Northwest REporter is a joint publication brought to you by Northwest Multiple Listing Service and the Seattle King County REALTORS.
June 2022 Issues
Africatown project underway for affordable housing with Afrocentric inspired amenities, community spaces
Construction of a long-anticipated development encompassing 126 affordable housing units and flexible, Afrocentric inspired amenities and community spaces is underway in Seattle’s Central District. The seven-story structure culminates years of negotiation and planning coupled with unique financing to create a project that addresses affordability, displacement, and gentrification in the area. [..]
Builder confidence sinks amid growing affordability challenges
Growing affordability challenges are causing builder confidence in the housing market to erode, according to the National Association of Home Builders. NAHB believes these challenges are growing. The latest NAHB/Wells Fargo Housing Marketing Index (HMI) showed an eight point drop in builder confidence for newly built single-family homes in May, [..]
Existing home sales shrink, price appreciation grows
Existing home sales around the country continued to slide in April, falling to the lowest level since June 2020. Analysts at the National Association of Home Builders attributed the decline to rising mortgage rates and higher home prices, stating that combination is pricing out first-time and young buyers. Citing data [..]
Mandatory education on Fair Housing now in effect
Real estate licensees in Washington must complete a new 6-hour Fair Housing course under a law that went into effect on June 1. Additionally, only pre-approved schools or instructors may offer the mandatory course titled “Washington Real Estate Fair Housing (6-hr) (3-hr).” This is the only course approved to date. [..]
News In Brief: June 2022
The Evergreen State ranked No. 1 as the best state for nurses, according to a recent WalletHub study. WalletHub said it compared all 50 states using 21 metrics and Washington took home the top spot, edging Maine, New Mexico, Minnesota, New Hampshire and Oregon, respectively. Some of the criteria included [..]
Most King County property owners getting valuation notices with double-digit increases
Property owners in King County are receiving property valuation notices from the county Assessor’s Office. For most homeowners, it means a double-digit increase from their last notice, while owners of commercial properties will see little change. Notices are being mailed out over the next several months to all 720,000 residential [..]
SKCR Events Calendar
Date Event Time Where Phone June 13 Charity Golf Tournament 11:00 a.m. – 5:00 p.m. Redmond Ridge 425-974-1011 June 14 Gov’t Affairs Committee 10:30 a.m. – 1:00 p.m. SKCR 425-974-1011 June 15 YRN Brunch & Networking 10:00 a.m. – 12:00 p.m. WAC 425-974-1011 July 4 Holiday – Office Closed For [..]
Support for Ukraine, urgent need for medical supplies and more
A NWMLS broker is working directly with the Washington State Ambassador to Ukraine to collect funds for humanitarian aid. Many hospitals in Ukraine have been destroyed and there is a critical need for medical supplies. You can help by making a donation to the Ukrainian Association of Washington State. You [..]
What would you do with found money?
Consider a few numbers: $1,180,105,478 (available cash)11,148,844 (number of owners)72,295,389 (available shares)2,266 (available tangibles) Those are the breakdowns of unclaimed property held by the Washington State Department of Revenue (DOR). DOR is the custodian for unclaimed property. It is charged with administering a program to find the rightful owners (or [..]
White House “Housing Supply Action Plan” draws praise from housing industry leaders
An ambitious Housing Supply Action Plan unveiled last month by President Biden aims to close the country’s housing supply shortfall within five years. Using a combination of legislative and administrative initiatives, the plan — which the administration called the most comprehensive “all-of-government” effort in history — drew a generally positive [..]
Western Washington housing market “more balanced, and not so crazy – and that’s a good thing”
"Home sellers really need to re-think their expectations," suggested Mike Larson, a member of the board of directors at Northwest Multiple Listing Service (NWMLS) when commenting on statistics summarizing May activity.