In judicial states the foreclosure process must be handled through the state’s court system thus extending the timelines to bring a home to foreclosure.
Archives for 2012
VA Home Loans [Infographic]
June 16, 2012 By Leave a Comment
The VA Home Loan Program has helped millions of veterans and their families buy a home, build a new home, or refinance their current home for more favorable terms.
This infographic showing how much this program has helped the veterans of the United States.
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Bike Routes: On the Pavement
June 15, 2012 By Leave a Comment
The Burke-Gilman Trail
Call it the I-5 of bike paths. The Burke-Gilman cycle route is often jam-packed along its 18.8 paved miles curling from Ballard to Bothell. First born as a railroad run by a Judge Thomas Burke and a Mr. Daniel Gilman, the original 12.1 miles of the trail were first paved in 1978. For the 2.2-mile stretch around the northern tip of Lake Washington, nothing changed until King County completed a $4.9 million overhaul this winter.
The thoroughfare wasn’t prettified with a mere face-lift—it got a teardown. The tree-root-mangled asphalt was dug up and a new stormwater drainage system installed. Widened and with a soft shoulder added for pedestrians, the trail should be safer for its throng of daily users. Between route lighting and traffic control at street intersections, the only unsafe activity comes when you fall off and eat blacktop (that’s always going to hurt).
Some old, rooty trees were removed, replaced with dozens of poplars, alder, fir, and cedars. Other sections may get similar spruce-ups in coming years, but don’t hold your breath for the construction of the trail’s long-disputed missing link in Ballard—the city’s still mired in the bog of environmental impact checklists and superior court appeals.
The only complaint about the shiny new section thus far? It’s almost too easy for speed demons to break the 15-mile-per-hour limit on the smooth, wide trail. Maybe that makes the Burke-Gilman better than I-5. Start Pedaling Here: Golden Gardens Park at NE 80th St and Seaview Ave NW
EAST LAKE SAMMAMISH TRAIL
Tracing the entire mountainside length of Lake Sammamish, this sometimes-paved byway links Redmond to Issaquah. It’ll get an upgrade like the Burke-Gilman’s soon, but until then the hard-packed rock is suitable for everyone but Lance Armstrong wannabes on racing-style bicycles. Start Pedaling Here: NE 70th St and 176th Ave NE, Redmond
EAST MARGINAL WAY TRAIL
Thank the WSDOT (really!) for this new stretch of biking through SoDo, which separates cyclists from cars and the endless Highway 99 construction. It’s short, but since it insulates riders coming up from West Seattle, it’s oh so sweet. Start Pedaling Here: S King St and First Ave S
I-90 TRAIL
It’s the comeliest travel route to Bellevue, running across the I-90 floating bridge and Mercer Island; hook up with the Lake to Lake Trail to trade Lake Washington for Sammamish. A new extension on the westbound side heads down from the Jose Rizal Bridge from 12th Avenue South to Beacon Avenue. Start Pedaling Here: S Holgate St just east of I-5
THE INTERURBAN
A century ago, one could travel from Seattle to Everett via trolley on the Interurban Rail. Now the corridor is a bike trail, though in some spurts bike riders are deposited onto car-heavy streets. The newest bikes-only section hugs the Evergreen-Washelli Cemetery from North 110th to North 128th Streets and is notable for having lots of elbow room on weekends. Start Pedaling Here: N 110th St and Fremont Ave N
SHIP CANAL TRAIL
Wave across the ship canal to the Burke-Gilman—or the lack thereof, at its Ballard missing link—from a three-quarter-mile section completed just last November. From the Ballard Bridge, it’s an easy pedal to reach the path around the south lip of Lake Union. Start Pedaling Here: Emerson St and 15th Ave
Find other access points and route maps online:
King County Bike Maps kingcounty.gov/transportation/kcdot/roads/bicycling.aspx
Seattle Bike Program seattle.gov/transportation/bikeprogram.htm
Evergreen Mountain Bike Alliance evergreenmtb.org
Cascade Bicycle Club cascade.org
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Is It 2007 All Over Again?!
June 13, 2012 By Leave a Comment
May of 2007 was a hot month for real estate, 7311 units went pending that month. May 2012, 7295 units went pending and was the second hottest month since then, just off the peak month of April 2011.
All of King county is crying for more inventory and median prices are creeping and in some areas leaping up! Area 530 saw an increase of nearly 20%. Countywide median prices bumped up 4.93% and Eastside 1.22%
Some outlying areas are not feeling the boost. As always real estate prices are neighborhood specific.
Multiple offers continue to be the trend while 48.25% of listings sold in the first month during April. Both buyers and sellers require preparation, not everyone is aware the bottom was hit last fall and most of the screaming deals are gone. Several sellers who could not sell last year or in 2010 have been pleasantly surprised with quick sales this year enabling them to move up.
June sales may tick down in units, typical most years but the current pace does not feel typical so stay tuned.
| Residential | Condo | |
|
Current Residential Active Eastside/King County Listings |
1788/5039 |
572/1553 |
|
New Eastside/King Listings in The Month |
1011/2928 |
253/674 |
|
% of change in Active Listings 2011-2012 East/King |
-34.29/-37.44 |
-21.25/-32.32 |
|
Pending Eastside 2012 |
1012 +25.71% |
291 +21.25% |
|
Closed Eastside 2012 |
651 +19.01% |
222 +18.72% |
|
Closed King 2012 |
2056 +24.3% |
562 +24.89% |
|
Median Sales Price Eastside/King |
$500,000/$362,000 |
$230,000/$210,000 |
|
% Change in Median Price Eastside/King |
1.22 /4.93 |
1.1 /-2.33 |
When you know someone that I can help, please let me know.
Landlords Cash in on Higher Demand
June 12, 2012 By Leave a Comment
A week ago, I blogged no the increase we are seeing in the local rental market.
Taking advantage of an increase in home owners-turned-tenants, apartment landlords are raising their rents and expect to continue to do so.
During the first quarter, monthly apartment asking rents increased 2.2 percent year-over-year, reaching an average of $1,070, according to Reis, a property research firm.
Vacancies are at lows and developers are trying to rush projects of multifamily housing to meet the increased demand from renters, but continued constraints on lending has put the brakes on many projects, particularly in smaller markets.
"I’m optimistic about the multifamily sector, certainly for the next two years," Kevin Thorpe, chief economist at Cassidy Turley, a commercial property brokerage, told Investor’s Business Daily. "We’ve entered a period of sustained rent growth.
The reason behind analysts’ optimism: Young professionals are increasingly turning to renting and more than 3 million former home owners, who have been displaced by foreclosures or short sales, are turning into renters.
Demand for single-family home rentals is increasing too, according to CoreLogic. A four-month supply of single-family homes is now available for rent, which is down from five months a year ago, according to CoreLogic data.
Source: “Rents Rise as Apartments See Demand,” Investor’s Business Daily (June 7, 2012)
Good News: Interest Rates Will Remain Low
June 12, 2012 By Leave a Comment
3.5 % Down Payments and Jumbo Loans Available
This is a great time to be looking for a new home. Historically low mortgage interest rates will remain low for the near future. Those low interest rates keep home purchases affordable, which is good news for buyers and sellers.
With the August United States’ debt ceiling crisis behind us, many people are starting to become more confident about buying or selling their homes.
Interest Rates
In early August, the Federal Reserve pledged to maintain historical low interest rates for another one to two years. Most likely, when the Fed’s pledge ends, interest rates will have to increase. However, we don’t anticipate a significant increase in interest rates until 2013 or later.
Down Payments
Even though underwriting for home loans has tightened up over the past several years and buyers are now required to put down larger down payments and have higher credit scores, the Federal Housing Administration, or FHA, still offers mortgages with a 3.5 percent down payment.
Expiring High Mortgage Balance Loan Limits
As a result of the 2008 mortgage crisis, loan limits were increased to allow more borrowers to secure conforming loans. On the first of October 2011, these temporary limits expired, and more buyers in higher-priced markets will need jumbo loans that will carry tighter qualifying requirements (i.e. credit scores) and slightly higher interest rates.
Although many banks stopped or significantly tightened lending underwriting for jumbo loan products when the housing crisis hit, they are now back in the market and filling the void created by the expiration of the higher loans balance. That’s good news for buyers needing jumbo loans and sellers of higher-priced properties.
Conclusion
The days of reckless lending and then the market’s pendulum swing to overly conservative lending practices are gone. The good news is that we are now back to sensible underwriting. Even though we have tougher qualifying requirements – larger down payments and higher credit scores – banks still want to provide mortgages, even at historically low interest rates. Call your broker for more information when planning to buy, sell or refinance your home.
Source: Trendgraphix, NWMLS
2012 NHL Stanley Cup Playoffs [Infographic]
June 12, 2012 By Leave a Comment
Here is the complete breakdown of what happened in this year’s playoffs
click image for larger view