The Portland Protests have been ongoing for about 6 weeks.  Is this the new CHOP/CHAZ that Seattle experienced just weeks ago?

Find out with Sean Reynolds, the host of the Seattle Real Estate Podcast.

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Housing markets rise during a pandemic.  What is going on???  In fact, they re going up in many markets.  

Find out what's going on with our real estate markets from owner/podcaster/YouTuber:  Sean Reynolds of Summit Properties NW & Reynolds & Kline Appraisal, Inc.  

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A potential housing crisis is on the way for millions of Americans whose mortgage and rent deferrals are about to sunset. 

Evictions loom as the end of state and local moratoriums will no longer protect homeowners and tenants unable to make payments because of COVID-19 lockdowns. A minority of U.S. states have already expired orders against evictions, and a host of others across the country are set to expire over the next two months.

Once they do, residents are facing a possible flood of eviction notices for non-payment legal actions. The COVID-19 Eviction Defense Project (CEDP) predicted recently that by the end of September, more than 20 million U.S. renters —many of them Black and Latino located in big cities — will be at risk for eviction.

According to data released on Friday by mortgage tracking firm ATTOM Data Solutions, homeowners most at risk for foreclosures during the second quarter were those in metropolitan markets along the East Coast and in Northern Illinois, with clusters of troubled borrowers in New York City, Chicago, Baltimore and Washington, D.C.

“There are millions of Americans now unemployed due to the pandemic with greatly reduced means to keep up on their mortgages,” Todd Teta, ATTOM’s chief product officer,.

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The Seattle City Council has proposed by a vote of 7 to 2 to defund the Seattle Police Department by 50%. Let's take a look at what a 50% cut to the police department budget would like in 2020.

Join host Sean Reynolds of the Seattle Real Estate Podcast as he discusses the overall impacts to Seattle and its residents by defunding The Seattle Police Department by half its budget.

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Real estate agent Sarah Hoverson finds a stranger living in her rental home, who claims a doppelgänger agent moved her in.

Sarah Hoverson owned a rental property with a partner in the Spokane area of Washington State.  Tenants moved out of the property during the Covid lockdown.  Sarah's partner went to meet painters at the home who were doing spruce up for new tenants.  A woman who claimed that Sarah Hoverson had moved her in was already living in the house.  Confusion sets in.     

Join Sean Reynolds of the Seattle Real Estate Podcast as he discusses this bizarre story of mistaken identity (or was it....?).  

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Wells Fargo slows their jumbo mortgage lending business by requiring new customers to have $1 million in accounts before refinancing a jumbo mortgage.  

Join Sean Reynolds, host of the Seattle Real Estate Podcast as he discusses new changes with Wells Fargo Jumbo Lending.  

Wells Fargo is now requiring new customers to bring at least $1 million in balances if they want to refinance a jumbo mortgage, up from a previous level of $250,000.  

The change came in a July 1 overhaul of lending guidelines that broadly lowered barriers to the product for existing customers, while making it far harder for new ones to qualify.  

“They don’t want to take somebody else’s balance sheet and put it in on theirs,” said one of the sources. “We’re very busy and they wanted to slow down the number of loans coming in.”

The bank also tightened lending standards in its mortgage business in the July 1 overhaul, which impacts everyone applying for a home loan, not just jumbo refinancings, according to one of the people. For primary and secondary home mortgages, the bank lowered by 5% the size of loans it would approve relative to a property’s value.

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New legislative bill by Washington State Senator would outlaw future Seattle CHOP Zones and make it illegal for cities to withdraw police and related services.  
 
State Senator Steve O’Ban (R-University Place) is introducing legislation that would essentially prohibit cities in Washington state from allowing another CHOP/CHAZ to occupy city streets or creating places where cops and other services find it difficult to venture.

Could something like this pass in the state of Washington?

“I don’t have to remind your audience of the tremendous travesty of CHAZ that started with the police withdrawing from the East Precinct, and then withdrawing police services at the city’s and mayor’s insistence from the CHAZ area, making it all but impossible for them to do their basic law enforcement responsibilities,” O’Ban said on the Jason Rantz Show.

Join host Sean Reynolds of the Seattle Real Estate Podcast as he discusses the possibility of such legislation.  

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Corelogic Predicts National Home Prices Drop 6.6% By May 2021

The CoreLogic HPI Forecast indicates that home prices will decrease on a month-over-month basis by 0.1% from May 2020 to June 2020, and decrease 6.6% on a year-over-year basis from May 2020 to May 2021. This will mark the first year home prices are expected to decline in more than nine years.

Join host Sean Reynolds of the Seattle Real Estate Podcast as to why he feels this prediction will probably not come to reality.

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Will businesses leave the central business district for the suburbs?

Real estate CEO expects ‘exodus’ of central business districts to last the next two years

Marcus & Millichap President and CEO Hessam Nadji told CNBC he expects the residential “exodus” from city centers such as New York City to last up to two years.

Commercial real estate demand has also picked up in the suburbs as some businesses follow workers into the city outskirts, he said in an interview on “The Exchange.”

The health crisis has sped up the movement of millennials out of the downtown, but demand for central business districts can be expected to return, he said.

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Here is your 𝑺𝒆𝒂𝒕𝒕𝒍𝒆 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆 𝑴𝒂𝒓𝒌𝒆𝒕 𝑼𝒑𝒅𝒂𝒕𝒆 for July 2020. Podcast style in-depth analysis of the NWMLS stats for the month of July 2020.  Hosted by Sean Reynolds of the Seattle Real Estate Podcast.  

𝗧𝗼𝗽𝗶𝗰𝘀 𝘁𝘆𝗽𝗶𝗰𝗮𝗹𝗹𝘆 𝗰𝗼𝘃𝗲𝗿𝗲𝗱 𝗶𝗻𝗰𝗹𝘂𝗱𝗲:
King County, Snohomish County, Pierce County, Thurston County Real Estate Markets
- Seattle Housing Issues
- Seattle Real Estate News
- Seattle Realtor - Broker Trends
- Seattle Housing Market Forecast 2020

Northwest MLS brokers report robust activity
amid low-interest rates, tight inventory, changing lifestyles

July 6, 2020) – Historically low-interest rates and lifestyle changes are fueling housing activity around Washington state, according to Dean Rebhuhn, president of Village Homes and Properties in Woodinville. Commenting on just-released June statistics from Northwest Multiple Listing Service, he and other brokers say multiple offers are common “especially in the median price range.”

Brokers in the 23 counties that are part of Northwest MLS point to a shortage of homes as a key factor in the bidding wars. At the end of June, there were only 1.16 months of supply system-wide, which is the second-lowest level in the past decade. (The lowest mark, at 1.12 months, was in December 2017.)

Not surprisingly, the supply/demand imbalance is causing prices to ratchet up. Median prices for last month’s 8,312 closed sales of single-family homes and condos increased by nearly 5.7% compared to a year ago, rising from $440,000 to $465,000. A comparison to May shows an increase of more than 3.3%.

In the four-county central Puget Sound area, year-over-year prices rose even more. Of these counties, King County had the smallest increase at nearly 5.9% (rising from $637,675 to $675,000). Pierce County prices jumped nearly 8.2%, from $372,500 to $403,000. Prices were up nearly 6.7% in Snohomish County and more than 7.7% in Kitsap County.

“Multiple offers are back with a vengeance as buyers are handicapped by having only about half the
inventory of a year ago,” noted Dick Beeson, managing broker at RE/MAX Northwest in Tacoma-Gig
Harbor. “The refrain, ‘Sorry to tell you, but the seller has accepted another offer,’ is heard with
regularity,” he stated, adding, “If a buyer finds a home they like, it’s likely 20 other people will be vying
for it, and the battle is on.”

J. Lennox Scott, chairman, and CEO of John L. Scott Real Estate, noticed a major increase in sales activity intensity, which measures the percentage of homes that sell within the first 30 days of going on the market. “It’s almost as if the cupboards were bare in the more affordable to mid-price rang

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