Snohomish Today - Housing and Community Blog

Mortgage Rates drop: time to take advantage of these rates now.

Chief Editor — Wed, 21 Jul 2010 23:37:37 +0000

Mortgage interest rates have dropped to the lowest levels I have ever seen in my nearly 20 yrs. in the housing industry. If you have a fixed rate loan over 5% and or a loan originated within the past 4 yrs. with 2nd mortgages (a substantial number if you are similar to the throngs of buyers who purchased going nothing down), you may want to consider your options at this time and take advantage of these remarkable rates.

My office at Legacy Escrow closes refinance and purchase transactions and we have seen some very good rates and terms for homeowners refinancing into responsible loans. Affordability is far improved with year over year median housing prices in Snohomish Co. 10% lower than this time last June of 2009.

Through our sister company (Nationwide Subordinations) we work with companies located across the country assisting homeowners with negative equity that may qualify for the HARP program (Homeowners Affordable Refinance Program).

A local lending company, Savage Financial, owned and operated by Dan & Linda Savage on Bickford Ave. is a great resource to turn to for questions about financing and the HARP program. They can be reached at 425-335-1776.

North & South Snohomish All Stars meet at July tourney: South prevailed 4-1.

Chief Editor — Wed, 07 Jul 2010 18:29:09 +0000

Congratulations to the North and South Snohomish 11-12 yr old All Star teams. Both teams met after early losses in the tournament hosted by the Stilliguamish Little League in Arlington. The early morning July 3rd game started at 9am and it was chilly. The South Snohomish Little League team prevailed over North Snohomish in a great game by the score of 4-1.

John Wooden recognized at Pauley Pavilion, UCLA.

Chief Editor — Sun, 27 Jun 2010 03:03:46 +0000

You cannot describe this man any better than Kareem Abdul-Jabbar did in today’s service at ULCA in Los Angeles.

“I’m aware how cynical the world has become. Coach’s value system was from another era, it was developed in an America that has passed on.”

Whatever your passion, your work, business, or life aspirations, John Wooden was the epitome of excellence and success. He was one of the finest Americans ever.

America, turn off your iPod, your video games, your cell phone, stop looking at the latest gossip magazines from the checkout stand at the store and concentrate on one thing: if you want to know how to lead a fulfilling life, one of success, selflessness, humility and a work ethic of serving……look at the photo. This is what a real man is all about.

John Wooden

$373,000 of debt paid off: Inspiration

Chief Editor — Tue, 15 Jun 2010 16:41:29 +0000

Reducing Debt

Yahoo News (from the Motley Fool) has a great article on how three families paid down a combined $373,000.00 in debt. Was it easy? No. Was it fun? No.

But it shows you how, when you set goals, your financial blue-print for your family can dramatically change for the better.

From the article:

“Jay Allen reinforced the importance of focus: “It took us a loooong time to pay down the debt and I sometimes found that discouraging, but we never gave up. There were a number of times that we had to revise our goals for slower debt paydown and there were numerous times that we slid backwards, but we continued to keep our ultimate goal in mind and to work toward it.”

The one searing point that hit me between the eyes: Don’t add to your existing debt.

Humor: The very best of Financial Analysis

Chief Editor — Sun, 06 Jun 2010 20:18:36 +0000

Snohomish Boys Soccer Cup & Alumni match: Saturday 5-9pm

Chief Editor — Thu, 03 Jun 2010 19:36:52 +0000

Soccer fans, players and alumni:

2010 All Snohomish Boys Soccer Cup & Alumni Games

Saturday, June 5^th, 5-9 pm (arrive at 4:30 pm)

Snohomish High School Stadium
Boys Varsity VS. Glacier Peak at 6:30pm at SHS.

Potluck, picnic-style food. We are suggesting, chicken, sandwiches, salads, pasta, or any finger foods, bring enough to share with 10. Bring your own water, Gatorade or soft drinks. Booster club will supply plates, utensils and napkins. Arrive at 4:30pm. Alumni Game, 5-6pm, Varsity Boys SHS vs GP 6:30-8pm

Please invite anyone that enjoys soccer and/or has attended Snohomish High School, no rsvp necessary.

A minimum suggested donation of $5 at the stands.

Questions: english89@comcast.net or 425.344.5925

Post Photo Credit: Eric Barton Photography.

Report: Foreclosure in Washington State averages 390 days.

Chief Editor — Tue, 01 Jun 2010 04:33:53 +0000

An article in today’s New York Times business section discusses the foreclosure problem and how some owners are choosing to not pay their mortgages and live in their homes for months and even years. Florida is now averaging 518 days from the time the homeowner stops paying to the time of the foreclosure sale.

The graphic below shows the enormous backlog of homes in foreclosure working it’s way through the system and in Washington State the average time from default to the foreclosure sale is nearing 400 days. That is a long time to live without a housing payment.

While I’m not a fan of Wall Street crooks and bankers in general, I’m finding it very hard to resolve the growing phenomena of walking away from your mortgage because homeowners find themselves not being able to afford their payment.

Somehow they were able to afford the payment when signing loan documents, but today, all of a sudden the payments are no longer palatable. What happened since then? I’ll tell you. Serial refinancing. Where did the money go? Trips to Vegas, Cancun, Jamaica, cars, boats, 5th wheels, $250K custom coach motor homes, additional homes purchased as an “investment,” rolling consumer debt (credit cards etc.) into their home and on and on. – Editor, Snohomish Today.

From the article: More than 650,000 households had not paid in 18 months, LPS calculated earlier this year. With 19 percent of those homes, the lender had not even begun to take action to repossess the property — double the rate of a year earlier.

It may be premature to think that a housing recovery will miraculously turn-around from the Fall 2007 peak prices. To do so would have us witness the most amazing economic rebound in history. Emotionally, I want it to happen, but when you think through all the structural economic issues that have to mend both in the US and abroad, it may be more realistic to think of our economic wounds taking several years to heal. And, that excludes all the other problems going on outside and inside our borders.

Memorial Day in Snohomish (2010)

Chief Editor — Mon, 31 May 2010 15:57:58 +0000

It’s the Veteran who salutes the flag.

It’s the Veteran, not the preacher, who gives us the right of religion.

It is the Veteran, not the reporter, who gives us the freedom of the press.

It is the Veteran, not the poet, who gives us the freedom of speech.

It’s the Veteran, not protesters, who give us the right to assemble.

It’s the Veteran, not the lawyer, who gives us the right to a fair trial.

It’s the Veteran, not the Politicians who give us the right to vote.

The only person who serves under the flag is the Veteran.

Wednesday evening NSLL: Yanks over Angels

Chief Editor — Thu, 18 Mar 2010 20:02:20 +0000

Last evening’s game between the Yankees and the Angels was played under superb weather conditions, although a tad chilly when the wind kicked up. The game was called after the end of the 5th inning due to total run rule. Some great play from both teams energized their respective cheering quarters. The Yankees were led by a home run by Mitch Morris and excellent pitching by Coby McDaniel.

Brokerage John L. Scott partners with Zillow.com for listing placements

Chief Editor — Mon, 15 Mar 2010 17:56:38 +0000

Local Northwest real estate brokerage, John L. Scott Real Estate, has entered into an agreement to place their listings on Zillow.com. It is this bloggers opinion that it was a matter of time before a local large company placed their listings on Zillow. Many have resisted Zillow because they argued that placing their listings at the online housing information site would possibly steer online visitors away from their brokerage website and, ultimately, to their agent associates. Apparently, with the enormous pull of 9 million unique visitors to Zillow.com each month, John L. Scott felt it was in their best interests of their agents and the clients they serve to partner with Zillow. Amazing times of change in real estate.

King 5 TV reported this morning:

“Zillow is very pleased to partner with John L.Scott, one of the most productive regional real estate companies in the nation, and a highly regarded brokerage with deep roots in the Seattle real estate community,” said Spencer Rascoff, Zillow’s chief operating officer.

John L. Scott chairman and CEO J. Lennox Scott added, “We constantly look for ways to maximize marketing exposure for our associates and listings. By distributing our listings to Zillow, we are able to expose our clients to Zillow’s audience of nine million unique visitors each month. We believe this offers a tremendous marketing opportunity for our agents and their sellers.”