Bellevue, WA

Is the Principal Reduction Idea a good one?

03-12-12

Paul McFadden Mortgage Loan Officer Bellevue Washington Home Loans

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Office: (425) 818-2251

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Hi there: I hope you're well. We're still looking for sun here. Oh well!

I was reading this morning about the proposed principal reduction idea being floated. In a nutshell, it would allow homeowners to have their principal balances reduced to at or closer to what their home is now worth. Ironically the two biggest naysayers are Fannie Mae and Freddy Mac.

The opinions shared in the article were in favor and felt that the two big entities were short-sighted. Fannie Mae and Freddy Mac believe they need to protect their investor's outlay of $150 billion.

What are my thoughts? I think and agree with the pundits who argue the reverse is more unpalatable. That is that people are walking away from their mortgages often because their balance due as compared to value is so out of whack. The argument is if principal balances were reset people would be more motivated to stay in their homes. The other part is it would stop all the foreclosures and short sales going on. It might allow the housing market to improve faster for this reason.

In a way, it's a double-edged sword. The lender would be asked to rewrite down the mortgage balance; something they're probably lukewarm about doing. On the other hand, we all know how expensive it is for the banks to foreclose (the cost has been pegged at $50,000+/home) or how much they already lose in a short sale.

What's most at issue here is the American psyche. I've never been one to argue we shouldn't be responsible. Perhaps here we need to be flexible about this principal reduction idea. If it gives the American consumer confidence (something very few of us have had in abundance since 2008 if not before) then we may be well on our way to recovery. As it is now, I still think we have a ways to go; especcially since the real estate market is such a key indicator.

What are your thoughts? Good, bad, indifferent? I'm curious. Have a great day!

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Are you thinking of relocating to Seattle or Bellevue, we offer lots of real estate options.

03-08-12

Bellevue, Kirkland, Seattle Real Estate Freddy Delgadillo with Realty Executives

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Mobile: (425) 941-8688

Are you thinking of relocating to Seattle or Bellevue, we offer lots of real estate options. With real estate prices being at an all time low and values hovering at 2006 values, its a great time to purchase in the Greater Seattle- Eastside area. In King County the median prices for single family homes is $275,000 and pending sales are up 27% in February from a year ago (2011).

Search for homes in the Seattle / Eastside Area

Search Foreclosures in the Seattle / Eastside Area

Search Short Sales in the Seattle / Eastside Area

We work with many Fortune 500 companies employees when relocating the the Pacific Northwest. If you would like a free relocation packet please fill out our form.

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Bellevue Waterfront Homes Sold in February: Kelsey Creek, Phantom Lake, Meydenbauer Bay, Lake Washington

03-07-12

Sam DeBord - Seattle Real Estate Broker

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Mobile: (206) 658-3225

Bellevue waterfront homes Four waterfront homes were sold in Bellevue last month, with a wide variety of waterfront locales. From $400,000 to $1.79 million, the neighborhoods and bodies of water that these homes reside upon and within made a great deal of difference in the real estate prices.

Wilburton:
Although we don't usually talk about a home on a creek as true waterfront, this home not far from Kelsey Creek Park has a large creek that requires bridges across the property. It's an interesting and significant feature, much more than your average trickling creek. The Wilburton home was bank-owned, and sold for $400,000 after almost 6 months on the market. It's a cosmetic fixer, built in the early 1980s and just over 3,000 square feet.

Phantom Lake:
A lesser-known lake in East Bellevue, Phantom Lake has some architecturally unique homes. From mid-centuries to 1970s homes, they often have the sweeping open rooms and rooflines of a modern home. The home sold on Phantom Lake last month closed at $807,500, just 2% off the original list price of $825,000. It had only been on the market for one month. The 4,000 square foot home was built in 1976 but feels much like a mix of 1970s and 1950s design.

Lake Washington:
Just south of Newport Shores, homes on Lakehurst Lane have great access to Lake Washington in a lesser-known and less-expensive location than other nearby neighborhoods on the lake. The home sold in February has 52 feet of lake frontage, an ample dock, and a nicely-remodeled 2,308 square foot home that was built in the 1970s. At $1.17 million, this is a fairly inexpensive Lake Washington home, and it was only on the market for three weeks. The final sale price was 13% below the original list price of $1.35 million.

Meydenbauer Bay:
At $1.79 million, the top waterfront Bellevue sale of the month was a house on Meydenbauer Bay, just off downtown Bellevue. The property had been marketed for 6 months, with a list price of $1.89 million, netting the buyers a 5% reduction in price. The value of this property was mostly in the waterfront land, with 50 feet of shoreline and a dock in place. The small, 1922-built home would likely be a rebuild for most waterfront home buyers.

Bellevue Waterfront Homes Sold, February 2012

Wilburton: 656 129th Pl NE, Bellevue WA

Phantom Lake: 16350 SE 16th St, Bellevue WA

Lake Washington: 4855 Lakehurst Lane SE, Bellevue WA

Meydenbauer Bay: 9103 Lake Washington Blvd NE, Bellevue WA

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361 112th Ave SE Bellevue, WA 98004

02-29-12

The Phil Leng Team, Bank Owned Property Experts 206-409-6600

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Office: (206) 409-6600

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Secondary: (425) 285-3200

The Phil Leng Team | Keller Williams Kirkland | (206) 409-6600

361 112th Ave SE # 3, Bellevue, WA

Townhome walking distance to Microsoft campus.

3BR/2BA Condo

offered at $309,900

Year Built	1979
Sq Footage	1,824
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	Unspecified
Parking	3 Car garage
Lot Size	Unspecified
HOA/Maint	$0 per month

DESCRIPTION

Spacious in-city Bellevue townhome w/great floor plan! 3 BR end-unit townhome within blocks of shops, restaurants, Bellevue Athletic Club, I-405 & I-90. All the convenience of downtown Bellevue. Oversized 3 car attached garage. One is tandem. Three separate decks, the one off the dining room is an enclosed 6x20 deck for even more convenient spaces. Very Private End Unit. Purchase for as little as 3% down! Approved for HomePath Mortgage Financing and HomePath Renovation Mortgage Financing.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- Living room	- Dining room	- Refrigerator
- Stove/Oven	- Microwave

COMMUNITY FEATURES

- Garage parking

ADDITIONAL PHOTOS

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Posted: Feb 22, 2012, 5:04am PST

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92 158th Place SE Bellevue, WA 98008

02-29-12

The Phil Leng Team, Bank Owned Property Experts 206-409-6600

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Office: (206) 409-6600

Mobile: (206) 409-6600
Secondary: (425) 285-3200

The Phil Leng Team | Keller Williams Kirkland | (206) 409-6600

92 158th Pl SE, Bellevue, WA

Elegant Lake Hills home shows pride of ownership throughout.

4BR/2+1BA Single Family House

offered at $325,000

Year Built	1959
Sq Footage	2,320
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	Unspecified
Parking	1 Car garage
Lot Size	9,452 sqft
HOA/Maint	$0 per month

DESCRIPTION

Elegant Lake Hills home shows pride of ownership throughout. Neat & trim. Light filled main living areas. Double paned vinyl windows throughout. Updated kitchen & main bath. Gas furnace. Master 3/4 bath. Extensive hardwoods. 2 fireplaces (gas downstairs).

see additional photos below

PROPERTY FEATURES

- Central A/C	- Fireplace	- Hardwood floor
- Tile floor	- Family room	- Living room
- Dining room	- Dishwasher	- Refrigerator
- Stove/Oven	- Microwave	- Balcony, Deck, or Patio