Beyond Real Estate

After reading and hearing about the foreclosure issues facing lenders and homeowners alike lately, I’ve come to the conclusion that there are some misconceptions out there. I’d like to say a few words . . .

While it is true that many of those properties in foreclosure are owned by folks who bit off more than they could chew, there are a good number of properties owned by honest, hard working people that have hit hard times. I hate that some people think that *only* people who bought with zero down at high prices and bought more than they could truly afford are the ones in foreclosure. Simply not true.

Case in point: I have a friend I’ve known for literally most of my life who bought a house about 20 years ago and has until the past year, had an excellent job. She’s paid her mortgage faithfully for those 20 years and refinanced a couple of years ago to pay off her student loans.

Last year, she lost her job when she had to go back to school to update her degree. Her former employer promised to re-hire after she finished and to date, they have not.

Now, please don’t tell me it’s only dumb idiots who are facing foreclosure or that just because a person *is* facing foreclosure, they must be a dumb idiot who bought more than they could financially handle and they deserve to lose their home. That totally pisses me off, quite frankly.

Homeowners do deserve some form of help and I certainly hope they are allowed some.

~ Annie

With the current mortgage and foreclosure crisis, is right now a good time to buy a home?

It seems this is a question many people are asking. And many sources point to this being the case - the Fed has once again lowered interest rates, there is possibility of government backed bailouts for homeowners and home prices are falling in most areas. I’ve even seen this in my county where typically home values have risen more than 6% annually (and sometimes 6% every six months) for several years now.

On average, home prices have dropped 11% recently. This is quite huge. Coupled with the current 7-8% mortgage rate for the average borrower (5-6% for those with excellent credit), and the amount of house you can buy for the money has risen signifigantly.

It could definitely be a good time to buy a house. CNN Money has also mentioned it’s prime time for vacation home or second home shopping as well. There are some real bargains to be had.

However, this doesn’t mean one should go rush right out and buy the first thing they like - now is the time to do “due diligence.” Shop slow, shop around and watch out for any unfair practices in the lending industry.

I’ve heard it mentioned several times lately that some lenders are not providing Truth in Lending documents within the 3-day requirement. When questioned, borrowers have been told it will come with the loan documents at closing. This is totally wrong. The lender has 3 days from the date of application to provide the TIL to borrowers. Should this happen to you, kindly ask the lender if it was just misplaced or overlooked and to please send you another one. If they make excuses, they’re trying to hide something and you would be wise to demand it be disclosed immediately. Be fair about it, but be firm.

You know, it’s interesting to note that many of todays real estate millionaires got started back in the 80’s during the mortgage meltdown. Play right and perhaps you could be one of the next set of RE millionaires in 20 years. You can bet we are on the lookout for good deals and will snatch up any we see.

~ Annie

For the past week, I’ve noticed on several local RE websites and blogs that people seem to be saying not much has changed around the Puget Sound area, that the economic crunch hasn’t really been felt yet. But I’ve seen evidence elsewhere that points directly to the opposite.

My husband works for a stone wholesaler (granite, marble, etc) and February and so far, March, have been very slow for them. This is a company who sells slabs and tile to builders and contractors and the fact that their business has slowed down, tells me that we are indeed seeing some of the crunch in Snohomish County.

I’m just not convinced everything is rosy here. I find it odd in some ways, because trends in many areas of the country are showing it’s actually cheaper to build your own home right now than it has been for at least a decade, if not longer. Yet building has slowed tremendously here and as I mentioned already, slabs and tile are not selling.

Additionally, there are a couple of homes in our neighborhood that have been for sale for going on 4 months or so now. In the past few years, homes like these would have sold within 45 days, tops. One of them is a spacious home on a corner lot, about a block from a prime elementary school and whose price has been reduced at least twice since it came on the market. It’s even vacant! Someone could move right in! But there it sits . . . And a block away from us, is a duplex that was built last summer. It is still sitting there with a for sale sign as well.

You might remember my post last week “Real Estate Local: Tanked” and this is why I’m still trying to justify all this information in my own mind. Statistics from various sources and the news from those same sources are in conflict with one another. It’s baffling.

Historically, the Pacific Northwest has been slow to feel an economic crunch and while we haven’t noticed the same effects as the rest of the country even now, I think we are catching up to the recession everyone else has been feeling for quite some time.

What have you noticed? How is real estate being affected in your neighborhood?

Until later,
Annie

Today is the first day of Spring, the Equinox. Tomorrow is Good Friday and of course, Sunday is Easter. There are many events happening around Snohomish County this weekend. There’s bound to be an activity or two close to you for the whole family.

Check these out -

Easter Egg Hunts

Easter egg hunt in Edmonds. Prizes include eggs filled with toys, candy and other prizes. Starts at 9 a.m. Saturday at the Edmonds Lutheran Church, 23525 84th Ave. W., Edmonds. For ages 12 and under. Live music by Eric Ode. Sponsored by Edmonds and Trinity Lutheran churches. Free. Call 425-778-2159, or go to www.edmondslutheran.org, www.trinitylutheranchurch.com, www.ericode.com.

Dinosaur egg hunt at Everett Mall. Starts at noon Saturday for ages 3-5 only and at 1 p.m. start for ages 5-10. Also Saturday, “Dig It! The Fossil Workshop,” Everett Mall, 1402 SE Everett Mall Way, Everett. Free. Prizes. Call 425-423-8506 or go to www.digitfossils.com.

Egg hunt in Everett. 10 a.m. Saturday, Walter E. Hall Park, 1226 W. Casino Road, Everett. Free for all ages. Call 425-513-6178. Sponsored by Word of Grace South Everett Foursquare and Sonrise Chapel churches.

Marysville Parks and Recreation Easter egg hunt begins at 10 to 11 a.m. Saturday at Jennings Memorial Park, 6915 Armar Road, Marysville. For ages 8 and under only. Canned food donation to food bank requested for admission. Call 360-363-8400. Also sponsored by Marysville Noon Rotary Club and Grandview Village.

Arlington city egg hunt from 11 a.m. to 2 p.m. on Saturday. Held behind the Stillaguamish Athletic Club at 4417 172nd St. NE, near the Arlington Airport. Free admission. Activities for kids ages 1-12. Eggs redeemed for prizes and refreshments will be provided, but bring your own Easter basket and camera for pictures with the Easter Bunny. Go to www.ci.arlington.wa.us. Sponsored by city of Arlington and Arlington Firefighters Local 3728.

Egg hunt in Lake Stevens at 11 a.m. with free activities until 4 p.m. on Saturday at the Haggen store, 8915 Market Place NE, Lake Stevens. For all ages. Also Easter craft projects, face painting and more. Call 425-377-7100.

Egg hunt in Granite Falls beginning at noon Saturday in Eagle Park at E. Galena Street in Granite Falls. Pictures with the Easter Bunny and egg hunt for ages 1-10, in separate groups; child who collects the most eggs gets a prize; $5 and $7 for pictures with Easter Bunny.

Snohomish’s big Easter egg hunt starts at 1 p.m. Saturday at the Echo Lake Community Church, 13306 Lost Lake Road, Snohomish. Free, but canned food donations accepted. Call 360-668-5528.

Easter egg hunt in Stanwood area at 2 p.m., other activities from 11 a.m. to 4 p.m. Saturday at the Haggen store, 26603 72nd Ave. NW, Stanwood. For ages 2-12. The event is free and also includes Easter egg decorating, face painting, a visit from the Easter Bunny and more. Call 360-629-4400.

The Shiners’ Easter egg hunt in Mountlake Terrace begins at 11 a.m. on March 22 (Saturday) at the Nile Shrine Center located at 6601 244th St. SW in Mountlake Terrace. For small children to age 5, children ages 6-9 and children ages 10-13. Free. Call 425-774-9611.

Mountlake Terrace city egg hunt is at 10 a.m. Saturday at the Evergreen Playfield, 22205 56th Ave. W., Mountlake Terrace. For ages 12 and younger with parent. Treat-filled eggs and other prizes. Free. Sponsored by the Mountlake Terrace Seniors Group. Call 425-672-2407.

Easter egg hunt in Lynwood starts at 2 p.m. Saturday at the Lynnwood Free Methodist Church, 6519 188th St. SW, Lynnwood. For ages 1-11. Prizes and candy-filled eggs. Free. Call 425-775-3696.

Country Village Eggs-travaganza in Bothell starting at 10 a.m. until 6 p.m. Saturday at the Country Village shops, 23718 Seventh Ave. SE, Bothell. Families can collect one egg per store; eggs contain candy, prizes or gift certificates. Call 425-605-0425, www.­countryvillagebothell.com.

Golden egg hunt in Arlington for adults that begins at 10 a.m. to 1 p.m. on Saturday in downtown Arlington. Three gold eggs are hidden at participating businesses. There will be prizes. Sponsored by the Downtown Arlington Business Association.

Lake Stevens Kiwanis egg hunt is at 1 p.m. on Sunday at Highland Elementary School, 3220 113th Ave. NE, Lake Stevens.

Breakfasts and other events

If I find anything else that looks fun, I’ll post it as well.
~ Annie

This isn’t a political blog and generally, I don’t really share my views with anyone but perhaps my husband. However, I just watched an incredible video that I feel compelled to share especially given the topic of yesterday’s post.

You may have noticed a small icon above here in support of Ron Paul and this video also gives you a glimpse as to why I believe in Dr. Paul.

Here’s the video

I encourage to watch it, think about the current issues in the news and really try to understand just what the long term effects are if the current policies are not changed quickly. It’s imperative that every adult in America who is legally eligible to vote, do so.

Our country depends on it - Our future generations -

OUR CHILDREN AND GRANDCHILDREN

- depend on it.

Until next time,

~ Annie