risen from July's rate of 3.84 million, which was the lowest in 15 years.

Most experts expect roughly 5 million homes to be sold through the entire year. That would be in line with last year's totals and just above sales for 2008, the worst since 1997.

Still, sales could fall further if potential lawsuits from former homeowners claiming that banks made errors when seizing their homes make consumers fearful of buying foreclosed properties.

"You're going to see uncertainty on the part of homebuyers," said Quinn Eddins, director of research at Radar Logic Inc., which tracks the housing market.

In a survey taken by the Realtors group this month, about 23 percent of the 2,000 agents surveyed said they have a client who is no longer interested in purchasing a foreclosed property due to the foreclosure-document mess.

Federal banking regulators and attorneys general in all 50 states are investigating whether mortgage companies forced people from their homes using flawed paperwork.

Mortgage applications to purchase homes last week were 29 percent below the same week a year ago, according to the Mortgage Bankers Association. At that time, buyers were rushing to purchase homes to qualify for federal tax credits.

Last month the inventory of unsold homes on the market fell about 2 percent to 4 million. That's a 10.8 month supply at the current sales pace. It compares with a healthy level of about six months.

Sales grew last month across the country. They rose by 14.5 percent from a month earlier in the Midwest, nearly 11 percent in the South, 10 percent in the Northeast and 5 percent in the West.

The median sale price was $171,700, down 2.4 percent from the same month year ago.

CNN Ranks 6 NW areas as most overvalued in US!

2010-10-23T07:32:00.000-07:00

Metro area Median home price Percent overvalued 2010 Percent overvalued 2006

NEW YORK (CNNMoney.com) -- Don't say we didn't warn you.

Issaquah Condo for Sale

2010-10-22T13:55:00.000-07:00

23420 SE Black Nugget Road 306 Issaquah - $174,900

Bedrooms: 1

Bathrooms: 1

Year Built: 2000

Subdivision: Daybreak at Issaquah Ridge

School District: Issaquah

Square Footage: 767

Agent Name: Sheri Hilton

Broker: The Cascade Team

MLS #: 144182

Price: $174,900

23420 SE Black Nugget Road 306

Issaquah, WA 98029

View Map

View More Photos

Highly desirable and Beautiful Top Floor Corner home on 1 level, GARAGE, sparkling Mountain Views, New Stainless Steel appliances awaits you! Meticulously-kept, outstanding high Vaulted ceilings, very bright, track/recessed lighting, brand New tub/surround, all appls stay! Master w/ big walk-in closet, deck additional storage. Community perfectly located near I-90, Microsoft, Costco, quick commute to Bellevue, park-n-ride, access & Eastside amenities. Ready for immediate occupancy. Great value!

Sheri Hilton

425-750-0354

Equal Housing Opportunity

VFLYER ID: 3749523

All information in this site is deemed reliable but is not guaranteed and is subject to change

The Cascade Team's Weekly Hot Sheet

2010-10-22T08:43:00.001-07:00

This is a new weekly feature we are launching. It will showcase our agents with New Listings, Pending Sales, Sold Listings and who get Sales with Buyers.

It has been an amazing week for business! There are over 10 different agents that had activity this week! Great job Team!

Check this out to see who’s HOT at The Cascade Team this week! Just click the Picture below to see this week’s HotSheet.

Snoqualmie Ridge Home for Sale

2010-10-22T08:18:00.001-07:00

Priced at $435,000
Bedrooms: 4 Bathrooms: 2.5
Home Size: 2,550 sq.ft. Garage: 2
Lot Size: 5,748 sq.ft. Community: Snoqualmie Ridge
County: United States Property Type: Single Family Detached
Year Built: 1998 MLS Number: 145976

Property Description

Beautiful Conner resale in the heart of Snoqualmie Ridge. This charming 4 bed, 2.5 bath home is complete with gourmet chefs kitchen that includes a Viking stove hood vent, stainless steel appliances, large butcher block custom counter top, beautifully tiled master bath and powder room, his/hers walk in closets, fully fenced backyard, and sunny main floor office. Prime location! Close to school, several parks, shopping, trails, and many more key spots. This home also comes with 1 year Fidelity Home Warranty!

Bothell Real Estate for Sale

2010-10-22T08:12:00.000-07:00

Gorgeous, Updated 4 bed/2.5 bath Amber Ridge Masterpiece....You'll Never Want to Leave Home! Gourmet kitchen w/ commercial grade appl., out-of-this-world custom granite counter with raised bistro dining-island! Vacation resort worthy outdoor spaces: Lighted sport court, huge entertain. deck, 6-person hot tub~enveloped by a totally private, light/bright, fully-fenced backyard. Master with sitting area & sumptuous updated bath. NEWER: Arch. comp. roof/furnace/hot water heater. 1-Year Home Warranty!

Weekly Hot Sheet

2010-10-20T10:17:00.000-07:00

Seattle ranks 1st in nation for trick-or-treating

2010-10-19T10:46:00.001-07:00

Seattle ranks first in the nation for trick-or-treating, according to an analysis from Zillow.com.

The real-estate website analyzed data relating to home values, walk scores, crime and relocation rates to determine where tick-or-treaters would find the best loot on Halloween.

Seattle topped the list, followed by San Francisco, Portland, San Jose and Denver.

Eleven out of the top 20 cities were located on the West Coast. (See the breakdown here.)

In 2009, Zillow looked at five cities to find hot neighborhoods for trick-or-treating, including Seattle. Wallingford ranked first, followed by Queen Anne, Magnolia, the University District and Capitol Hill.

Funny Real Estate Agent Signs!

2010-10-17T08:58:00.001-07:00

Do any of these people realize that it is legal to change your name?

Former Home Owners Reclaim Foreclosed Property

2010-10-16T08:55:00.001-07:00

One possible outcome of the foreclosure crisis could be a fight between former owners of foreclosed homes and lenders.

An example of what might become a larger trend happened in California, where a couple and their nine children used a crowbar to break into their former home. Their lawyer recommended that they take this step, according to AOL’s HousingWatch.com

The former owners, Jim and Danielle Earl, say they were trying to catch up with their payments when the lender sold the property to Conejo Capital Partners.

The Earls say it’s unclear what entity owns the loan. Housing Watch says the original lender was Washington Mutual, which became JPMorgan Chase. The Earls say that Chase failed to properly assume the loan and didn’t have the right to sell it, nor could Conejo Capital Partners legally sell it.

The Earls’ attorney, Michael Pines, told the Ventura newspaper, “They may claim we’re violating the law. We’re claiming they violated the law. Typically the authorities will say this is a civil dispute, but the question is, who owns the home? Because whoever doesn’t is trespassing.”

Source: The Wall Street Journal, Emily Peck

North Bend Real Estate For Sale

2010-10-15T09:13:00.000-07:00

Offered at $350,000 44522.TheCascadeTeam.info

Beautiful home with barn, offering privacy on nearly an acre! Immaculate 3 bedroom, 2.5 bath home features ideal kitchen, sunny dining, spacious master bedroom, master bath with skylight, stunning living/bonus room, large family room with Franklin wood stove (can heat the whole house for energy efficiency) and a 2 car attached garage. Numerous upgrades include a metal roof, Leaf Guard gutter system, large Monarch deck, skylights throughout, conduction dimming switches, lighting upgrades, instant hot water, keyless electronic deadbolt, etc. All appliances stay! This exceptional property is very private with a fully fenced backyard, pasture, dog run raised bed vegetable garden. Heated 3 stall barn has water, 90 amps of power & a 240 plug - perfect for your animals, a workshop or both. Large tool shed plus additional fenced area with shed for goats or a dog run. This amazing property offers unlimited options and tons of storage. Walk or ride to the trails fr! om your home! Move in ready for you, and your horse. Home Warranty. Priced to sell today & not a short sale. Your own private paradise, yet only 32 miles to Seattle!

Tonya Eliason

Office: 425.396.4569
Mobile: 425.831.5721
cary@thecascadeteam.com
www.tonyaeliason.com

Broker

Homes for Sale Everett

2010-10-15T09:10:00.000-07:00

12404 E. Gibson Road J103
Everett, WA
Compleletly Updated Condo!

Offered at $89,950 12404egibson.TheCascadeTeam.info

Absolutely stunning Bluegrass Condo in a Gated Community! This spacious 2 bedroom/ 2 bath condo was remodeled in 2006. Beautiful hardwood floors throughout the main areas and plush carpet in the bedrooms. Stainless Steel Appliances and a eating bar in the kitchen with custom cabinets offering tons of storage. Wood burning fireplace in the living room and a separate dining area with a door leading you to your private serene BACKYARD with an ALL Weather Trex Deck. Huge Individual GARAGE and uncovered parking spot! Premium LOCATION!!

Wesley Rankin

Office: 425.502.6404
Mobile: 206.724.4663
cary@thecascadeteam.com
www.thecascadeteam.com

Broker

The Cascade Team Real Estate 14205 SE 36th Street, Suite 100 Bellevue, WA 98006

Woodinville Homes for Sale!

2010-10-11T15:39:00.000-07:00

Woodinville Homes for Sale!

2010-10-11T15:16:00.000-07:00

Offered at $450,000 201st.TheCascadeTeam.info

This well appointed home sits on a quiet cul-de-sac is surrounded by mature trees and landscape. Inside you will find a number of high end finishes granite, hardwood floors, slate fireplace, and more! The open floor plan is great for entertaining. The gourmet kitchen has slab granite, gas cooktop, stainless appliances and a large island. The family room comes with a slate gas fireplace; great for those cold winter evenings. Upstairs you will find a large bonus room. The large master suite has a spa like feel, with attached bath and jetted soaking tub. Enjoy the fully fenced yard and serene woods while entertaining.

Issaquah Highlands Real Estate

2010-10-11T06:49:00.000-07:00

Issaquah - NE Noble St - $510,000.00

Bedrooms: 3

Bathrooms: 2.5

Parking Spaces: 2

Year Built: 2007

Subdivision: Issaquah Highlands

Lot Size: 3475

Garage Size: 2

School District: Issaquah

Square Footage: 2464

Agent Name: Matt Jensen

Broker: The Cascade Team

MLS #: 131385

Price: $510,000.00

NE Noble St

Issaquah, WA 98029

Immaculate home in Issaquah Highland's Dahlia Park! This Built Green Bennett resale features soaring ceilings, gleaming hardwoods and high end finish work throughout. Chef's kitchen with slab granite, stainless appliances, double convection oven and center island with gas cooktop and eating bar. Main floor master suite with luxurious 5 piece bath. Main floor den with French doors. Upper level features two spacious bedrooms, bonus room and loft bonus area. Delightful backyard with large patio. For more information contact Matt Jensen at 206-909-8200.

Matt Jensen

206-909-8200

Equal Housing Opportunity

VFLYER ID: 3719360

All information in this site is deemed reliable but is not guaranteed and is subject to change

The Cascade Team "Attack of the Commission Creeps"

2010-10-10T08:13:00.000-07:00

Just in time for Halloween..... It's The Cascade Team's first full length YouTube commercial. Staring Cary Porter, Becky Lower, Diego Vitelli (Lead Zombie) and our "Hero" Doug Young along with a cast of zombies! We hope you enjoy............... "Attack of the Commission Creeps"! Comments are very much welcomed and appreciated on YouTube. You can help us go viral!!!!

BofA halts foreclosure sales in all 50 states

2010-10-08T08:55:00.000-07:00

By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer –

WASHINGTON – Bank of America Corp., the nation's largest bank, said Friday it would stop sales of foreclosed homes in all 50 states as it reviews potential flaws in foreclosure documents.

A week earlier, the company had said it would only stop such sales in the 23 states where foreclosures must be approved by a judge.

The move comes amid evidence that mortgage company employees or their lawyers signed documents in foreclosure cases without verifying the information in them.

"We will stop foreclosure sales until our assessment has been satisfactorily completed," company spokesman Dan Frahm said in a statement. "Our ongoing assessment shows the basis for our past foreclosure decisions is accurate."

Concern is growing that mortgage lenders have been evicting homeowners using flawed court papers. State and federal officials have been ramping up pressure on the mortgage industry over worries about potential legal violations.

On Thursday, Senate Majority Leader Harry Reid, D-Nev., urged five large mortgage lenders to suspend foreclosures in Nevada until they have set up systems to make sure homeowners aren't "improperly directed into foreclosure proceedings." Nevada is not among the states where banks had suspended foreclosures.

Also Friday, PNC Financial Services Group Inc. said it is halting most foreclosures and evictions in 23 states for a month so it can review whether documents it submitted to courts complied with state laws. An official at the Pittsburgh-based bank confirmed the decision on Friday, which was reported earlier by the New York Times. The official requested anonymity because the decision hasn't been publicly announced.

PNC becomes the fourth major U.S. lender to halt some foreclosures amid evidence that mortgage company employees or their lawyers signed documents in foreclosure cases without verifying the information in them.

In addition to PNC and Bank of America, Ally Financial's GMAC Mortgage unit and JPMorgan Chase & Co. have announced similar moves in the past two weeks.

In some states, lenders can foreclose quickly on delinquent mortgage borrowers. By contrast, the 23 states use a lengthy court process. They require documents to verify information on the mortgage, including who owns it.

Desirable English Hill in Redmond

2010-10-07T12:32:00.000-07:00

17508 NE 138th Street Redmond - $439,500

Bedrooms: 3

Bathrooms: 2.5

Year Built: 1984

Subdivision: Amberley

Lot Size: 7710

Garage Size: 2

School District: Northshore

Square Footage: 2090

Agent Name: Shannon Woodcock

Broker: The Cascade Team

MLS #: 140436

Open House: 10/17 1 PM-4 PM

Price: $439,500

17508 NE 138th Street

Redmond, WA 98052

Range/Oven
Full Refrigerator
Dishwasher
Sink Disposal
Microwave

Fireplace
Hardwood Floors

Fenced Yard

English Hill—Meticulously Maintained and Solidly Built Burnstead Re-sale Featuring an Ideal Floor Plan! Open Kitchen/Family room orients to the manicured, private backyard sanctuary. The Master Suite is a treat to behold: Huge light-filled, spa-like bathroom, oversized bedroom (walk-in closet), and a BONUS sitting area big enough for office, media, reading retreat or nursery! All bedrooms are spacious. Home offers plenty of storage with a kitchen pantry, built-ins in the garage and plenty of closets throughout. Community trails lead to Award Winning Sunrise Elementary. New Interior and Exterior paint, Newer Roof; Home Warranty Offered! Welcome Home!

Shannon Woodcock

206-484-5330

Equal Housing Opportunity

VFLYER ID: 3714634

All information in this site is deemed reliable but is not guaranteed and is subject to change

Snoqualmie Ridge Condo!

2010-10-07T11:00:00.000-07:00

Snoqualmie - 35315 SE Aspen Ln #1002 - $315,000.00

Bedrooms: 2

Bathrooms: 2.5

Parking Spaces: 2

Year Built: 2004

Subdivision: Snoqualmie Ridge

Located on Floor #: 1 & 2

Floors in Bldg: 2

School District: SVS

Square Footage: 1410

Agent Name: Cary Porter and Doug Young

Broker: The Cascade Team

MLS #: 140345

Open House: 10/9/10 & 10/23/10 1-4

Price: $315,000.00

35315 SE Aspen Ln

Snoqualmie, WA 98065

Beautiful Dr Horton condo @ Snoqualmie Ridge. 9' ceilings, tiled kitchen counter w/ SS appliances, gas fire place, hardwood floors, 2 bedrooms each w/ private baths. Private deck w/ Mt Si views. 2 car+ garage. Close to city center & schools. Home includes a 1 year Fidelity National Home Warranty. For more information contact Cary Porter at 425-891-7447 or Doug Young at 425-533-7028.

The Cascade Team Real Estate

425-396-4569

Equal Housing Opportunity

VFLYER ID: 3713400

All information in this site is deemed reliable but is not guaranteed and is subject to change

The Legend of Haunted Ridge

2010-10-07T09:53:00.000-07:00

The Legend of Haunted Ridge

Check out the virtual Tour of this year's Haunted Ridge Cemetery. To read the full story of "The Legend of Haunted Ridge" click here:

Homes for Sale Seattle

2010-10-06T06:37:00.000-07:00

Seattle - 1730 23rd Ave - $430,000.00

Bedrooms: 3

Bathrooms: 3

Parking Spaces: 1

Year Built: 2006

Subdivision: Madison Valley

Lot Size: 1038

Garage Size: 1

School District: Seattle

Square Footage: 1370

Agent Name: Ed Irwin and Cheri Moll

Broker: The Cascade Team

MLS #: 138636

Price: $430,000.00

1730 23rd Ave

Seattle, WA 98122

Gracefully designed, elegant Craftsman townhome, w slate entry, classic handrails, five-panel doors, 9ft ceilings & oak hardwds. Chef's kitchen w/slab granite & SS appliances. Formal living rm w/gas fireplace & adjoining dining rm. Upper floor master suite w/double vanity bath & vaulted ceilings. Stacked W/D closet. Radiant floor heat & limestone counters in upper baths. Extra storage, surround sound, central vac, CAT-5, fenced & landscaped yard w/field turf. Close to Safeway and Trader Joe's! For more information contact Ed Irwin at 206-275-4500 or Cheri Moll at 206-799-8834.

Ed Irwin

206-275-4500

Equal Housing Opportunity

VFLYER ID: 3705809

All information in this site is deemed reliable but is not guaranteed and is subject to change

“Wise Buyers” Taking Advantage of Chance to Get Stellar Homes

2010-10-05T17:03:00.000-07:00

KIRKLAND, Wash. (Oct. 5, 2010) – Home sales remained subpar around most of Washington during September, but directors from Northwest Multiple Listing Service say they are encouraged by some positive signs.
“It’s a slow recovery, but it’s trending in the right direction,” said Joe Spencer, president and COO of John L. Scott Real Estate and a member of the NWMLS board of directors.
Among positive indicators the directors cited were pending sales (“starting to show signs of life”), month’s supply of inventory (pointing toward a more balanced market), stabilizing prices (with more homes being priced competitively), the market adjusting to no more tax credits, and strong sales of “specialty homes.”

Northwest MLS members reported 5,741 pending sales during September across the 21 counties in its service area. That’s a drop from August (down 4.9 percent) and from the same month a year ago (a decline of 24.3 percent), but an improvement on the total number of mutually accepted offers for May, June and July.

MLS director Pat Grimm, managing broker at Windermere RE/Capitol Hill in Seattle, reports an upsurge in people looking at properties, particularly move-up buyers. He attributes some of that activity to homes “finally being priced competitively.” The new pool of potential buyers are “getting their feet wet, but they’re taking their time before they jump in,” he commented.
Prospective buyers have plenty of choices across the price spectrum. MLS members added 9,038 new listings to inventory during September, bringing the total selection to 42,153 active listings.

Spencer, of John L. Scott Real Estate, said he is encouraged by the month’s supply of inventory at the end of September. “The three-county area of King, Snohomish, and Pierce are reporting about six months of inventory, which is a positive indicator based on the last 30 years of market data.” Historically, the MLS director noted, this points to a more balanced market and stabilizing home prices. “That’s not to say we should expect prices to increase right away, but it’s a positive sign nonetheless, especially when you consider that the national supply of inventory is more than 11 months,” Spencer stated.

“There are many very wise buyers taking advantage of what may be a once-in-a-lifetime opportunity,” said Mike Skahen, whose real estate career spans nearly 30 years. “We haven’t seen a summer like this in home sales since 1982 when interest rates were hovering around 16 percent,” he observed.

Skahen, the owner and designated broker at Lake & Company Real Estate in Seattle and a member of the NWMLS board of directors, said the buyers they’re seeing have good jobs with Google and Amazon. “They realize they have the chance to get stellar homes in great locations at 25 percent off what they were selling for three years ago and at interest rates approaching 4 percent. I doubt you’ll see a market and selection better than right now,” he commented.
Skahen said his office just had a $600,000 Green Lake mid-century home sell with four competing offers, and his company was one of three brokerages that presented offers on a $770,000 Ravenna listing, but they were outbid.

“Buyers are snapping up homes in all price ranges that are well located, in good condition, and that are priced fairly,” Skahen reported.

NWMLS members reported 3,997 closed sales during September, down from the same month a year ago, when members notched 5,132 completed transactions. Year-to-date, the volume is up about 9.8 percent from the first nine months of 2009 (40,318 closings through Sept. 2010 versus 36,714 closed sales through Sept. 2009).

Last month’s closed sales of single family homes and condominiums (combined) had a median price of $257,600. That’s down about 5.6 percent from the year-ago price (area-wide) of $273,000. Ten of the 21 counties served by NWMLS reported year-over-year price increases.
“The types of homes that are selling particularly well are specialty homes-- homes that have a unique mix of character and amenities. It can be a waterfront estate or a Craftsman cottage, but there are qualities about the home that really make it stand out. Those homes are one of a kind and they're never bought on price alone,” said OB Jacobi, general manager of Windermere Real Estate Company.

“Crazy requirements” are impeding the pace of sales, according to NWMLS director Dick Beeson, broker/owner of Windermere Commencement Associates in Tacoma. “Agents are finding it’s much more difficult to navigate the closing process than ever before. If it’s not the conditions of an inspection report, it’s the appraisal coming in off sale price or lenders reviewing and re-reviewing the buyer’s qualifications or buyers rethinking whether or not to buy,” he explained.

Looking ahead, Beeson expects the balance of the year to be “somewhat fickle,” in part because of upcoming elections and lingering uncertainty around the slow pace of the recovery.
“Sellers know they must position themselves better than their competition on all levels – price, condition, terms,” Beeson stated, while noting buyers who procrastinate risk losing purchasing power because of anticipated increases in interest rates.

“Interest rates below 5 percent are an extraordinary event, and buyers need to take advantage of them,” Beeson emphasized. A 1 percent increase in the interest rate on a $300,000 mortgage increases the monthly payment by $183, he explained, adding experts expect rate hikes. “It’s not if, it’s when,” he contended.

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes more than 24,000 brokers and agents. The organization, based in Kirkland, currently serves 21 counties in Western and Central Washington.

BofA suspends foreclosures in 23 states

2010-10-04T07:27:00.000-07:00

By Jonathan Stempel and Maria Aspan Jonathan Stempel And Maria Aspan –

NEW YORK (Reuters) – Amid growing public anger over home seizures, Bank of America Corp has suspended some of its foreclosures and JPMorgan Chase & Co has come under investigation in California and Connecticut.

Bank of America said on Friday it is delaying foreclosures in 23 states to review whether it has been conducting them properly. Two other big lenders -- JPMorgan and Ally Financial Inc's GMAC Mortgage -- have already suspended foreclosures.

Also, a Maine state court judge reprimanded GMAC Mortgage for how it repossesses homes. The judge concluded that GMAC submitted a company official's affidavit to support a foreclosure "in bad faith."

Companies are scrambling to defend and where needed improve their foreclosure procedures in the face of anger among homeowners and regulators.

The issue came to the forefront last month when GMAC revealed that officials had signed thousands of affidavits supporting such proceedings without knowing their contents.

Banks are expected to take over a record 1.2 million homes this year, up from about 1 million last year and just 100,000 as recently as 2005, real estate data company RealtyTrac Inc said on Thursday.

Bank of America will halt foreclosures in the 23 states where court approval is needed and amend affidavits "to be certain affidavits have followed the correct procedures," Rick Simon, a spokesman for the largest U.S. bank, said in a statement.

It was not immediately clear how many proceedings would be affected by Bank of America's decision, and Simon did not respond to emailed questions about the number of affected foreclosures.

The statement followed an Associated Press report that a Bank of America official admitted in a Massachusetts bankruptcy case that she signed 7,000 to 8,000 foreclosure documents a month and "typically" did not read them "because of the volume."

Last month, GMAC halted evictions in the 23 states, including Florida and New York. JPMorgan, meanwhile, has halted some 56,000 foreclosure proceedings in the 23 states.

Citigroup Inc has no plans to suspend foreclosures, a person familiar with the matter said on Friday.

The bank said this week that it reviews its foreclosure document-handling process on an ongoing basis.

Wells Fargo & Co's policies "satisfy us that the affidavits we sign are accurate," spokesman Jason Menke said in an emailed statement on Friday. "We will stand by our affidavits and, if we find an error, we will take the appropriate corrective action."

On Friday, Milwaukee-based Marshall & Ilsley Corp extended a 2008 foreclosure moratorium through year end.

Fannie Mae, which provides much credit in the housing market despite being in a conservatorship after its 2008 near-failure, said it will tighten oversight of servicers to ensure they follow the rules.

Investigators in at least six states are examining foreclosures by GMAC, JPMorgan or both.

CALIFORNIA, CONNECTICUT

On Friday, California Attorney General Jerry Brown ordered JPMorgan to stop foreclosures in that state, which does not require court orders to foreclose, until it proves it complies with the law.

He issued a similar directive to Ally last week, and said both lenders have admitted their review of important foreclosure documents was a "ruse."

Meanwhile, Connecticut Attorney General Richard Blumenthal said he opened a probe into JPMorgan , and called on state courts to freeze home foreclosures for 60 days. Blumenthal is also examining GMAC.

"This freeze should stop a foreclosure steamroller," Blumenthal said in a statement. Connecticut is among the 23 states that use court procedures for foreclosures.

JPMorgan spokesman Tom Kelly declined to comment.

Brown is a candidate to become California's governor. Blumenthal is running for the U.S. Senate. Both are Democrats.

In a ruling made available to media on Friday, a Maine state judge ordered Fannie Mae to cover some attorney's fees of a borrower, Nicolle Bradbury, because of GMAC's misconduct as its servicing agent in a foreclosure proceeding.

The judge, Keith Powers, said he was displeased with GMAC's "high-volume and careless approach" to affidavit signing, despite a 2006 Florida court order that it fix its procedures.

"Despite the Florida court's order, GMAC's flagrant disregard apparently persists," Powers wrote. "It is well past the time for such practices to end." He said an affidavit submitted in Bradbury's case "was submitted in bad faith."

The court accepted an amended affidavit, and the facts that led to the foreclosure in the case are not in dispute, Ally spokeswoman Gina Proia in a statement.

(Reporting by Scot Paltrow in Washington, D.C., and Maria Aspan and Jonathan Stempel in New York; Editing by Gary Hill)

Old Republic Title Stops Insuring Titles in Chase, GMAC Foreclosures

2010-10-03T09:45:00.001-07:00

DAVID STREITFELD
Published: Sunday, October 3, 2010 at 5:12 a.m.

A major title insurance company has stopped insuring homes foreclosed by JPMorgan Chase, another sign that the controversy over the legal practices of the big lenders is starting to influence the housing market.

The company, Old Republic National Title Insurance, told its agents Friday that it would not write policies on foreclosed Chase properties until “the objectionable issues have been resolved,” according to a memorandum sent out by the firm’s underwriting department.

A Chase spokesman declined to comment. Old Republic executives did not return calls for comment. The title insurer, which is based in Minneapolis, said earlier in the week that it would not write policies for properties that had been foreclosed by another big lender, GMAC Mortgage.

As GMAC and Chase try to deal with questions over their legal methods, they have halted all foreclosures in the 23 states where they need a court’s approval. Late Friday, Bank of America said it would stop all its pending foreclosures in those states as well.

GMAC and Bank of America have declined to say how many cases are involved. Chase said it was halting 56,000 cases. About two million households in the country are in foreclosure, and millions more are on the verge.

After a lender seizes a home in a foreclosure case and the defaulting homeowner is, if necessary, evicted, the company works with local real estate agents to prepare the house for sale. The National Association of Realtors said distressed sales, including foreclosures, were 34 percent of all existing home sales in August. In some stricken areas, the percentage is much higher.

When foreclosures are done with faulty documentation, that could leave the new owners of the house vulnerable to claims. Title insurance protects the buyer against defects, errors or omissions in the chain of title.

Old Republic said in the memorandum that its agents were already reporting written cancellations of contracts involving both Chase and GMAC.

Shares of the major title insurance companies dropped on Friday amid concern that their business would suffer as a result of the foreclosure freezes. Fidelity National Financial fell more than 4 percent, while First American Financial dropped 3 percent.

Fidelity National issued a statement saying it did not believe the problems with the foreclosure process would have “a material adverse impact.”

Mark P. Stopa, a lawyer in Florida who represents defaulting homeowners, said that if more title insurance firms began to shy away from insuring foreclosed properties, the entire housing market could suffer. The prices of foreclosures would plummet, because lenders will not issue a new mortgage without title insurance.

“Judges have to force banks to do foreclosures correctly,” Mr. Stopa said. But that would require a significant increase in staff, he said, and “I’ll believe it when I see it.”

Sunday Real Estate Funny

2010-10-03T08:33:00.001-07:00

The Legend of Haunted Ridge

2010-10-02T06:53:00.001-07:00

Nestled deep in the Cascade foothills, hidden far from passing eyes by tall pine and towering rock laid the old cemetery. It was here that the worst of the Pacific Northwest lay buried. They were the robbers, murderers, and worse that no church would allow to be set to rest on their sacred soil. Old stones covered in moss marked their graves, and the black as night crows gathered around the clearing that was their cemetery and sat silent on the branches, watching the graves with their glassy yellow eyes.

Then came progress. Roads and highways were built into the mountains, and soon little towns, businesses and residential communities took hold….. And somewhere along the way, as quaint and charming house after house was built and occupied. As the trees and forest were cut down to make room for parks and trails and business. Under the crawl of the heavy machinery that chased the black as night crows from their perch….. The cemetery was lost.

Only the perfect homes with their perfectly manicured yards and all of those friendly neighbors remained. No one knew of the old cemetery that once existed, or of the tombstones buried under their grassy lawns. No one thought about who “Or What” might be buried under his or her rose bushes.

Simply put; it goes without saying that the tortured souls long ago laid to rest in this now long forgotten cemetery are not pleased with what has transpired above ground. And legend has it, that on one night every year those old tombstones raise up from the cold black ground. The perfectly manicured yards give way to jagged tombstones covered with moss and age. Those old crows come back and land in the few remaining tress and on all of those new housetops. Then, on Halloween night, as the tombstones glisten in the moonlight, the restless spirits of the long dead crawl from their graves looking for those who would dare to make their homes on their final resting place.

If you are brave or foolish enough, come to 34626 SE Carmichael Loop on Sunday, October 31st from 7:00PM to 8:30PM -- “Halloween Night!”. Take a guided tour and venture between the homes in search of “The Haunted Graveyard”. If you do dare, frights are assured, as well as the potential for fantastic rewards………

All that is left of visitors from last year are these photos... come if you dare!

Custom Sammamish Home

2010-10-01T16:04:00.000-07:00

Sammamish - 19447 SE 27th Place - $780,000.00

Bedrooms: 4

Bathrooms: 3.25

Parking Spaces: 3

Year Built: 2005

Subdivision: Fieldstone

Lot Size: 8552

Garage Size: 3

School District: Issaquah

Square Footage: 3950

Agent Name: Cary Porter and Doug Young

Broker: The Cascade Team

MLS #: 138048

Open House: 10/2/10 & 10/9/10 1-4

Price: $780,000.00

19447 SE 27th Place

Sammamish, WA 98075

Stunning Sammamish home w/Lake view. Hardwoods throughout this 4 bedroom home featuring gourmet kitchen w/granite and top line SS appliances. Breathtaking 20' stone fireplace in Family Room which is gas/wood combo. This home features the 2nd largest Solar System on Plateau. $19 per month bills + $1,800 yearly tax credit. Living, dining, bonus & Media/Office rooms complete this masterpiece home. 3 car garage and fully fenced back yard. Welcome to your dream home! For more information contact Cary Porter at 425-891-7447 or Doug Young at 425-533-7028.

The Cascade Team Real Estate

425-396-4569

Equal Housing Opportunity

VFLYER ID: 3688946

All information in this site is deemed reliable but is not guaranteed and is subject to change

New Listing: Stunning Lynnwood Home!

2010-09-30T16:10:00.000-07:00

3309 169th St SW, Lynnwood - $449,900

Bedrooms: 5

Bathrooms: 3

Year Built: 2002

Lot Size: 7405

Garage Size: 3

School District: Edmonds

Square Footage: 2620

Agent Name: Wesley Rankin

Broker: The Cascade Team

MLS #: 137465

Open House: Oct. 16 12 PM-2 PM

Price: $449,900

3309 169th St SW

Lynnwood, WA 98036

Range/Oven
Dishwasher

Fireplace
Hardwood Floors

Hot Tub
Secluded setting

Absolutely stunning Northwest Ridge home backs to a private greenbelt. Dramatic entry with soaring ceilings and tons of natural light from the wall of windows shows off the beautiful hardwood floors. Floor-plan features a formal living room, dining area, family room off the kitchen and a 1bedroom/1bath guest suite (5th Bedroom). Open kitchen with Stain Steel appliances, gas cooktop in the island and tons of storage. Upstairs boasts a large master suite with luxury 5pc master bath, 2 additional bedrooms with a 3rd bedroom/large bonus rm. Patio off kitchen leads to a custom hot tub/spa (cabana) and private serene backyard. Huge 3 car garage! Premium LOCATION!!

Wesley Rankin

206-724-4663

Equal Housing Opportunity

VFLYER ID: 3687082

All information in this site is deemed reliable but is not guaranteed and is subject to change

Mortgage rates match low of 4.32 percent

2010-09-30T09:28:00.000-07:00

By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer

WASHINGTON – Rates on 30-year mortgages matched the lowest level in decades and rates on 15-year loans dropped to their lowest point in nearly 20 years.

Mortgage buyer Freddie Mac said Thursday the average rate for 30-year fixed loans fell to 4.32 percent, the lowest on records dating back to 1971. That's down from 4.37 percent the previous week and equal to the average rate reached four weeks ago.

The average rate on 15-year fixed loans fell to 3.75 percent, the lowest on records dating back to 1991.

Rates have been at or near the lowest levels in decades since spring as investors poured money into the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yields.

In recent weeks, Treasury yields have dipped as bond traders bet that the Federal Reserve will soon boost its Treasury purchases in the hope of giving the economy a lift. That has pushed down rates.

Still, historically low rates have done little to boost the struggling housing market, which had its worst summer in more than a decade.

Fall sales are not expected to be much better. High unemployment and weak job growth have kept people from buying homes. And many of the hardest-hit markets are bracing for a big wave of homes sold at foreclosure or short sales. A short sale is when a lender lets a homeowner sell for less than the mortgage is worth.

To calculate average mortgage rates, Freddie Mac collects rates from lenders around the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a given day.

Rates on five-year adjustable-rate mortgages averaged 3.52 percent, down from 3.54 percent a week earlier. Rates on one-year adjustable-rate mortgages rose to an average of 3.48 percent from 3.46 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac's survey averaged 0.8 a point for 30-year mortgages. It averaged 0.7 of a point for 15-year and 1-year mortgages and 0.6 of a point for 5-year mortgages.

REFER A FRIEND & get Paid!

2010-09-28T12:28:00.000-07:00

Get Paid to REFER A FRIEND To The Cascade Team Real Estate

Love The Cascade Team? Spread The Word!

You’ll get a $20 gift card for every referral.

Invite your friends, neighbors and co-workers to experience The Cascade Team Real Estate, and get a $20 gift card for each referral you make who has a listing presentation or buyer consultation completed. There’s no limit on how much you can earn. The more friends you refer, the more rewards you get.*

Here’s how it works:

1. Refer your friends and co-workers to The Cascade Team Real Estate through the link below.
2. Your contact has a Cascade Team agent do a listing presentation or buyer consultation.
3. Get a $20 gift card just for YOU. Treat yourself to anything you want!

Referal Link

* To receive the referral award, your referral must have completed a listing presentation with a Cascade Team agent, or have viewed a home as a buyer with a Cascade Team agent. Not valid with any other offer and restrictions may apply. You can refer yourself, but only one gift card per household.

Short Sale Hell Video

2010-09-28T12:10:00.000-07:00

If this wasn't so true it would be even more funny! Everyone thinking of doing or buying a Short Sale should see this!

Tanglewood in Klahanie

2010-09-27T13:18:00.000-07:00

Issaquah - 25025 SE Klahanie Blvd., #L301 - $175,000.00

Bedrooms: 3

Bathrooms: 2

Parking Spaces: 1

Year Built: 1995

Subdivision: Klahanie

Located on Floor #: 3

Floors in Bldg: 3

School District: Issaquah

Square Footage: 1079

Agent Name: Matt Jensen 206-909-8200 & Linda Miller

Broker: The Cascade Team

MLS #: 136041

Price: $175,000.00

25025 SE Klahanie Blvd , #L301

Issaquah, WA 98029

Range/Oven
Washer/Dryer
Dishwasher

Fireplace
Vaulted Ceilings

Swimming Pool
Hot Tub
Guest Parking
Basketball Court
Exercise Room
Recreation Center

Delightful corner unit penthouse home in popular Tanglewood! Spacious living room with vaulted ceiling is bathed in natural light and highlighted by a gas fireplace with slate surround and built-in media niche. Dining area framed by an expansive window and slider to private deck. Chef's kitchen with granite counters, maple shaker style cabinets, stainless appliances and breakfast bar. King sized master suite with vaulted ceiling and sumptuous master bath with dual sinks and walk-in closet. Slate tile in entry and white painted millwork throughout. Detached one car garage plus storage area. Community amenities include pool, spa, fitness room, club house and sport court.
For more information please contact Matt Jensen at 206-909-8200.

Matt Jensen

206-909-8200

Equal Housing Opportunity

VFLYER ID: 3675594

All information in this site is deemed reliable but is not guaranteed and is subject to change

New Listing Langley Wa!

2010-09-27T13:02:00.000-07:00

Langley - 424 6th St - $399,000.00

Bedrooms: 4

Bathrooms: 2.5

Parking Spaces: 2

Year Built: 1952

Subdivision: Langley

Garage Size: 2

School District: South Whidbey

Square Footage: 2329

Agent Name: Scott Rogan-Levine

Broker: The Cascade Team

MLS #: 134914

Price: $399,000.00

424 6th St,

Langley, WA 98260

Wonderful opportunity to live in the heart of Langley Village! This 4 bedroom 2.5 bath home sits on a double lot close to restaurants, shops, movie and live stage theaters. Enjoy the spacious open concept of the family, living and dining areas as you look out to the beautiful territorial views. The over sized garage has plenty of space for a work area or a home office. For more information contact Scott Rogan-Levine at 206-335-7268.

Scott Rogan-Levine

206-335-7268

Equal Housing Opportunity

VFLYER ID: 3675448

All information in this site is deemed reliable but is not guaranteed and is subject to change

For Sale- Traditions in Klahanie

2010-09-27T11:09:00.000-07:00

24914 SE 43rd Street Issaquah - $395,000

Bedrooms: 3

Bathrooms: 2.5

Year Built: 1996

Subdivision: Traditions

Lot Size: 4313

School District: Issaquah

Square Footage: 1610

Agent Name: Sheri Hilton

Broker: The Cascade Team

MLS #: 130025

Price: $395,000

24914 SE 43rd Street

Issaquah, WA 98029

View Map

View More Photos

Virtual Tour

Range/Oven
Full Refrigerator
Dishwasher
Microwave

Fireplace

Immaculate single owner home in highly desirable Klahanie features real hardwoods, soaring ceilings, huge windows that let in tons of natural light, backs to tranquil landscaped greenery & tiered garden. Neutral, designer-colored paint & carpet ;Large bright kitchen w/ big window, plenty of counter space, Large breakfast bar, formal dining, gas fireplace, huge mantel for displaying artwork, alcoves, recessed lighting, soaking tub, 5-piece bth, 2 walk-ins, ample storage, 2 AC's, trails, & more!

Sheri Hilton

425-750-0354

Equal Housing Opportunity

VFLYER ID: 3675396

All information in this site is deemed reliable but is not guaranteed and is subject to change

Banks to Review Rejected Loans

2010-09-27T07:46:00.000-07:00

Some banks are launching a “second look program” to review loans that have been denied in order to identify circumstances that might persuade underwriters to reverse their decisions.

The Financial Services Roundtable, a trade group of 100 financial companies, including Bank of America Corp., J.P. Morgan Chase & Co., and U.S. Bancorp. Bankers say these programs are starting to loosen the logjams that have made it so hard for both home buyers and small businesses to get loans.

"I don't think of it as being looser. I think of it as making good judgments," says Stephen D. Steinour, chairman, president and CEO of Huntington Bancshares Inc.

Source: The Wall Street Journal, Ruth Simon (09/23/2010)

New Listing Fall City w/ Custom Airport!

2010-09-23T16:04:00.000-07:00

Fall City - 35909 SE 47th Place - $675,000.00

Bedrooms: 3

Bathrooms: 2.5

Parking Spaces: 8

Year Built: 2003

Subdivision: Spring Glen

Lot Size: 49,658

Garage Size: 8

School District: SVS

Square Footage: 2910

Agent Name: Tonya Eliason

Broker: The Cascade Team

MLS #: 134768

Open House: 9/26/10 1-4

Price: $675,000.00

35909 SE 47th Place

Fall City, WA 98024

Spectacular 2910sf custom airport home in immaculate condition on over an acre. Taxi from private airport to your 1600 sq ft airplane hanger with 38’ hydraulic door. Stunning kitchen with walk in pantry, stainless appliances & granite counters. Main floor master suite features skylight, walk in closet, warm floors & soaking tub. French doors in master open to hot tub on deck. 3 bedrooms, bonus room with closet (ideal for large 4th bedroom if needed), loft with wet bar, formal dining room, majestic great room with fireplace, spacious office & a truly magnificent theater room. Whole house audio system & Smart Home Automation. This immaculate home has it all: Stunning mountain views, large trex deck, hot tub, fireplace, vaulted ceilings with expansive windows, wired for generator, attached 2 car garage & community river access. Golf and boat launch nearby. If not a pilot, rare airport rights can be sold separately and hanger used as a large shop, boat storage, RV parking, parking for 6 additional cars, etc. No detail is overlooked. Over an acre of land with stream in a private, park like setting, yet less than 30 miles to Seattle. One year home warranty. Don’t miss this unique opportunity. For more information contact Tonya Eliason at 425-831-5721.

Tonya Eliason

425-831-5721

Equal Housing Opportunity

VFLYER ID: 3663901

All information in this site is deemed reliable but is not guaranteed and is subject to change

New Listing - Issaquah Highlands

2010-09-23T16:00:00.000-07:00

Issaquah - 2883 NE Logan Street - $500,000

Bedrooms: 4

Bathrooms: 2.5

Parking Spaces: 2

Year Built: 2003

Subdivision: Issaquah Highlands

Lot Size: 4,287

Garage Size: 2

School District: Issaquah

Square Footage: 2250

Agent Name: Matt Jensen

Broker: The Cascade Team

MLS #: 134846

Price: $500,000

2883 NE Logan Street

Issaquah, WA 98029

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Range/Oven
Full Refrigerator
Dishwasher
Sink Disposal
Microwave

Fireplace
Hardwood Floors
Kitchen Island
Vaulted Ceilings

Patio
Fenced Yard
Grass Lawn
Secluded setting

Beautiful Burnstead home backing to lush greenbelt! Spacious family room with expansive windows highlighted by gas fireplace with stone surround and wood mantle. Chef's kitchen with granite counters, alder cabinets, birch floors, gas cooktop, center island with breakfast bar and high quality stainless appliances. Main floor den. King sized master suite overlooking greenbelt. Sumptuous 5 piece master bath with tile floor and walk-in closet. Three secondary bedrooms - one is bonus room sized with vaulted ceiling. Upstairs laundry. Private yard with patio. Loads of extras including Hunter Douglas blinds, central A/C, sprinkler system and attic storage.

For more information, contact Matt Jensen at 206-909-8200.

Matt Jensen

206-909-8200

Equal Housing Opportunity

VFLYER ID: 3663778

All information in this site is deemed reliable but is not guaranteed and is subject to change