When searching for your next real estate purchase, you will find the Puget Sound region is bejeweled with enchantingly attractive, surprisingly diverse areas and neighborhoods. One that has grown up under the very nose of the Seattle core is West Seattle. Just across Elliot Bay or the West Seattle Bridge from downtown, this peninsula extends into the Sound and boasts famous restaurants and coffee shops, hundreds of unique stores, good schools, beaches, parks and, of course, spectacular water and city views. Every ferry leaving the downtown Seattle ferry docks enjoys a view of West Seattle on its port side, dozens of times a day.
I had recently become reconnected to a college friend through the magic of Facebook. When I mentioned to her my wife and I were considering a move to West Seattle, the tone of her notes suddenly turned ebullient. I've asked her permission to post her comments here:
"Until this year I rode the Water Taxi home every day, my bus pass covered it. Sat on the roof soaking up the sun. 12 minute daily vacation. It's moved down to pier 50 this year, and costs a little more, so I may ride it less. One great thing about our surrounding several blocks is how friendly everyone is. We know many of our neighbors--people are way more friendly than in any suburb we lived in. Our house is old too--80 years old. All the houses are interesting, it's a great neighborhood to walk / run in, lots to look at. And the views!!! Wow, even standing at the bus stop I see mountains to the west, today I noticed a snow capped Cascade mountain from our living room I forgot we could see over the house across the street.
"Can you tell we love it here? Oh, and just before Seafair there is a real parade."
West Seattle -- just another great place to buy a home...and really live!
Saturday, April 24, 2010
Monday, April 19, 2010
Now for some national news...
Here are a couple articles from the Washington Post that might be helpful as you consider the real estate market today:
Mortgage Relief for Unemployed
Attempting to overhaul its foreclosure prevention program, the Obama administration took noteworthy steps to help the unemployed stay current on their mortgage through tough times.
While the trouble in the housing market stemmed originally started with loose lending practices, high unemployment and underwater homeowners are now the major factors contributing to foreclosure.
The program will now:
•Require lenders to “slash” payments for the unemployed for 3-6 months. In some cases, payments could be deferred entirely.
•Cut payments to at least 31 percent of previous income, about the same amount that unemployment insurance pays.
•Become effective over the next 6 months.
•Not require new taxpayer funds. The program has only used a small portion of its $75 billion allocation.
Source: The Washington Post
Helping Underwater Homeowners
Underwater borrowers are one of the major driving forces behind foreclosure. It’s estimated that one in four homeowners owes more than their home is worth. Economists categorize these borrowers as “high risk” because they can’t sell or refinance.
The government is taking the following steps to address underwater borrowers:
1.Principal Reduction. Lenders will be asked to reduce the principal loan balance if it is 15 percent or greater than what the home is worth. This will only be available to borrowers who are current on their mortgage payments and they will need to stay current to “earn” the full reduction over three years.
2.FHA Refinancing. The Federal Housing Administration (FHA) offers refinancing alternatives for borrowers who are underwater and offering incentives for lenders who reduce the principal on primary mortgage by at least 10 percent.
3.Second Mortgages. The government will double the incentive amount paid to lenders who help modify second mortgages. Half of all troubled homeowners have second mortgages, which have been an obstacle in providing modifications.
4.Short Sales. Incentives to lenders who help troubled borrowers that don’t qualify for the program, most commonly a short sale, have been increased.
Source: The Washington Post
Mortgage Relief for Unemployed
Attempting to overhaul its foreclosure prevention program, the Obama administration took noteworthy steps to help the unemployed stay current on their mortgage through tough times.
While the trouble in the housing market stemmed originally started with loose lending practices, high unemployment and underwater homeowners are now the major factors contributing to foreclosure.
The program will now:
•Require lenders to “slash” payments for the unemployed for 3-6 months. In some cases, payments could be deferred entirely.
•Cut payments to at least 31 percent of previous income, about the same amount that unemployment insurance pays.
•Become effective over the next 6 months.
•Not require new taxpayer funds. The program has only used a small portion of its $75 billion allocation.
Source: The Washington Post
Helping Underwater Homeowners
Underwater borrowers are one of the major driving forces behind foreclosure. It’s estimated that one in four homeowners owes more than their home is worth. Economists categorize these borrowers as “high risk” because they can’t sell or refinance.
The government is taking the following steps to address underwater borrowers:
1.Principal Reduction. Lenders will be asked to reduce the principal loan balance if it is 15 percent or greater than what the home is worth. This will only be available to borrowers who are current on their mortgage payments and they will need to stay current to “earn” the full reduction over three years.
2.FHA Refinancing. The Federal Housing Administration (FHA) offers refinancing alternatives for borrowers who are underwater and offering incentives for lenders who reduce the principal on primary mortgage by at least 10 percent.
3.Second Mortgages. The government will double the incentive amount paid to lenders who help modify second mortgages. Half of all troubled homeowners have second mortgages, which have been an obstacle in providing modifications.
4.Short Sales. Incentives to lenders who help troubled borrowers that don’t qualify for the program, most commonly a short sale, have been increased.
Source: The Washington Post
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