windermere tri-cities

Tri-Cities…Still a Great Place to Live With the Lowest Cost of Living in Washington State
Story released by KEPR TV at keprtv.com
By Rudabeh Shahbazi

Franklin County is already the fastest-growing county in the state, with one of the lowest foreclosure rates around. When the headlines are bleak, it’s good to know your dollar is going far. Experts say the economy is cyclical. Affordable housing and an abundance of businesses create jobs and make the population boom. That, in turn, attracts more business and drives prices down. TRIDEC CEO Carl Adrian says, it’s all about healthy competition.
“I think right now, we’ve hit a critical mass, and there’s enough spendable income that we’re seeing retailers grow, because other retailers want to be here,” said Adrian. “And as we continue to grow, in terms of population, other employers want to be here because there’s an available labor force.” A recently released ACCRA study measures the cost of living by groceries, housing, retail, utilities, transportation and health care. The information is voluntarily submitted from each area.

“It’s positive to be able to say we’re the lowest cost of living in Washington,” said Adrian.

According to the study, it costs 10 percent less than the national average to live in the Tri-Cities.

It starts with the housing market. Adrian says open land leaves room for development and the Tri-Cities has been insulated from the national foreclosure crisis.

“The cost of homes here still remains under $200,000, which you don’t find, even in some smaller cities like Ellensburg,” said mortgage broker Dana Mundy. “The cost is substantially higher than that.”

TRIDEC reps say retailers are looking for business opportunities where their employees’ paychecks will go farther, and where their own value will appreciate in an ever-growing population. Yakima did not participate in the study this quarter. Last quarter, Yakima came in at one percent below the national average.

For more valuable information about the Tri-Cities area economy please visit http://www.workforceexplorer.com/publication.asp?PUBLICATIONID=9297 .  Our Regional Labor Economist, Dean Schau, shares his expertise and knowledge on our area.

windermere tri-cities

The Tri-City area continues to show growth and a below average foreclosure rate. Tricityherald.com reports that entering May 2008 there are only 300 notice of trustee sales up approximately 4% from 2007.

The healthy economy and a relative absence of sub-prime mortgages is helping the keep these forces away. Where some states and the national average are trying to leverage policies to improve the lending arena and help homeowners keep their houses, the state of Washington, in some areas, seems almost unaffected.

“(Sub-prime lending) hasn’t been as substantial in the state of Washington because housing prices have stayed more stable,” said Dee Taylor, director of the home ownership division for the Washington State Housing Finance Commission.**

The stable housing market, minimal sub-prime loans, less predatory lending, and a happy economy are all contributing to “business as usual” while other areas see neighborhoods riddled with foreclosures. Even for the people who may be facing foreclosure there are resources available.

When homeowners are facing foreclosure, housing counselors recommend getting help as soon as possible.

“We have to design a plan around them,” said Laurie Tufford, chief executive director of Consumer Credit Counseling Service in Kennewick. “It’s a lot of work. A 90-day process. They need to get to us as soon as possible.”

If homeowners can show they would be able to make payments if their loans were current, counselors can help negotiate with lenders. Otherwise, loss mitigation becomes the focus — selling the home to avoid having foreclosure on the homeowners’ credit record.**

The strength in the economy is critical to keeping the area healthy. Also important is addressing people and the loans that may be causing trouble. The avoidance of foreclosure is important for the neighborhood. Having a normal turn over on in the local housing market is critical to keep surrounding home value as high as possible.

It is interesting to see how our wonderful area is holding up. Sites such as http://www.foreclosure.com track these types of information. For a look at the Tri-Cities area look here: http://www.foreclosure.com/search/WA_005.html

** source: http://www.tri-cityherald.com/901/story/193808.html