Author: Carl Setzer

A Seattle Saturday

Carl Setzer

This past Saturday, I gave a friend a lift out to Mercer Island. On my return trip, I saw I-5 was backed up, so opted to take surface streets starting at James street. It was fun to see how my old neighborhoods have changed. There’s tons of construction going on downtown, and throughout Seattle. I was amazed at the changes along Roosevelt through the U-District. So many high-rises that weren’t there 5 years ago. And UW’s campus has had a great deal of change.

I expect that these are real signs of a changing economy; at least in micro/Seattle sense. The volume of construction decreased significantly the further north I went. Very little going on past Northgate.

Just a few random observations as I drifted northwards from downtown avoiding traffic coagulation.

Midweek Mortgage Thoughts

Carl Setzer

I was just reading Mortgage applications drop 6.6% on jumbo refi decline over at Housing Wire. There are some good insights into the national mortgage trends, which are a critical part of the housing market.

Refis are still the lion’s share of the mortgage market right now, holding 65% of mortgage activity. As the headline says, the jumbo loan market (>$417,000) is driving a decrease in mortgage applications. The larger the balance of the loan, the larger the dollar amount of any percentage rate fluctuation. Therefore, “borrowers with jumbo loans tend to be most sensitive to changes in rates. That sensitivity has been clearly apparent in the past few weeks with double and even triple digit percentage changes (emphasis mine) in refinance application volume for jumbo loans.” Jumbo loan holders are clearly feeling less motivated to refi right now.

The article expands out, slightly, looking at the rest of the market. Let’s follow along:

  • Adjustable-rate mortgage (ARM) share decreased to 8.2% of total applications.
    • I’d say that’s good on a macro level, as ARMs are a great vehicle to increase short-term affordability with lower rates about 1/2 that of a 30 year fixed. They are a pretty nice deal for the banks; they make money from interest. However, you want to be paying down principle, as that’s the main way to build equity.
  • Let’s Look At Interest Rates
    • FHA – 30-year fixed-rate mortgages  increased to 3.84% from 3.81%
    • 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.13% from 4.10%
    • 15-year fixed-rate mortgages remained unchanged at 3.28%
    • 5/1 ARMs remained unchanged at 2.94%
  • And a breakdown of mortgage types:
    • FHA  increased from 8.3% last week to 8.9% this week.
    • VA  increased from 9.6% last week to 10.7% this week.
    • USDA increased from 0.8% last week to 0.9% this week.

One key thing to keep in mind with all this: these are national numbers, and a look at the past. This stuff fluctuates daily, and regionally. But it does give some good insight into the overall picture.

Happy Wednesday, everyone!

Snohomish County Regional Job and Resource Fair Nov 5

Carl Setzer

Looking for work in Snohomish County? I expect this will be a great opportunity. Many of the major local players will be present.

A Week, Or So, Of Seattle Weather Joys

Carl Setzer

It’s been a drippy series of days, hasn’t it? Which looks to be continuing strongly.

Weather view
Screenshot of the weather for the week ahead in Seattle.

Therefore, I dedicate this gem from the 80’s to my Seattle area neighbors. Stay dry, my friends.

Oh, the glories of Traffic!

Carl Setzer

Traffic, traffic, traffic…it’s been a heck of a week traffic-wise in our region. Been quite grateful for the reverse commute, let me tell you. Anyway, here’s some good info to make your travelling less woeful.

Snohomish County  Highway and construction Updates

Rain fouls up roadwork

Not only has the rain made commute times awful this past week, it’s also making it extremely difficult to complete a lot of the roadwork we had hoped to do. That includes reopening the ramp from eastbound SR 522 to eastbound US 2 in Monroe. Contractor crews closed the ramp in early September so they could finish work on the 179th Avenue Bridge. That work included everything from waterproofing the bridge deck to finishing the paving on and around it. We were prepared to wrap up the paving over the past week and a half. And then the skies opened up. And it rained, and rained and rained some more.

We don’t have a date for reopening the ramp at this point. We apologize for this delay and know it’s inconvenient, but drivers can still access US 2 by simply continuing straight on SR 522. Thank you again for your patience.

Video explains efforts to restore I-5 Skagit River Bridge

How did the I-5 Skagit River Bridge get repaired and traffic get restored so quickly? Hardworking crews put together temporary, then permanent spans in a matter of a few months. Supporting their efforts took a lot of cooperation from local, state and federal officials. The Federal Highway Administration put together an interesting video that talks about the response and what went into restoring I-5.

Major I-5 Seattle closure Friday night

If your plans Friday night include a trip into south Seattle, head’s up: A Seattle City Light project will close both directions of I-5 near Boeing Field, with lanes starting to close at 9 p.m. All lanes will reopen by 6 a.m. Saturday. Expect congestion as people move through the detours.

Speaking of Seattle, you’ll want to prepare for heavy traffic Saturday as a huge crowd will watch the Sounders claim the Supporter’s Shield with a win over the Los Angeles Galaxy at noon at CenturyLink Field. Also, the Husky football team will scorch Arizona State at 7:45 p.m. Saturday at Husky Stadium, so expect significant congestion in the Montlake area.

Light reading for transportation wonks

If you’ve been looking for some light reading to pass the time on these wet and windy fall nights, you’re in luck. We recently published our annual Corridor Capacity Report. I don’t want to give away too much of the story (especially the surprise ending!), but it’s full of traffic trends, stats and figures. Some pretty interesting stuff in there.

Winter is coming

Winter isn’t just coming to Westeros, it’s also coming to our beautiful part of the country. Are you ready? It’s never too early to start preparing so read up on our tips for getting you and your car in shape so you aren’t caught out in the cold.

Star Wars Stylized As Northwest Coastal Art

Carl Setzer

I stumbled upon this via Geekologie, and nearly swooned. Crafted by artist Scott Erickson, the Alliance is Rebellion show delights me.

Open House at the Everett Herald – TONIGHT!

Carl Setzer

Sadly, I won’t be able to make it. But should be very interesting and insightful.

The Daily Herald – Open House

Tuesday, September 23rd, 2014  –  4:00 – 7:00 p.m.

1800 41st Street, Ste 300, Everett

Contact:  The Daily Herald jcampbell@heraldnet.com   Phone: 425-339-3000
In partnership with Economic Alliance Snohomish County

 

Our new offices are starting to feel like home.  We’re ready to invite our friends to visit.  If you haven’t had the chance to visit the Daily Herald since we made the move, we’d like to give you a chance to join us at an open house on Tuesday, September 23, 2014 from 4p.m. until 7p.m.  Light hors d’oeuvres and drinks will be served.

There will be a silent auction containing memorable pieces of our history available for you to take home.  All of the proceeds raised will go towards The Herald Editorial Scholarship Fund through the Greater Everett Community Foundation.  The fund provides annual scholarships to Snohomish County college students who have shown a dedication to community journalism.

Comcast Arena is now XFINITY Arena

Carl Setzer

I had noticed the signs on I-5 had changed. To be expect, with Comcast’s increased branding of XFINITY and all.

Comcast Arena is now XFINITY Arena at Everett
Naming Rights Partnership Extends Consumer Brand to Fans
September 10, 2014

The Everett Public Facilities District and Global Spectrum announced today the rebranding of Comcast Arena to XFINITY Arena at Everett and Comcast Community Ice Rink to XFINITY Community Ice Rink.  Comcast acquired the naming rights to the Community Ice Rink in 2003 when the venue opened, and added the Arena in 2007.

The re-branding will be completed during the month of September at no cost to the Everett Public Facilities District.  The naming-rights agreement allows the phone, cable and internet provider to extend its high speed internet consumer brand XFINITY to audiences in Washington.

“The XFINITY brand is about continuous innovation and offering our customers more speed, more choice and more control,” said Dave Shirley, VP of Sales and Marketing for Comcast‘s Washington Region.  “We believe associating the XFINITY brand with a venue that is an innovator in its own right and such a source of community pride makes for a perfect fit.”

“We look forward to working closely with Comcast in rebranding the XFINITY Arena and showcasing the many wonderful products on the XFINITY platform,” said Global Spectrum President John Page.  “Being a subsidiary of Comcast, there are many tremendous synergistic opportunities for us in Everett and the many other venues in which we are engaged.”

“Comcast has been a remarkable marketing partner since the opening of the venue in 2003,” said Global Spectrum‘s Rick Comeau, General Manager of the XFINITY Arena at Everett.  “The advertising support Comcast provides the Arena generates ticket sales, bringing more people to the city of Everett, generating significant economic impact throughout the Snohomish County region.”

XFINITY Arena at Everett is home to the WHL Everett Silvertips and the Tilted Thunder Rail Birds banked-track roller derby and hosts a multitude of community events like graduations.  Other upcoming events include Everett Fall Home & Garden Show and Holiday Gift Show September 26-28, Demi Lovato October 2, EnduroCross October 18, and Phillip Phillips October 21.

HUD contracts from the REO Guy

Carl Setzer

Yesterday I was expounding on earnest money issues with HUD contracts. Later in the day, I had one more thought on the subject: sending the check. HUDs are weird, in that you send the check to the listing broker. BLB, the company that manages HUD sales in Washington, is in California. The closing company is here in Washington. Hence this logic.

Critically, though, you’re given two business days to get that to me. TWO! With that, I highly caution against dropping these checks in the regular mail. HIGHLY!!! First, the likelihood of it getting to me in time is dismally small. Secondly, and more scarily, you have no way of tracking down that check if it fails to arrive. None. Lost, stolen, shredded by angry postal  trolls (with their razor sharp pointy teeth), I’ve seen all of these. I’ve seen them show up two weeks late, had people from the building next door bring them by a month later; on and on I can go. The point? Send it via a service with a tracking number. Not just FedEx, but also UPS and the USPS (Priority & Express). None of us ever want to say to a client “sorry, just lost a grand if your money. Oppsie!”

Just a few pro tips to make your life easier.