The links below contain information about the proposed housing bailout, home buyer tax incentives and foreclosure/short sale listings in our area.  Take the bailout information with a grain of salt…..I don’t think anyone really knows what the final plan will look like.
 
As you know, I have an opinion! 
 
We are, at this moment, seeing a surge in sales.  Pending and closed sales numbers are up (as prices have declined slightly); the low end of the market, and well priced homes across the market, are selling.  This buying spree can be attributed to investors, and to those taking advantage of record low interest rates and bargain basement home prices.
 
Short Sales:  Short sales have gotten a lot of attention lately, as the article below mentions.  At the present time, lenders are giving fairly rapid consideration to short offers, but the lending industry seems to be trying to hold the line when it comes to fair market value.  The big “if” is going to be the impact of the Fed.  If lenders feel that the government will “eat” some of the loss, they will be more likely to negotiate.  If the fed decides to start buying this debt, they will be much less likely to negotiate in anticipation of handing the problem off to someone else (in this case, us as taxpayers). 
 
Bank Owned Properties:  REO’s sales have been very brisk….in the case of homes owned and offered for sale by the bank/mortgage industry, the gloves seem to have come off.  Asset managers have been given the leway to get these properties off the books and are negotiating aggressively to do so. 
 
With bargain home prices, and bargain interest rates, I believe that our local housing market is going to enjoy a pretty good 2009, all things considered.
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Homeowner Affordability and Stability Plan….Links to the latest news.
February 18,2009 5pm
On Wednesday, February 18, 2009, President Obama announced his Homeowner Affordability and Stability Plan, designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. In doing so, the plan not only helps responsible homeowners behind on their payments or at risk of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.  Review the Plan’s summary, fact sheet, q&a, examples

Foreclosure moratorium sparks new interest in short sales

Price Cuts Spur Home Sales 

Largest monthly gain since 2002, but economists warn of sluggish season ahead 

Mortgage Rates Near Record Lows and other Stories from Inman Real Estate News_______________________________________
I hope you find the newsletter useful.
 
Thanks, Phil 

Nationwide Agent Network
Phil Sharp “I am available locally to assist you in purchasing a foreclosure property or another property best suited to your needs. Buying or selling, I am here to act as your local real estate specialist.” Phone: 360-970-9977 Email: phil@philsharphomes.com
February 2009 Vol 3 Issue 5 Download PDF File
6 month National Foreclosure Trends NOD NTS NFS LIS REO Search for Investment Properties>		FORECLOSURE ACTIVITY DECREASES 10 PERCENT IN JANUARY Foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 274,399 U.S. properties in January, a 10 percent decrease from the previous month but still up 18 percent from January 2008, according to the RealtyTrac U.S. Foreclosure Market Report. The report also shows one in every 466 U.S. housing units received a foreclosure filing in January. “The extensive foreclosure efforts on the part of lenders and government agencies appear to have impacted the January numbers,” said James J. Saccacio, chief executive officer of RealtyTrac. Complete Story
Will Loan Modifications Change With Washington? By Peter G. Miller It’s a new year in official Washington with a new Congress, a new President and a new chance for bankruptcy reform, reform which will center on the issue of what to do about unpaid mortgages. In 2005 the bankruptcy laws were made even less friendly for consumers. Under the so-called Bankruptcy Abuse Prevention and Consumer Protection Act borrowers could not even go to court until they had first completed 180 days of credit counseling. The problem, of course, is that homes can be easily foreclosed in most states long before the required counseling period is over. Complete Story	Here are some of the most recent Investment opportunities in the area. Bank-Owned 17th Ave SE Lacey, WA 98503 Market Value Default Amount $118,910 N/A Beds/Bath Sq. FT 0/0 0 Property Type Address Market Value Default Sq. Ft.   View more properties in Thurston County
2008 Year-End Foreclosure Market Report A total of 3,157,806 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 2,330,483 U.S. properties during 2008, an 81 percent increase in total properties from 2007 and a 225 percent increase in total properties from 2006, according to the RealtyTrac U.S. Foreclosure Market Report. The report also shows that 1.84 percent of all U.S. housing units (one in 54) received at least one foreclosure filing during the year, up from 1.03 percent in 2007. Foreclosure filings were reported on 303,410 U.S. properties in December, up 17 percent from the previous month and up nearly 41 percent from December 2007. Complete Story
Foreclosure Trends : December, 2008 National Washington Thurston CTY NODs 64,112 28 1 NFSs 30,210 0 0 REOs 78,887 795 32			Notice of Default (NOD) A non-judicial document filed by a trustee that starts the foreclosure process. More about NOD Lis Penden (LIS) Notification of pending lawsuit. A judicial document filed by an attorney or trustee that starts the foreclosure process. More about LIS Auction / Notice of Trustee’s Sale (NTS) A filing by notice announcing a public auction. More about NTS Notice (Judgment) of Foreclosure Sale (NFS) An order signed by a judge directing to sell the property at public auction. More about NFS Real Estate Owned (REO) The final step in foreclosure process in which property ownership returns to lender. More about REOs
30 yr fixed mtg 5.04% 15 yr fixed mtg 4.68% 5/1 ARM 5.04%

Commuting in and Around Fort Lewis WA

When PCS’ing to a new installation, my first concern was always the commute.  Arriving at work before first light, multiple trips back and forth to post, and being close to the unit for recalls and trips to the barracks is a big consideration and has a huge impact on quality time versus travel time.

Fort Lewis straddles Interstate 5 just south of Tacoma and North of Olympia Washington.  The portion of the installation that is south and east of the freeway is considered as main post, to the north and west of the freeway is north fort.  The installation headquarters, main PX, Madigan AMC and numerous other troop units occupy main post.  North fort is well known by ROTC Cadets; the barracks used for ROTC until recently were wooden “WW II” barracks located on north Fort Lewis.  In the past five years, many new barracks and unit area construction projects have been completed, and others are underway.

When I moved to Fort Lewis, friends and associates who had been stationed here before recommended that I look for housing to the south, in the Lacey or Olympia area.  The biggest quantifiable reason I was given was the commute.  Traffic from Thurston County is significantly less than that from Pierce county and Tacoma.  Additionally, many people feel that crime is less of an issue in Thurston County, which is much more rural that Pierce.

Another area that has become very popular, especially for those who will be working on main post, is Yelm and Roy.  Located several miles from the back or “East” gate, Roy (in Pierce County) and Yelm (just south of the Thurston County line) are very convenient commutes.  Although both are small agricultural communities, Yelm is the fastest growing small town in the state; primarily because prices are somewhat lower than those in the larger towns on the freeway.  If you think you will be working on north fort, Yelm and Roy may not be very good choices; the only route is across main post, and under the freeway at one of two points…always a traffic jam.

To the north are the Pierce County communities.  Lakewood is almost right outside of the gate, just a short distance north on the freeway.  Not a bad commute, with traffic concerns only during rush hour.  Further north is Tacoma, Graham, Puyallup and other small communities and neighborhoods.  If you are into being in or near a large city you will most likely want to go north. 

For more information about the Fort Lewis area and outlying communities, please visit my website; Fort Lewis Homes for Sale.com. 

I have included new foreclosure listings and price reductions that would normally be part of the foreclosure newsletter in place of top 10’s.  We are still seeing a great deal of activity in the market.  Well priced listings, especially REO’s and Short Sales, are experiancing somewhat of a sellers market;  good deals are bringing multiple offers and escalation clauses, something we haven’t seen for quite a while.  I am sure that low interest rates, coupled with realistic pricing are what is driving this activity.  There are of course over priced homes still languishing on the market, but those who are priced right are making sales.

When the time is right, and you are ready to start looking for spring deals, let me know.  Shoot me an email and I will send you all of the distressed properties that we are currently tracking.

New Short Sales & Price Reductions:

Olympia, Lacey & Tumwater:  View Listings

Yelm, Rochester & Tenino:  View Listings

New Bank Owned Homes & Price Reductions:

Olympia, Lacey & Tumwater:  View Listings

Yelm, Rochester & Tenino:  View Listings

THURSTON COUNTY

For The Period of January 1-31 2009

                                                       ·Data prepared by Phil Sharp, provided by NWMLS

MARKET SNAPSHOT:  To receive an email report on the value of your home and other homes in your neighborhood, recent sales and sales statistics…..CLICK> Custom Market Snapshot

IF YOU WOULD LIKE DETAILED INFORMATION ABOUT A SPECIFIC PROPERTY TYPE OR NEIGHBORHOOD, PLEASE CALL ME AT (360) 970-9977 or Email.

Phil Sharp’s New Real Estate Website Serving the Fort Lewis Washington Area

Fort Lewis Homes For Sale is a new (launched in December, 2008) website serving the real estate needs of Fort Lewis Washington.  When visiting the website you will be able to use real estate tools and resources that rival those used by licensed realtors….FREE. 

·        Multiple Listing Service Search with integrated mapping and price charting.

·        Email alerts using Realty Watcher, a system that alerts you to listings that fit your criteria & new listings, also with maps and pricing comparisons.

·        The Market Snapshot Tool, primarily for sellers, this tool gives you real time MLS information about homes sold by geographic area, down to neighborhood level.  Market Snapshot reports are emailed to you with graphics, price charting, and take in to account all homes sold in your area, not just those that you performed a search for.

·        Instant Comparable Home Values.  Find sales prices for homes in your neighborhood and on your street.  Find out what the neighbors paid for their home.

For more information contact Phil at 360-970-9977, or email