Here is a classic example of a failed flip in the Lake Stevens area. Nice house huh, well it's not officially a failed flip but something tells me it may well end up being just that. Smart flipper, get rich in real estate guy, buys house at or very near the peak in this area drops a ton of cash, take 2 years and stages the house just so, to get the "right buyer" takes some great photos for the NWMLS and now is in wait mode

bought $257,000
listed $297,000

Wait are those powerlines next to the house on the right?
maybe they should of included the picture from County records




Redfin Link

Looks like were not that special after all.

Good Luck Dorks

Although its order books are full of planes to build for eager customers around the world, The Boeing Co. was shutting down its jetliner production in the Puget Sound area as its biggest union hit the picket lines early Saturday morning.

Related content

· Photos from the picket line

It is the fourth strike in two decades against Boeing by the International Association of Machinists and Aerospace Workers, arguably the most powerful manufacturing union left in the U.S.

Some 25,000 Machinists in the Puget Sound area struck at 12:01 a.m. Saturday after Boeing and the union could not make a breakthrough on contract talks that had been extended for 48 hours in hopes of averting a strike.

The walkout will halt Boeing's jetliner production and further delay the 787, possibly pushing the Dreamliner's first flight into next year. And it will likely cost Boeing about $2.8 billion in lost revenue per month, according to an analyst with Merrill Lynch & Co.

Machinists, who on average make about $54,000 a year without overtime, will receive $150 a week in strike pay, but that won't kick in until the third week.

Seattle P.I.

This is just simply a must read.

I hate to tell you, but the storm has reached your location and it is a Category 5 hurricane. The levees are leaking. Ignore it at your own peril. The 6,000 sq ft McMansion buying, BMW leasing, $5 Starbucks latte drinking, granite countertop upgrading, home equity borrowing days are coming to an end. The American consumer will not go without a fight. For the last seven years the American consumer has carried the weight of the world on its shoulders. This has been a heavy burden, but when you take steroids it doesn’t seem so heavy. The steroid of choice for the American consumer has been debt. We have utilized home equity loans, cash out refinancing, credit card debt, and auto loans to live above our means. It has been a fun ride, but the ride is over. We can’t get steroids from our dealer (banks) anymore.
prudentbear.com

'Liar loans' threaten to prolong mortgage crisis
Monday August 18, 5:50 pm ET
By Alan Zibel, AP Business Writer
'Liar loans' threaten to prolong mortgage crisis for 2 more years in some parts of US

In the mortgage industry, they are called "liar loans" -- mortgages approved without requiring proof of the borrower's income or assets. The worst of them earn the nickname "ninja loans," short for "no income, no job, and (no) assets."

The nation's struggling housing market, already awash in subprime foreclosures, is now getting hit with a second wave of losses as homeowners with liar loans default in record numbers. In some parts of the country, the loans are threatening to drag out the mortgage crisis for another two years.

"Those loans are going to perform very badly," said Thomas Lawler, a Virginia housing economist. "They're heavily concentrated in states where home prices are plummeting" such as California, Florida, Nevada and Arizona.

Many homeowners with liar loans are stuck. They can't refinance because housing prices in those markets have nose-dived, and lenders are now demanding full documentation of income and assets.

From Yahoo

Here is another example of the housing bubble run a muck in Lake Stevens. In 2001 the house was sold for 220,000, then again in 2005 for 410,000 wow nice profit 190,000 in just 4 years works out to 47,500 a year. Why work a crappy job when this kind of money can be had for doing basically nothing. So now of course round two, buyer in 2005 wants his money, he's had the house for 3 years and list his house for 629,950 this works out to 73,316 dollars a year, wow even better so if anyone cares to give this guy his lotto/retirement check feel free. redfin