"All Things Edmonds" Blog

Shorts sales getting shorter

Casey Bui (Rockwell Realty) — Wed, 09 May 2012 11:58:11 -0700

Short sales to get shorter
Beginning June 15, distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days. Compare this to the average for these two institutions in January of this year alone (193 days) and we should view this as a positive turn of events. Not only will it make short sale transactions for both buyer and seller less of a drawn-out heachache, but it will help lower the backlog of inventory of these types of homes that are continuing to weigh down the real estate market and general economy.

The goal is to actually provide a response within 30 days but giving these lenders an additional 30 days if necessary. If they do use this extension, they'll be required to provide the loan borrower weekly updates and must make a decision with 60 days max.

Think this doesn't matter in Edmonds? Currently there are 257 single family listings that are either active or currently under contract. Of those, over 25% of them are short sales. The quicker these types of distressed sales are removed from the inventory and market, the quicker we can return to a more balanced market.

Here's a list of regions around the Sound:
I compiled this list from the NWMLS list of active and pending single family homes as of this writing.

Edmonds Bowl -- 4 of 26 (active or under contract) are short sales (15%)
Ballard/Greenlake -- 92 of 501 are short sales (18%)
Queen Anne/Magnolia -- 29 of 252 are short sales (12%)
West Seattle - 172 of 529 are short sales (33%)
Beacon Hill - 42 of 134 are short sales (31%)
Capitol Hill/Central District -- 9 of 71 are short sales (13%)
Richmond Beach/Shoreline -- 43 of 152 are short sales (28%)
Bothell -- 29 of 98 are short sales (30%)
Bellevue -- 78 of 445 are short sales (18%)
Kirkland -- 58 of 266 are short sales (22%)
Issaquah -- 34 of 199 are short sales (17%)
Federal Way/Dash Point -- 164 of 417 are short sales (39%)
Kent -- 233 of 656 are short sales (36%)
Renton Highlands - 121 of 362 are short sales (33%)
Mercer Island -- 11 of 137 are short sales (8%)

Casey

Edmonds WA Realtor - Learn about real estate and how I can help you.

My "All Things Edmonds" Blog - For a fresh look at things that matter to you in Edmonds WA.

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_______________________

Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com

Spring fishing season in Edmonds, WA

Casey Bui (Rockwell Realty) — Sat, 05 May 2012 12:57:06 -0700

Spring fishing in and around Emdonds, WA is here!

You can now get your fill of halibut, lingcod, trout, spot shrimp and razor clams. Lingcod fishing opened on Tuesday and should provide healthy catches this season. In addition to areas just off the Edmonds Marina, you can try the green buoys off of Alki Point and Shilshole Marina and Elliott Bay in Seattle. Scatchet Head and Possession Bar off the south side of Whidbey Island are also known to be catch areas.

I had hoped to do some halibut fishing myself this weekend but was not able to get away. The Strait of Juan de Fuca off Port Angeles should be good. Folks caught nearly 46,000 pounds last season and this season should be similiar (last year's quota was 58,000 pounds). Halibut season is open now through June 2. Coastal fisheries are also open in certain areas (think Ilwaca, Westport, Neah Bay, Seiku, etc).

The final razor clam dig of the season will be Saturday, May 5 through Monday, May 7. It is only open at Twin Harbors and closes at noon each day. The fall season schedule will be determined.... in the fall (usually late Sept, early Oct).

If you dont' have the gear or time to do some open water fishing, consider trout. Plenty of stocked lakes in western part of the state. Trout season opened on April 28. Anglers heading out this spring can expect to reel in larger-than-usual trout in regional lakes with more than three million hatchery-reared trout averaging 11-13 inches — two to three inches longer than last year’s average!!

There’ll be an uptick in regional fishing opportunity on Memorial Day weekend, because a number of lakes in King and Snohomish counties will be stocked with more catchable trout prior to the holiday. In and around Edmonds, the following lakes are stocked (month and number of fish are in parentheses):

Lake Ballinger (1,275 fish on May 1 & 800 fish stocked on May 2)
Echo Lake off Hwy 99 (May: 100 fish)
Silver Lake in Everett (409 in April, 180 in May)

Key dates for fisheries opening in May include:

May 1 – Lingcod fishing opens in Puget Sound. Also spring chinook fishing opens on the Chehalis River.
May 3 – Halibut fishing opens in Marine Areas 6-10 in Puget Sound. Halibut fishing also opens in Marine Area 1 off the south coast (Ilwaco).
May 5-7 – Last razor-clam dig of the season, at Twin Harbors only.
May 5 – Shrimp fishing opens in areas of Puget Sound.
May 6 – Halibut fishing opens in Marine Area 2 off the south coast (Westport and Ocean Shores)
May 10 – Halibut fishing opens in marine areas 3 and 4 off the north coast (La Push/Neah Bay).
May 24 – Halibut fishing opens in Marine Area 5 (Sekiu/Pillar Point)

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_______________________

Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com

New refinance option for those who are underwater but still current on their payments!

Casey Bui (Rockwell Realty) — Tue, 03 Apr 2012 12:40:09 -0700

New (and real) help for homeowners underwater but current on their loans...
The Obama Administration introduced a new program to allow millions of borrowers to refinance their homes even if they are under water. Traditionally, homeowners aren't able to refi without at least some equity in the home... often 20%. This means if your home is worth $300,000 you'd only be able to refi up to $240,000 into a new loan (20% equity scenario).

This newest revision to the original Home Affordable Refinancing Program (HARP) holds the most promise for those who have been making payments regularly and on time on their FHA loans. The new program will allow those who have been current on their loans to take advantage of rock bottom interest rates (national average is now under 4% fixed as I write).

Effective June 11, 2012, for qualifying borrowers, the cost for the upfront mortgage insurance on FHA loans will be reduced to 0.01 percent of the loan amount, down from 1 percent, according to a White House fact sheet. Additionally, the annual mortgage insurance amount will be reduced from 1.15 percent to only 0.55 percent per year.

I know that many borrowers I've spoken with have been upset and disappointed by previous industry loan modification programs in the past which have required a certain level of trust with lenders to follow through on. But if you've got the motivation and fit the criteria, this can be a real cost cutter in terms of lowering your mortgage payments. Here are the general qualification guidelines:

Your current loan must be owned or guaranteed by Freddie Mac or Fannie Mae.
You must be current on an existing FHA-insured mortgage signed on or before May 31, 2009.
You haven't already refinanced under HARP in the past few years.
Your current loan-to-value (LTV) ratio is greater than 80% (meaning you owe at least 80% of your home's market value (i.e. you're "under water"). Using the same $300,000 example above, your home loan would have to be at least $240,001.
You must be current on your mortgage at the time of the refinance with NO late payments in the last 6 months and no more than one late payment of 30 days or less in the last 12 months.

Meet these criteria and you should definitely talk with a lender about refinancing your home. Here are several things to keep in mind when considering this early Christmas gift:

There is no longer a maximum LTV.. This means that no matter how under water you might be, your LTV ratio will not automatically disqualify you. This is great news for those whose home values (especially condos) have headed south for the winter.
In most cases, you can only get a fixed rate. So if you are thinking of trying for an ARM to get a lower interest rate, don't. :-)
There is no appraisal that is needed. Since there is no longer an LTV cap, what would be the point? This saves you $400-500 dollars instantly. The underwriters will still run an automated program to get a valuation for your home but it won't affect your ability to get the new loan.
Unlike previous programs, like lender-driven loan modifications, this one should be more well received by lenders. Don't shy away because of past experiences with loan mods.
Loans will be cheaper with a lot of the old fees being either reduced or eliminated under these new HARP revisions. This makes the refi more affordable than ever for those who qualify.
Don't qualify because of recent late payments? Don't worry. Try and get back up to current (see Qualifying term #5 above) and refi when you've been able to do that. This program will run through December 2013.

Happy Easter!

Casey

Edmonds WA Realtor - Learn about real estate and how I can help you.

My "All Things Edmonds" Blog - For a fresh look at things that matter to you in Edmonds WA.

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_______________________

Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com

Fishing in Edmonds, WA

Casey Bui (Rockwell Realty) — Sun, 28 Aug 2011 21:24:44 -0700

Successful fishing in Edmonds, WA can require some know-how. Two boating classes are being offered by the Edmonds Flotilla.

The Coast Guard Auxiliary Edmonds Flotilla is offering two 12-week boating classes for experienced and novice boaters.

The Weekend Navigator begins Sept. 13, and will discuss electronics and navigating.

The Boating Skills and Seamanship begins Sept. 15, and will cover all aspects of boating.

For details, call 425-483-9684 or email boatclasses@hotmail.com. These are good courses for those wanting to learn more about fishing in Edmonds, WA.

Edmonds WA Realtor - Learn about real estate and how I can help you.

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_______________________

Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com

Things to do in Edmonds, WA

Casey Bui (Rockwell Realty) — Mon, 22 Aug 2011 18:50:00 -0700

WHAT: The 22nd Annual Egyptian Bazaar & Dinner is coming your way soon!

The festival offers Pharaonic Costume Photo Session, Freshly Baked Egyptian Desserts, Authentic Egyptian and Christian souvenirs and books. There will also be a $15 full course dinner available for festival goers.

WHERE: It will be held in Edmonds Yacht Club in Edmonds Marina (326 Admiral Way, Suite 100 Edmonds, WA 98020)

WHEN: September 3rd from 11:00 am to 8 pm. Admission is free! See you there!

WHO: The festival is put on by St. Mary's Coptic Orthodox Church. For more info Maurice 206.714.5094 or Nashwa 425.330.7719 or 425.443.9834

WHY: The festival is a fundrasing event for a local church and a chance to share the Egyptian Coptic culture with the community.

Edmonds WA Realtor - Learn about real estate and how I can help you.

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_______________________

Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com

Schools in Edmonds, WA

Casey Bui (Rockwell Realty) — Tue, 28 Jun 2011 17:37:38 -0700

The Washington State Auditor raised some red flags over lax enforcement of guidelines meant to prevent abuse of use of Edmonds School District credit cards. Parents with kids at public schools in Edmonds, WA certainly don't want to see a scandal like what the Seattle SD recently went through. The Edmonds School District and schools in Edmonds, WA in general have generally been great for our kids (and pocket books). Take this opportunity to talk with school administrators and school board members to let them know that you expect them to do as good a job keeping the books as teaching from them.

You can view the full report on enforcement of credit card use for public schools in Edmonds, WA.

Casey

Edmonds WA Realtor - Learn about real estate and how I can help you.

My "All Things Edmonds" Blog - For a fresh look at things that matter to you in Edmonds WA.

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_______________________

Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com

Edmonds Bowl Real Estate in Edmonds WA doing fine

Casey Bui (Rockwell Realty) — Wed, 08 Jun 2011 19:53:33 -0700

OK, OK.... we're still in an economic funk. Housing is down; jobs are hard to find; gas prices are high.

But when it comes to real estate prices in the Edmonds WA Bowl area (and greater Puget Sound region as well), we have to keep a long view of what the recent "housing bubble" has done to prices. Certain markets are down. But some are healthy. I wrote a blog about the Edmonds WA real estate market and how healthy we actually are in the single family house sector, but not so much in the condo sector.

Most everyone has heard of the Case-Shiller Home Price Index which gets much publicity monthly. It tracks home prices both nationally and regionally compared to previous months or years. And it's been consistently indicating downward pricing pressures. But it's also important to consider long-term views on housing. The New York Times recently put together a chart showing housing prices for 20 major cities. The important perspective they make is this: yes, we're down over the past several years, but home prices are still up around 33% for the decade (since 2000).

In the above chart, Seattle's line is blue. The national average is black (the other lines are the other major cities around the U.S.) Click on the NY Times link above to play with the chart. But you'll note that the greater Seattle market didn't rise - or fall - as much as other markets nationally. It's the silver lining set against the dreary cloud-covered region we call home.

But it's also a reminder that, like all investments, long term toirtoises often out-perform the short term hares of the world. So don't fret if you know you're in it for the long haul because the Edmonds Bowl real estate in Edmonds WA is doing fine (generally). :)

Keep the chin up!

Casey
Edmonds, WA

ps. Wanna know where home prices are below 2000 levels? Detroit (-32.9%), Cleveland (-3.2%), Las Vegas (-2.8%), Atlanta (-1.6%).

Edmonds WA Realtor - Learn about real estate and how I can help you.

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_______________________

Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com

Bank of America gets foreclosed on

Casey Bui (Rockwell Realty) — Mon, 06 Jun 2011 13:34:14 -0700

Here's an interesting story out of Florida where a defense attorney and sheriff's deputies walked into a Bank of America branch to seize property from the bank.

This is obviously a case of bad bureaucratic management and I don't think it adds much to the idea that those who aren't making payments are being treated unfairly. But I thought it a nice start to the week.

Edmonds WA Realtor - Learn about real estate and how I can help you.

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_______________________

Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com

Trout fishing Edmonds WA

Casey Bui (Rockwell Realty) — Fri, 03 Jun 2011 20:53:39 -0700

Free trout fishing in Edmonds WA anyone?

The weather for this weekend could not be better for the 24th Annual Edmonds WA Waterfront Festival (see green arrow on Google Map). There will be free trout fishing for children (under age 12) hosted by Trout Unlimited, Edmonds WA chapter.

The free trout fishing will take place at the Willow Creek Fish Hatchery (95 Pine St at the Corner of Edmonds Hwy (SR 104) and Pine St... see yellow arrow on Google Map).

There is a shuttle bus that will ferry people between the hatchery and the Edmonds Waterfront Festival between 11am and 3pm on both Saturday and Sunday.

For more information, contact Trout Unlimited at (425) 771-5970.

For a great introduction to fishing in Edmonds WA, consider the Edmonds WA Waterfront Festival.

Edmonds WA Realtor - Learn about real estate and how I can help you.

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_______________________

Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com

Just for the halibut...

Casey Bui (Rockwell Realty) — Fri, 03 Jun 2011 18:12:37 -0700

Is there anything much better than taking advantage of the natural beauty around us? I particularly love the fishing options we have here in the Northwest.

My dream vacation?

Catching the Edmonds ferry to Kingston on a sunny, calm day. A nice drive to the Olympica Peninsula. A week at the cabin just outside Port Angeles and fishing and enjoying the outdoors.

With sun, please.

Enjoy this first wonderful sunny weekend in 7 months folks!

Casey
Edmonds, WA

Edmonds WA Realtor - Learn about real estate and how I can help you.

My "All Things Edmonds" Blog - For a fresh look at things that matter to you in Edmonds WA.

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_______________________

Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com

The hidden "costs" of refinancing

Casey Bui (Rockwell Realty) — Thu, 02 Jun 2011 16:08:43 -0700

I read this very interesting article about some of the hidden costs of refinancing too close to a sale date. I thought re-posting it would be beneficial to my readers. Let me know what you think.

Obviously, this means that the decision on whether to refi or not will be on a case-by-case basis. Feel free to contact me if you have questions on whether it is the right decision for you.

Click here to read the article.

Casey

Edmonds WA Realtor - Learn about real estate and how I can help you.

My "All Things Edmonds" Blog - For a fresh look at things that matter to you in Edmonds WA.

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_______________________

Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com

Proposed bill in Congress to raise FHA minimum down payment requirements

Casey Bui (Rockwell Realty) — Thu, 26 May 2011 16:42:14 -0700

Republicans on the House Financial Services Committee have drafted legislation that would raise the minimum down payment for FHA mortgages to 5% and cut the maximum FHA loan amounts in many markets. The bill looks to be more of a philosophical response - rather than a fiscal one - to the question of how much the federal government should be involved in the housing market. Ironically, the program originated during the Great Depression of the 1930s, when the rates of foreclosures and defaults rose sharply, and the program was intended to provide lenders with sufficient insurance. So, its contraction in a similar economic and housing environment today is worthy of "factoid" status.

FHA loan limits are already set to decrease in various markets beginning in October 2011. If this bill passes, those limits will come down even further. But I'm not here to state that loan limits are, or are not, at the right levels. Quite frankly, the only market I service and know well is Seattle so speaking to the limits of other markets would be spurious.

However, I know that there are many buyers who can only purchase with the assistance of an FHA-approved loan. There have been many who have made the argument that these limits should go up because too many people who can't afford houses are buying. This argument is based more on anectdotes than real life. We should remember that most home-buyers who are FHA-approved still have to demonstrate an ability to pay and have decent credit ratings. FHA has two distinct advantages that a conventional loan cannot provide certain buyers: first, it allows those buyers the ability to get a home loan without a significant downpayment that most conventional loans require; second, it provides for better interest rates than the conventional lender, which in turn makes the home purchases (more) affordable.

And so before you make final judgment on certain people who have good jobs and credit - but not quite the tens of thousands often required to get into a home - don't deserve an opportunity at homeownership, keep in mind that many of those would-be buyers are likely to be the ones looking at your home you've got listed.

Enjoy the sun!

Casey
Edmonds, WA

Edmonds WA Realtor - Learn about real estate and how I can help you.

My "All Things Edmonds" Blog - For a fresh look at things that matter to you in Edmonds WA.

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_______________________

Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com

Short sales and REO properties

Casey Bui (Rockwell Realty) — Tue, 17 May 2011 15:18:45 -0700

The fact is, I've closed more short sales and REO (real estate owned -- by banks) this year than the traditional types of private party sales. Some statistics show that 40% of homes for sale now are indeed short sales.

Now I don't go looking for short sales necessarily. They are just so prevalent these days that my (buyer) clients seem to snag them faster than I snag dog fish while salmon or halibut fishing. Short sale response times so far this year are averaging about 4 months for me.

Here's a good article, if not a bit wordy, that gives prospective buyers of short sale homes five tips to help them endure the frustrating process. Meanwhile, my next short sale closes this Friday. I should note that I represent banks and list REO properties regularly. Bank-owned REO's tend to provide a much quicker response time than do short sales. That's a distinction worth making.

Casey

Edmonds WA Realtor - Learn about real estate and how I can help you.

My "All Things Edmonds" Blog - For a fresh look at things that matter to you in Edmonds WA.

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_______________________

Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com

Edmonds, WA schools ratings

Casey Bui (Rockwell Realty) — Tue, 17 May 2011 14:56:44 -0700

My wife and I are expecting our first son this summer which, naturally, prompted some questions about the schools in Edmonds, WA and how they rate. There are a plethora of websites and organizations out there that rate schools and school districts. Based on the ratings of one website (www.greatschools.org), I've compiled some very broad ratings. Not comprehensive at all, so forgive the brevity! It's just a website I happened upon that rates schools. Their criteria for rating schools is listed at the bottom of this blog post. I would love to hear your own thoughts and feedback of the schools in your own part of Edmonds. I'm sure other readers would benefit from this as well.

The average rating this website gave the eight public elementary schools in Edmonds, WA was a 7 out of 10, with the highest school receiving a 10 and the lowest school receiving a 2. Here's the breakdown with direct links (ranking in parentheses). I didn't include private schools schools.

Elementary schools:

Middle schools:

High schools:

GreatSchools Rating Criteria:
"GreatSchools Ratings for Washington In calculating these ratings, GreatSchools analyzed the 2009-2010 Measurements of Student Progress (MSP) and High School Proficiency Exam (HSPE) reading, writing, math and science results and compared them to the standardized scores of all Washington schools with the same grade levels. If there are no GreatSchools Ratings for a school, the school's test results were either not reported or incomplete. The different student groups are identified by the Washington Office of Superintendent of Public Instruction; if there are fewer than 10 students in a particular group in a school, data is not reported for that group. Keep in mind that when comparing schools using GreatSchools Ratings, it's important to factor in other information, including the quality of each school's teachers, the school culture, special programs, etc. GreatSchools Ratings cannot be compared across states, because of differences in the states' standardized testing programs." -- Taken directly from their website @ http://www.greatschools.org/issues/wa/ratings.html.

Another website you may be interested in is www.schooldigger.com.

Edmonds WA Realtor - Learn about real estate and how I can help you.

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_______________________

Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com

Have you HEARD the housing price woes???

Casey Bui (Rockwell Realty) — Tue, 10 May 2011 18:19:19 -0700

Earlier this week I posted some new data that showed that 30% of home sellers lost money in March '11. The fine folks at NPR recently asked a Juliard opera performer to sing the home prices from 2001 through 2011. They charted national home prices from the well-known Case-Shiller Housing Price Index (see attached graph) into musical notes.

You can hear the NPR story here. Happy reading. Or listening.

Edmonds WA Realtor - Learn about real estate and how I can help you.

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_______________________

Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com