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FHA Loosening Requirements for Condos as Second Homes

Today FHA announced some big changes to their condo financing guidelines, which will be effective immediately. Calculations for owner-occupied percentages are changing, and second homes will no longer be counted against the 50% owner-occupied requirement. Insurance requirements are also being adjusted to allow more developments to qualify. Also, a new streamlined recertification process has been …

Seattle Ranked 4th Richest City in America

This analysis was completed by Bloomberg using the US Bureau of Economic Analysis data for the 100 largest metropolitan areas in 2014. Gross Metropolitan Product (GMP) was clearly much higher in high-tech areas, with San Jose ranking number one nationwide. This reflects an ongoing trend showing that densely populated areas with educated, skilled, workers are …

Seattle Goes to the Polls!

For the first time in over a hundred years on November 3rd, Seattle will be electing it’s City Council Members based on geographical Districts, instead of city-wide. This has huge implications for the political process and the future direction of the city. There will be 7 District, or neighborhood races. And there will be two …

Seattle’s Rising Income is Affecting Real Estate Prices, Among Other Things

The proof is in. The Bureau of Labor Statistics has recently released a report recently that shows that Seattle’s incomes are increasing rapidly. In fact they are rising at twice the national average. (see chart) Of course everyone acknowledges this is affecting the purchase price of real estate, as well as rentals. And that is …