Lake Walker Waterfront

Lake Walker Waterfront
$69,500

Quiet Lake Walker Community - 40 Feet +/- of lake front property on half acre. Selling as vacant land because the cabin is not currently livable, but also has area for RV parking. Water and power already on property. The previous owner planned to put in a gray-water system and use a composting commode. Septic would need approval from King County. Lake is approx 50 feet deep - fishing too! Please inquire for more information.

PNW Economic Report

This post is a bit long, but has relevant information on today's economy here in the PNW. The information is for the PNW Region and includes Real Estate stats. Hope you find it worth a look.

The Gardner Report
Second Quarter 2010, Volume X

Macro & Regional Economics

Last quarter I said that “Signs of Stability” was my key phrase relative to the economy, as well as our region’s housing market, and that appears to continue to be the case. It is clear that we are making progress, albeit at somewhat of a snail’s pace!


Local employment conditions continue to improve and I am glad to state that, on a year-over-year basis, there was just one county, Jefferson, which saw an increase in its unemployment rate. The greatest improvement was found in Cowlitz County, where the rate dropped from 12.9 to 11.9 percent. Other noticeable improvements were found in Whatcom, Kitsap, Lewis and Pierce counties, all of which saw their unemployment rates drop by 0.7 percent.



Of course, reductions in the overall unemployment rate do not tell the whole story. In fact, declining unemployment rates can have little, if any, relevance to employment gains on a year-over-year basis; in many cases individuals either quit looking for work or dropped off the pay rolls as their benefits expired. That being said, when comparing this quarter’s figures to those of last quarter, I found that, across the board, our state gained jobs in the second quarter. This was led, not surprisingly, by King County, whose pay rolls grew by over 25,000 jobs. Pierce County was second, with growth of 5,200 jobs; other gains in the region were far more modest, but gains all the same.


It remains my anticipation that this recent growth pattern will continue into the second half of this year. I do not expect to see drastic improvement, as businesses both large and small remain wary of hiring in the current uncertain economic environment. How will this affect our real estate market? Well, the most pronounced effect will be on the new construction sector that relies on job growth and new household creation to fill their homes. On the resale front, we are certainly affected by new employees moving into our region, but more important is the security of existing employment and its effect on the decision making of buyers. If they are comfortable in their own situations, it makes the important decisions relative to buying a house just a little bit easier.



Conclusions
Mortgage rates remain at all-time lows and are defying, for the time being, my forecast for them to rise this year. This is due to a flight to the relative safety of the dollar by many European nations. That being said, I see this pace of debt purchase slowing, and that will certainly add upward pressure to rates.


Overall, I would say that this quarter’s report card is a solid ‘C’. I can see improvement over the past quarter, but we are not out of the woods yet. Foreclosures in our state are still elevated and that is applying pressure to prices. Transactions are up nicely, but pending sales have slowed dramatically following expiration of the tax credit, and the next quarter will tell us how much future demand we have stolen.

If you would like a copy of the full report, let me know and I'll get it to you.

About Matthew Gardner
Mr. Gardner is a land use economist and principal with Gardner Economics and is considered by many to be one of the foremost real estate analysts in the Pacific Northwest. In addition to managing his consulting practice, Mr. Gardner is a member of the Pacific Real Estate Institute; sits as a trustee for the Washington State Center for Real Estate Research; the Urban Land Institutes Technical Assistance Panel; and represents the Master Builders Association as an in-house economist.

He has appeared on CNN, NBC and NPR news services to discuss real estate issues, and is regularly cited in the Wall Street Journal and all local media.

Shared by permission of author Economist, Matthew Gardner

Necessities of Life are Changing

I recently read an article on the National Association of Realtors that I thought I'd share with you. I'd love to know what you think!

A survey was done by MainStay Investments with 1,049 consumers aged 45 to 65 asking what they considered to be basic needs. The answers were not just food, shelter, and clothing. Now those basic needs include an internet connection, pet care, and travel.

Some other responses include the following: - Weekend getaways, 46% - Professional hair color/cut, 43% - Children, grand-children's education, 42% - Dining out, 38% - Domestic travel, 35% - Ordering takeout, 34% - Movies, 30%

What's on your basic needs list?

FHA Mortgage Insurance Increase

$ $ $ $ $

I have an awesome mortgage person who keeps me posted on changes both good and bad. She has performed some ethical miracles for our office.

Today she sent the following on the increase of monthly payments by quite a bit, all due to the increase in FHA mortgage insurance.

If you know of anyone who may be considering a home purchase, let them know to act before October 4th 2010. I'll be glad to help them through the purchase process.

FHA Mortgage Insurance Increase

$ $ $ $ $

Roseanne Campagna
Windermere Maple Valley
425-569-6900

Open House - Glacier Pointe, Maple Valley, WA

It's a Randolph!
$279,950
You are invited to an Open House this Sunday
22326 - SE 284th Street in Maple Valley, WA 98038
New Construction - Incredible Value

Roseanne Campagna
Windermere Maple Valley
425-569-6900