Bellingham Real Estate Blog

The house of Representativis has passed the Mortgage Forgiveness Debt Relief Act of 2007. The bill wiill eliminate income tas on mortgage debt that has been forgiven by lenders on primary residence for people in financial hardships.  In other words the IRS will no longer collect money from people who have worked out a deal with their lenders or after a short sale. 

This would provide much needed relief to people losing their homes. As it stands now, a lender who forgives a debt to must provide provide a Form 1099 to the IRS stating the amount the borrower has been forgiven. The rules apply whether it is a short sale, foreclosure, deed in lieu of foreclosure or any arrangement that relieves the borrower of the obligation to pay some portion of their debt. If the property is sold at foreclosure or is sold for less than was borrowed as in a short sale, the difference is considered income and is subject to the tax.

If someone sold their home with lenders approval for $25,000 less than they owe on the property, the IRS taxes that $25,000 as income.

To offset the loss of income the bill also tweaks the capital gains tax rules of second homes based on a formula using the amount of time that the taxpayer actually lived in the property during the five-year period before the sale.

The bill overwhelming passed the house with bi-partisan support

Now if the Senate would follow suit, We will have something that wiill help some people who are in need. 

With all the media hype about "foreclosures skyrocketing" and  "Mortgage Meltdown" do you think it worse than it was 10 years ago. According to the Mortgage Bankers Associaction the current foreclosure rate in the state of Washington in .49% compared to a national average of 1.4%.

Home values are appreciating here in Bellingham and in the rest of Washington.

The state as a whole is in a better position now in regard to foreclosures as they were 10 years ago.

So if you think the market is bad, think again, at least if you are looking for real estate in Bellingham or the state of Washington. Real Estate is local and what is happening in California is not the same thing that is happening here or elsewhere.

Mortgage rates are lower this week than they have been in a long time, so now might be a great time for you to find your new home or investment property.

If you would like any more information about Bellingham Real Estate or Real Estate statistics visit my website at BellinghamProperty.com

Bellingham celebrated again as the City's receives a 2007 Green Power Leadership award from the U.S Environmental Protection Agency (EPA). This award recognizes leading national green power purchasers for their commitment and contribution to helping advance the development of the nation's green power market every year.

Bellingham was chosen a Green Power Partner of the Year, the most prestigious of the purchaser awards. The Mayor and other officialscelebrated this latest national green power award during a dedication ceremony held for a new solar power demonstration project recently installed at the City's Environmental Learning Center. 

Bellingham was one of only two cities to received recognition along with 15 other organizations that have demonstrated leadership by voluntarily purchasing green power. 

Bellingham is also currently ranked No. 1 on EPA's National Top 25 Green Power Communities List. "Green power" is electricity that is generated from environmentally preferable renewable resources, such as solar, wind, geothermal, biogas, biomass, and low-impact hydro.  This type of power generation has zero anthropogenic (caused by humans) carbon dioxide emissions and offer a better environmental profile compares with conventional power generation,as well as helping support the development of new renewable energy capacity nationwide.

Bellingham joined the Cities for Climate Protection Campaign in 2005. In 2006, the Bellingham City Council approved the purchase of 100% of the city's electricity from renewable sources, through Puget Sound Energy's Green Power program.  Research shows that buying 100 percent green power is the most significant step the City of Bellingham can take to protect our environment and climate by  eliminating more than 65 percent of the global warming pollution caused by municipal operations.

Picture By blmurch Flickr

The state has awarded grants to: the Whatcom Museum Society, Whatcom Film Association and Mount Baker Theatre.

The Whatcom Museum Society will receive $1 million for the construction of their expansion project: an art museum and children's museum.

The Whatcom Film Association also received funding from this program and grant. They are presently building their new theatre "The Drewam Space"

The  Mount Baker Theatre was awarded $13,500 over a two-year period. In 2008, the Mount Baker Theatre will make vital upgrades to its sound system, electrical system, and heating and air conditioning

The northern section of the neighborhood has low density residential uses, and the western part higher density residential uses. The residential character of this neighborhood is generally one of single family two-story older homes, with many long time residents.

Western Washington University (also called WWU or Western) opened it's doors in 1893 and has since grown into a university approaching 13,000 students. WWU is proud of it's unique environmental and economic research programs, it's award-winning experimental vehicle design, it's highly regarded manufacturing, plastics, and electrical engineering technology programs as well as it's teaching and liberal arts programs. Everyone in Bellingham enjoys access to Western's facilities and open space, including its acclaimed outdoor sculpture as well as popular offerings in theater, music and sports. WWU gives Bellingham the CollegeTown atmosphere and cultural enrichment it brings to the city.

The Western Washington University Neighborhood contains open space, which is easily accessible to students, staff and visitors. The 180 acre Sehome Hill Arboretum provides areas for academic study, trails for commuting and recreation as well as a major green/open space which serves the broader community. Active recreational and educational open spaces include numerous sports playfields, experimental gardens and environmental study areas. General open spaces include buffers and wooded hillsides throughout campus which are valuable for their informal/natural qualities, their buffering characteristics, and as green backdrops.

WWU is one of Whatcom County's largest employers, with nearly 1,500 workers.There are no privately owned homes in the neighborhood but there are dorms that house about 4,000 students.

Mayor Tim Douglas and Puget Sound Energy Vice President of Energy Cal Shirley will dedicate a new Solar Power Demonstration Project Thursday, Oct 25, at Maritime Heritage Park's Environmental Learning Center. It will includes an interactive kiosk and real-time display of the power the project generates. Puget Sound Energy awarded  the system to the city in recognition of Bellingham's having been named the nation's most successful Green Power Community by the U.S. Environmental Protection Agency. PSE has also awarded the city a $20,000 grant to install another renewable energy facility.

The installation of the twelve solar panels completes the transformation of the Environmental Learning Center, once the site of a landfill, into a state-of-the-art educational facility. The 2040-watt solar electric power system will help offset a portion of the facility's electricity use, and an interactive, flash-animated kiosk located at the center will increases the educational value of the project. The kiosk, which shows the performance of the system and how solar electricity is generated, will be moved to Bellingham City Hall in the future.

"With energy independence a very high national priority, we need to explore every possible option for meeting our power needs," said Mayor Tim Douglas.  "This project is a great example."

Here are the numbers for the first half of the year compared to last year for Sudden Valley Resedential Real Estate .

They had a 2.8% increase in average sales price and a very slight decreas if you look at the median price.

The number  of homes sold decreased by 30 and they have been sitting on the market quite a bit longer than last year.

These statistics are from the NWMLS.

If you would like any more information about Real Estate or Real Estate statistics visit my website at BellinghamProperty.com

Sanitary Service Co. of Bellingham, has begun a six-month pilot program started in September. of curbside recycling for electronics. Any old, broken or unused electronics, including cell phones, DVD players and stereos, can be left at the curb for recycling once a week as part of this innovative program. "If it has a plug and a circuit board, we'll take it," said Rodd Pemble, SSC recycling manager.

There will be a fee for the service. The cost of recycling the electronics reflects two things, labor and processing, which is more time-consuming and difficult than typical recycling of cans or paper.

The cost depends mainly on the type, but other factors, such as location of pick-up, can affect the price, too.

FEES:

$6 per item: Calculators, fax machines, laptops, computers, CD/DVD/VCR players and other mid- to small-sized electronics.

$14 per item: Computer monitors and standard TVs.

$5 per box: Full of small items like cell phones, cables, keyboards, digital cameras and MP3 players.

$31 per item: Big-screen TVs, large monitors and other "oversize" items more than 20 inches long, 20 inches wide and 20 inches high.

$60 per hour: Traveling fee for special pick-up for oversize items and picking up electronics of any size in Whatcom County where SSC doesn't have regular weekly routes.

WHERE TO PUT YOUR ELECTRONICS:  For all Bellingham SSC customers, contact SSC by phone or e-mail for a work order number and pre-assigned pick-up date along with preparation instructions. Phone: 734-3490 or e-mail: ssc@ssc-inc.com.

There   will also be a Mall Drop-off to electonics sponsored by RE Lectronics from 9 a.m. to 3 p.m. Oct. 20 at the Bellis Fair mall parking lot in front of Sears.

RE Lectronics - a program of RE Sources that accepts, refurbishes and resells old electronics -  program has recycled 120,000 pounds last year.

Fees are:

• Pentium 3 computers (or equivalent) or higher and cell phones: free.
• Computer monitors: $14.
• TVs: $1 per diagonal inch.
• Other household electronics: 45 cents per pound.

OTHER AREAS

Residents and businesses of Lynden, Everson, Nooksack and Sumas will see similar curbside and drop-off options by the beginning of 2008.

Photos courtesy of flick.com By johnmarkos & By Peter Kaminski

Here are the sales statistics for residential real estate in Whatcom County for the 3rd quarter of the year.

Looks like we are bucking the national trend still with some increases in prices. We can see a 2.5% gain in price if we look at the average numbers aand a slightly higher 2.7% gain if we look at the median numbers.

These statistics are from the NWMLS.

If you would like any more information about Real Estate or Real Estate statistics visit my website at BellinghamProperty.com