Ryan Raveis, Senior Vice President of William Raveis Mortgage, discusses the jumbo mortgage real estate market for 2010.
Full Motion Commercial Grade Video Tours of Yakima, WA Real Estate, surrounding areas..and the Pacific Northwest with map based browsing of Real Estate Videos. We can help you sell your Yakima Homes for pennies-on-the-dollar when compared to traditional print advertisement. If you are a Realtor/Agent or a Home Owner and you are serious about getting huge exposure to your Yakima, Washington listings for sale, give us a try and watch how Real Estate Video can give you an edge over the competition.
Showing posts with label Yakima WA. Show all posts
Showing posts with label Yakima WA. Show all posts
Friday, October 29, 2010
Sunday, October 24, 2010
Whistlin' Jack Lodge, Resort & Restaurant on Chinook Pass,Washington (Realty Tours Northwest of Yakima )
via sites.google.com
27 Miles east of the Chinook Pass Scenic Byway summit along WA State Route 410 sets Whistlin' Jack Lodge & Resort. Built in 1931, the original lodge that served as a waypoint for weary travelers along the route was purchased by the Williams Family in 1957 and transformed to what has become a world class tradition in mountain hospitality.
The lodge that exists today was built around the original building and relics of the old historic lodge can still be found through-out the building today, including the old original natural stone fireplace found in the Fireside Lounge.
Whistlin' Jack Lodge today is a favorite getaway for those Mount Rainier/Chinook Pass area travelers and tourists looking for a Mountain Retreat which is centrally located on the Naches River between the summit of Chinook Pass and Yakima Washington.
Accomodations at the Lodge include:
* Cabin, Cottage and Bungalow Rentals
* 8 Unit Riverside Motel
* Northwest Cuisine Riverfront Dining
* Fireside Cafe & Lounge
* Premium Yakima Valley Wines
* Live Entertainment
* Banquet Room for Weddings, Business Conferences, Seminars, Reunions
* Unique Gifts, Souvenirs & Collectables
* 24-Hour Shell Gas Station
* Grocery Store
* Cliffdell Delicatessen
* Weather Cam
* Local Chinook Pass Maps
* Hiking Trails
* Camping information
* Fishing On The Naches River
* Local Hunting Information
Visit http://www.realtytoursnorthwest.com for information about the greater Yakima Valley Area and Video Tours of Homes for sale on Chinook Pass.
Saturday, October 9, 2010
October 9, 2010 Today's Yakima Real Estate Market - Seattle Area Home Sales Statistics. - Realty Tours Northwest of Yakima | Yakima WA Real Estate and Homes For Sale
"This is my first video of real estate statistics for September 2010. The data is for King County, Pierce County, and Snohomish County (Greater Seattle Area) in Washington State. I plan to provide a monthly video market update, so please subscribe and visit my website at ListedByStephanie.com"
Thursday, October 7, 2010
Yakima Realtors
If you are in need of a Yakima Realtor, we have provided some links to some of Yakima's top Real Estate offices. Yakima's Realtors are among some of the top realtors in our state of Washington and they are always here ready to help buyers and sellers fulfill their dreams of owning their own home or selling their home in the Yakima Valley.
Tuesday, October 5, 2010
October 5, 2010 Today's Yakima Real Estate Market - Pricing Your Yakima Home For The Market
In markets such as this, it is not unusual for a home to have a market value less than the amount the owner purchased it for and has spent improving or maintaining it.
Not every dollar spent improving or maintaining a home will increase its market value. Improvements such as adding additional square footage or updating a kitchen or bathroom typically have a higher rate of return. Replacing old shingles or other maintenance projects will not necessarily increase the home's market value.
If you're thinking about making improvements to your home, contact your real estate agent as he or she can help you determine what project will give you the highest rate of return. And when you're ready to sell, your REALTOR® can help you determine the market value of your home, guide you as to how to price it, market the home, and guide you through the sale process.
Monday, October 4, 2010
October 4, 2010 Today's Yakima Real Estate Market - Commercial Crisis
Further Lane Securities Sr. Managing Director David Castillo on whether the commercial real-estate market is at risk of crumbling.
Wednesday, September 29, 2010
Will Real Estate Video Help U Sell Your Home? - Realty Tours Northwest of Yakima
The preceding real estate video tour has been active for about 3 months and has received over 2000 views and can be found all over the internet, in search engines everywhere for search terms related to Chinook Pass and Yakima Washington. The numbers are staggering to say the least. The video has also been used as the feature video on several real estate classified sites as well.
However.....does that mean that the house will certainly sell with those kind of numbers? Not necessarily. Selling a home in today's market....along with all the advanced tools at our
disposal like YouTube, Facebook, Twitter and such is only a little bit of "icing on the cake"
Location, Condition and Price are still the most important factor when it comes to getting your Real Estate sold.
The beauty behind the concept of real estate listings on video is in the concept that "people LOVE video" and a video opens the doors of a property listing.... 24-Hours-A-Day in ways that PHOTOS simply CANNOT. Therefor, any given real estate listing that has a video tour WILL receive double, triple, quadruple and often times 100X more exposure to MORE people than any other listing that DOES NOT have a video tour.
It is all about the NUMBERS.
MORE exposure = MORE buyers.
A professionally produced video tour engages the audience, and as a result...the video will end up being shared all over the world, thus it will end up being syndicated in ways that any traditional method of Real Estate Advertising will not.
Conclusion - In most cases and when done properly by a professional, a Real Estate listing that includes a video will have MORE PEOPLE seeing the inside of the home (just like being there) in 1 month....than 10 years if that same listing was on the market with traditional forms of marketing.
The math is simple.....and the future of real estate does not include print advertisement or simple photos.
I did a little research on the life- span of newspapers and telephone books and found some great articles from very reliable resources such as New York Times and CNN Money that talk about the demise of newspapers as we know them on my Yakima Real Estate Blog.
Today's Yakima Real Estate Market - Sept 29, 2010 - Realty Tours Northwest of Yakima
Equity Investments CEO Sam Zell discusses why he is optimistic about the current state of the real estate market.
Monday, September 27, 2010
Realty Tours Northwest on Facebook
via facebook.com
Follow us on Facebook to see the latest Real Estate Market trends, reports, video tours, listings and info about the Yakima Valley.
Today's Yakima Real Estate Market - September 27, 2010 - Realty Tours Northwest of Yakima | Yakima WA Real Estate and Homes For Sale
Irv Tremblay discusses Market Tips for Agents, Buyers and Sellers (Part 1) on Ask The Expert on Newstalk Radio
Thursday, September 16, 2010
2 Brand New Real Estate Developments - Realty Tours Northwest of Yakima
Two brand new developments are coming to the internet that will benefit both Real Estate Agents and Video Tour Service Providers which will ultimately provide a means to showcase a property via a video tour and generate more viewers for the listing.1. Google has acquired Quiksee
Quiksee allows users to upload interactive photo and video tours of real-world locations with geo tagged information and place them on online maps. Once the transition takes place, Google Maps will include the videos in their Street View browsing. The enhancement to Google Maps will be a great add-on feature for real estate listings as the viewer can get a great view of the property and surrounding neighborhood as well as the ability to now watch a video of the home's interior.
2. Twitter has announced "Split Screen"
Twitter will be unveiling a new user enhancement dubbed "SplitSreen" Users will now be able to view photos and videos on Twitter without leaving the TWITTER application. The new integration will help entice users to view more videos and photos on Twitter as they won't have to leave Twitter and stay on the site longer. This too will ultimately lead to more property views for those real estate listings that include video.
Wednesday, September 15, 2010
Home Prices Just Dropped In Most States And 8 Million Foreclosures Are About To Hit The Market
The small upward correction in home prices from multiple tax credit offerings died in July. Worse yet, inventory of homes for sale as well as shadow inventory both soared. 8 million foreclosure-bound homes have yet to hit the market according to Morgan Stanley.
Home Prices Drop in 36 States
CoreLogic reports Growing Number of Declining Markets Underscore Weakness in the Housing Market without Tax-Credit Support
CoreLogic Home Price Index Remained Flat in July
SANTA ANA, Calif., September 15, 2010 – CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its Home Price Index (HPI) that showed that home prices in the U.S. remained flat in July as transaction volumes continue to decline. This was the first time in five months that no year-over-year gains were reported. According to the CoreLogic HPI, national home prices, including distressed sales showed no change in July 2010 compared to July 2009. June 2010 HPI showed a 2.4 percent* year-over-year gain compared to June 2009.
- Empire State Manufacturing Activity Flattens; Huge Divergences Appear - What Does It Mean?
- Home Prices Drop in 36 States; Beazer Warns on Orders; 8 Million Foreclosure-Bound Homes to Hit the Market; Prices to Stagnate for a Decade
- Currency Intervention Madness; Japan Intervenes to Weaken the Yen; Selected Quotes
"Although home prices were flat nationally, the majority of states experienced price declines and price declines are spreading across more geographies relative to a few months ago. Home prices fell in 36 states in July, nearly twice the number in May and the highest since last November when national home prices were declining," said Mark Fleming, chief economist for CoreLogic.
Methodology
The CoreLogic HPI incorporates more than 30 years worth of repeat sales transactions, representing more than 55 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming), and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales. The CoreLogic HPI provides the most comprehensive set of monthly home price indices and median sales prices available covering 6,208 ZIP codes (58 percent of total U.S. population), 572 Core Based Statistical Areas (85 percent of total U.S. population) and 1,027 counties (82 percent of total U.S. population) located in all 50 states and the District of Columbia.
CoreLogic HPI Including Distressed Sales
See the above article for additional charts
Beazer Homes Warns on Orders
The Wall Street Journal reports Beazer Homes Warns of Order Miss
Beazer Homes USA Inc. said Wednesday it might miss order expectations for its fiscal-fourth quarter, as it also cut estimates for the year's land and development spending, reflecting the sector's weakness following the expiration of home-buyer tax credits.
Last month, Beazer reported that its fiscal third-quarter loss was little changed because of a prior-year gain, while it reported a 73% surge in closings as buyers raced to qualify for the tax credit. Orders fell 33%.
Inventory Soars
Bloomberg reports U.S. Home Prices Face Three-Year Drop as Supply Gains
The slide in U.S. home prices may have another three years to go as sellers add as many as 12 million more properties to the market.
Shadow inventory -- the supply of homes in default or foreclosure that may be offered for sale -- is preventing prices from bottoming after a 28 percent plunge from 2006, according to analysts from Moody’s Analytics Inc., Fannie Mae, Morgan Stanley and Barclays Plc. Those properties are in addition to houses that are vacant or that may soon be put on the market by owners.
“Whether it’s the sidelined, shadow or current inventory, the issue is there’s more supply than demand,” said Oliver Chang, a U.S. housing strategist with Morgan Stanley in San Francisco. “Once you reach a bottom, it will take three or four years for prices to begin to rise 1 or 2 percent a year.”
Sales of new and existing homes fell to the lowest levels on record in July as a federal tax credit for buyers expired and U.S.
Rising supply threatens to undermine government efforts to boost the housing market as homebuyers wait for better deals. Further price declines are necessary for a sustainable rebound as a stimulus-driven recovery falters, said Joshua Shapiro, chief U.S. economist of Maria Fiorini Ramirez Inc., a New York economic forecasting firm
There were 4 million homes listed with brokers for sale as of July. It would take a record 12.5 months for those properties to be sold at that month’s sales pace, according to the Chicago-based Realtors group [National Association of Realtors].
“The best thing that could happen is for prices to get to a level that clears the market,” said Shapiro, who predicts prices may fall another 10 percent to 15 percent. “Right now, buyers know it hasn’t hit bottom, so they’re sitting on the sidelines.”
About 2 million houses will be seized by lenders by the end of next year, according to Mark Zandi, chief economist of Moody’s Analytics in West Chester, Pennsylvania. He estimates prices will drop 5 percent by 2013.
Douglas Duncan, chief economist for Washington-based Fannie Mae, said in a Bloomberg Radio interview last week that 7 million U.S. homes are vacant or in the foreclosure process. Morgan Stanley’s Chang said the number of bank-owned and foreclosure-bound homes that have yet to hit the market is closer to 8 million.
Defaulted mortgages as of July took an average 469 days to reach foreclosure, up from 319 days in January 2009. That’s an indication lenders -- with the help of the government loan modification programs -- are delaying resolutions and preventing the market from flooding with distressed properties, said Herb Blecher, senior vice president for analytics at LPS.
“The efforts to date have been worthwhile,” Blecher said in a telephone interview from Denver. “They both helped borrowers stay in their homes and kept that supply of distressed properties on the market somewhat limited.”
I disagree with Herb Blecher. I see little advantage stretching this mess out for a decade, and that is what the government seems hell-bent on doing. Everyone wants the government to "do something". Unfortunately tax credits stimulated the production of new homes, ultimately adding to inventory. Prices need to fall to levels where there is genuine demand.
The short-term rise in the Case-Shiller home price index and the CoreLogic HPI was a mirage that will soon vanish in the reality of an inventory of 8 million homes that must eventually hit the market.
Lost Decade
About 2 million houses will be seized by lenders by the end of next year, according to Mark Zandi, chief economist of Moody’s Analytics in West Chester, Pennsylvania. He estimates prices will drop 5 percent by 2013.
After reaching bottom, prices will gain at the historic annual pace of 3 percent, requiring more than 10 years to return to their peak, he said.
Home Price Pressures
We are going to have structurally high unemployment for a decade.
The debt deflation unwind may take another 5 years or longer.
Downward pressures on wages still exist.
Credit conditions reached a secular peak of absurdity that will not occur again for multiple decades.
Retiring boomers hoping to downsize lifestyle will add to supply of upper end homes.
Student debt will inhibit family formation for years to come. Please see How Student Debt Wrecks Marriages, Inhibits Family Formation, and Delays the Housing Recovery for details.
Last Bubble Not Reblown
After the bottom is found, remember the axiom: the last bubble is not reblown for decades. Look at the Nasdaq, still off more than 50% from a decade ago.
The odds home prices return to their peak in 10 years is close to zero. Houses in bubble areas may never return to peak levels in existing owner's lifetimes. Zandi is way overoptimistic in his assessment of 3% annual appreciation after the bottom is found.
Price Stagnation
I expect small nominal increases after housing bottoms, but negative appreciation in real terms as inflation picks up in the second half of the decade. Yes, deflation will eventually end. Alternatively the US goes in and out of deflation for a decade (depending on how much the Fed and Congress acts to prevent a much needed bottom). Either way, look for price stagnation in one form or another.
Thus, if you have come to the conclusion there is no good reason to hold on to a deeply underwater home, nor any reason to rush into a home purchase at this time, you have reached the right conclusions.
Hyperinflation? Please be serious.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post ListMike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
Home Prices Just Dropped In Most States And 8 Million Foreclosures Are About To Hit The Market
The small upward correction in home prices from multiple tax credit offerings died in July. Worse yet, inventory of homes for sale as well as shadow inventory both soared. 8 million foreclosure-bound homes have yet to hit the market according to Morgan Stanley.
Home Prices Drop in 36 States
CoreLogic reports Growing Number of Declining Markets Underscore Weakness in the Housing Market without Tax-Credit Support
CoreLogic Home Price Index Remained Flat in July
SANTA ANA, Calif., September 15, 2010 – CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its Home Price Index (HPI) that showed that home prices in the U.S. remained flat in July as transaction volumes continue to decline. This was the first time in five months that no year-over-year gains were reported. According to the CoreLogic HPI, national home prices, including distressed sales showed no change in July 2010 compared to July 2009. June 2010 HPI showed a 2.4 percent* year-over-year gain compared to June 2009.
- Empire State Manufacturing Activity Flattens; Huge Divergences Appear - What Does It Mean?
- Home Prices Drop in 36 States; Beazer Warns on Orders; 8 Million Foreclosure-Bound Homes to Hit the Market; Prices to Stagnate for a Decade
- Currency Intervention Madness; Japan Intervenes to Weaken the Yen; Selected Quotes
"Although home prices were flat nationally, the majority of states experienced price declines and price declines are spreading across more geographies relative to a few months ago. Home prices fell in 36 states in July, nearly twice the number in May and the highest since last November when national home prices were declining," said Mark Fleming, chief economist for CoreLogic.
Methodology
The CoreLogic HPI incorporates more than 30 years worth of repeat sales transactions, representing more than 55 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming), and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales. The CoreLogic HPI provides the most comprehensive set of monthly home price indices and median sales prices available covering 6,208 ZIP codes (58 percent of total U.S. population), 572 Core Based Statistical Areas (85 percent of total U.S. population) and 1,027 counties (82 percent of total U.S. population) located in all 50 states and the District of Columbia.
CoreLogic HPI Including Distressed Sales
See the above article for additional charts
Beazer Homes Warns on Orders
The Wall Street Journal reports Beazer Homes Warns of Order Miss
Beazer Homes USA Inc. said Wednesday it might miss order expectations for its fiscal-fourth quarter, as it also cut estimates for the year's land and development spending, reflecting the sector's weakness following the expiration of home-buyer tax credits.
Last month, Beazer reported that its fiscal third-quarter loss was little changed because of a prior-year gain, while it reported a 73% surge in closings as buyers raced to qualify for the tax credit. Orders fell 33%.
Inventory Soars
Bloomberg reports U.S. Home Prices Face Three-Year Drop as Supply Gains
The slide in U.S. home prices may have another three years to go as sellers add as many as 12 million more properties to the market.
Shadow inventory -- the supply of homes in default or foreclosure that may be offered for sale -- is preventing prices from bottoming after a 28 percent plunge from 2006, according to analysts from Moody’s Analytics Inc., Fannie Mae, Morgan Stanley and Barclays Plc. Those properties are in addition to houses that are vacant or that may soon be put on the market by owners.
“Whether it’s the sidelined, shadow or current inventory, the issue is there’s more supply than demand,” said Oliver Chang, a U.S. housing strategist with Morgan Stanley in San Francisco. “Once you reach a bottom, it will take three or four years for prices to begin to rise 1 or 2 percent a year.”
Sales of new and existing homes fell to the lowest levels on record in July as a federal tax credit for buyers expired and U.S.
Rising supply threatens to undermine government efforts to boost the housing market as homebuyers wait for better deals. Further price declines are necessary for a sustainable rebound as a stimulus-driven recovery falters, said Joshua Shapiro, chief U.S. economist of Maria Fiorini Ramirez Inc., a New York economic forecasting firm
There were 4 million homes listed with brokers for sale as of July. It would take a record 12.5 months for those properties to be sold at that month’s sales pace, according to the Chicago-based Realtors group [National Association of Realtors].
“The best thing that could happen is for prices to get to a level that clears the market,” said Shapiro, who predicts prices may fall another 10 percent to 15 percent. “Right now, buyers know it hasn’t hit bottom, so they’re sitting on the sidelines.”
About 2 million houses will be seized by lenders by the end of next year, according to Mark Zandi, chief economist of Moody’s Analytics in West Chester, Pennsylvania. He estimates prices will drop 5 percent by 2013.
Douglas Duncan, chief economist for Washington-based Fannie Mae, said in a Bloomberg Radio interview last week that 7 million U.S. homes are vacant or in the foreclosure process. Morgan Stanley’s Chang said the number of bank-owned and foreclosure-bound homes that have yet to hit the market is closer to 8 million.
Defaulted mortgages as of July took an average 469 days to reach foreclosure, up from 319 days in January 2009. That’s an indication lenders -- with the help of the government loan modification programs -- are delaying resolutions and preventing the market from flooding with distressed properties, said Herb Blecher, senior vice president for analytics at LPS.
“The efforts to date have been worthwhile,” Blecher said in a telephone interview from Denver. “They both helped borrowers stay in their homes and kept that supply of distressed properties on the market somewhat limited.”
I disagree with Herb Blecher. I see little advantage stretching this mess out for a decade, and that is what the government seems hell-bent on doing. Everyone wants the government to "do something". Unfortunately tax credits stimulated the production of new homes, ultimately adding to inventory. Prices need to fall to levels where there is genuine demand.
The short-term rise in the Case-Shiller home price index and the CoreLogic HPI was a mirage that will soon vanish in the reality of an inventory of 8 million homes that must eventually hit the market.
Lost Decade
About 2 million houses will be seized by lenders by the end of next year, according to Mark Zandi, chief economist of Moody’s Analytics in West Chester, Pennsylvania. He estimates prices will drop 5 percent by 2013.
After reaching bottom, prices will gain at the historic annual pace of 3 percent, requiring more than 10 years to return to their peak, he said.
Home Price Pressures
We are going to have structurally high unemployment for a decade.
The debt deflation unwind may take another 5 years or longer.
Downward pressures on wages still exist.
Credit conditions reached a secular peak of absurdity that will not occur again for multiple decades.
Retiring boomers hoping to downsize lifestyle will add to supply of upper end homes.
Student debt will inhibit family formation for years to come. Please see How Student Debt Wrecks Marriages, Inhibits Family Formation, and Delays the Housing Recovery for details.
Last Bubble Not Reblown
After the bottom is found, remember the axiom: the last bubble is not reblown for decades. Look at the Nasdaq, still off more than 50% from a decade ago.
The odds home prices return to their peak in 10 years is close to zero. Houses in bubble areas may never return to peak levels in existing owner's lifetimes. Zandi is way overoptimistic in his assessment of 3% annual appreciation after the bottom is found.
Price Stagnation
I expect small nominal increases after housing bottoms, but negative appreciation in real terms as inflation picks up in the second half of the decade. Yes, deflation will eventually end. Alternatively the US goes in and out of deflation for a decade (depending on how much the Fed and Congress acts to prevent a much needed bottom). Either way, look for price stagnation in one form or another.
Thus, if you have come to the conclusion there is no good reason to hold on to a deeply underwater home, nor any reason to rush into a home purchase at this time, you have reached the right conclusions.
Hyperinflation? Please be serious.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post ListMike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
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