Lilac City Real Estate

News Clippings

Homeownership at 66.9% in 3Q, lowest rate since '99
by JASON PHILYAW (November 3, 2010)

Homeownership remains at the lowest level in more than a decade as increased foreclosures and weak demand despite historically low interest rates continue to weigh on the housing industry. Spokane real estate.

The Census Bureau said the homeownership rate for the third quarter was 66.9%, which is flat with the prior quarter and 0.7% lower than a year earlier.

The rate of U.S. households that own their home peaked at about 69.2% in the fourth quarter of 2004, on the upside of bubble. Prior to the second quarter of this year, the rate had not dipped below 67% since 1999. (More...)


New-home Sales Climb 6.6 Percent in September
By Steve Goldstein - RISMEDIA, October 28, 2010--(MCT)

Sales of new homes climbed 6.6 percent in September, figures released by the federal government on Wednesday showed, representing the second straight month of gains, but still well below the pace when a tax credit existed.

Sales of new single-family homes rose 6.6 percent to a seasonally adjusted annualized rate of 307,000, which is stronger than the 300,000 that economists expected in a MarketWatch-compiled poll.

On Monday, a report showed sales of existing homes also were stronger than expected, rising 10 percent, and the two reports lend support to some economists who believe housing demand hit a bottom in late summer. (More...)

Avista to Present 2010 Energy Fair

It’s winter in the Inland Northwest and that usually means cold, snow and high utility bills. This year there’s little snow, but it is cold, and utility bills are inching upward. What better time to reach out for information about bill assistance and energy efficiency? All this and more will be available at Avista’s 2010 Energy Fair, scheduled for Saturday, Jan. 30, from 10 a.m. until 3 p.m. at Spokane Community College (SCC) Lair Student Center (Building 6), 1810 North Greene Street. (See map here.)

Free admission to the event includes access to all demonstrations, free samples, complimentary food and beverages, and door prizes. (More info...)

 

Local foreclosure rates increase
Posted by Bert - Spokesman Review
Oct. 14, 2010

RealtyTrac said 727 Spokane properties received a notice of trustee sale, or were taken over by lenders in the quarter. For September, the number was 191.

The Spokane third-quarter filings represented a 76 percent increase compared with the second quarter, and a near tripling of activity a year earlier. September was less active than August, but more than double September 2009. (More...)

Mortgages Cheap, But Hard to Get
By Alan J. Heavens
RISMEDIA, October 14, 2010

With fixed mortgage-interest rates at an all-time low, it might seem as if real estate offices should have house hunters lining up, ready to sign on the dotted line. Last week, Freddie Mac announced that the average 30-year rate had fallen to 4.27 percent.

At that rate, a $200,000 mortgage — not including hazard insurance and taxes — would cost $986.22 a month. Add to that the decline in home prices, and it seems like a combination that's hard to resist.  (More...)

 

Washington State Attorney General Press Releases
October 13, 2010

Washington Attorney General Rob McKenna announced that a multistate group of banking regulators and Attorney Generals has formed to investigate whether mortgage servicers have improperly submitted affidavits or other documents related to foreclosures in their states. Read the news release from the Attorney General.

They also announced today there are additional efforts to address foreclosure-related problems in Washington state Read this announcement. Read the news release from the Attorney General.

Attorney General McKenna announced that he has sent letters  today to 52 trustees outlining his concerns, asking them to pause and review their processes and calling on them to suspend any questionable foreclosures in the state.

The focus of this communication to trustees and servicers is directed at pending and future foreclosures. If the documentation, notices and processes involved in those comply with Washington law, they can move forward. If irregularities exist, they should be corrected before the foreclosure process is reinstituted.  Read a Copy of the letters sent to the Trustees.

Download the list of the 52 Trustees in Washington state.

 

Survey: Economy Driving People Out of the Housing Market
RISMEDIA, October 12, 2010--

Nearly two-thirds of Americans say the current economic situation is making them less likely to buy a house, according to a new national survey by FindLaw.com (http://www.findlaw.com), a popular legal information website.

Sixty-three percent of American adults say they are less likely to buy a house because of the current state of the economy. Despite record-low mortgage rates and an abundance of houses available on the market, only 8 percent of people say the current economic situation makes them more likely to buy a house. About a quarter of people – 28 percent – say they are neither more likely nor less likely to buy a house because of the economy.  (More...)

 

Deer Park site for Habitat project

Chelsea Bannach The Spokesman-Review
October 9, 2010 in News

More than 100 local families now living in poverty will achieve the American dream next summer. They will become homeowners.

Habitat for Humanity Spokane broke ground today on a 20-acre site in Deer Park, where volunteers will build 114 homes for families currently relegated to substandard housing. (More....)

 

Greenstone starts upscale homes project
Value of 140-acre, 12-lot development at Liberty Lake said to exceed $12 million

By Mike McLean
Of the Journal of Business

Greenstone Corp., the Liberty Lake-based real estate development company, says it's developing a 12-lot residential subdivision, named MacKenzie Beach, on the east side of Liberty Lake. The estimated value of the 140-acre development is more than $12 million.  (More...)

 

Downsizing? How to live large in a small space
By JACLYN BANASH
Kansas City Star

It’s a constant battle: Small versus big. Less or more? There are arguments to support both sides.

Having just downsized to the smallest apartment I have ever lived in, I was intrigued by the idea of small being the new big. The challenge of storage and saving space is usually the No. 1 problem for most small-home dwellers. Organization is key, as is making the space work for your lifestyle.  (Read more....)


Foreclosures sell at 26% discount

NEW YORK (CNNMoney.com) -- Homes lost to foreclosure now make up a quarter of the real estate market -- and they're selling at big bargains.

Nearly 250,000 residential properties in some stage of foreclosure changed hands during the second quarter, RealtyTrac reported Thursday. They sold for about 26% less than non-foreclosed homes, compared to 35% less in the first quarter.(Read More...)

Congress OKs higher mortgage loan limit extension

(Reuters) - The U.S. Congress on Thursday voted to extend higher loan limits for government-backed mortgages, a move that should help keep borrowing costs low and support the shaky housing sector. (Read more...)