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December 2019

"You Hold the Key" set as theme for 27th Imagine Housing event

December 5, 2019

Imagine Housing logo"Everyone needs a home to achieve their highest potential," proclaims Imagine Housing, an affordable housing provider that will present "You Hold the Key" event on Saturday, April 18 in Bellevue. The gala and auction mark the 27th annual celebration of the nonprofit group's work to create affordable apartment homes in East King County.

Tickets will be available in early 2020. In the meantime, individuals and companies are invited to donate auction items.

From modest beginnings in 1987 as St. Andrew's Housing Group, the organization has witnessed the positive impact that stable housing creates for people. In 2011, it was renamed Imagine Housing, and is now considered the leading non-profit affordable housing developer in East King County.

The housing shortage is not always visible, but Imagine Housing strives to assist the growing number of people in our communities who are living unsheltered in cars or tents. They cite data from King County that shows a gap of 94,100 mid- and low-income affordable housing units on the Eastside. "A home is more than just a place to sleep. It is the foundation on which to build a life, raise a family, and live with a sense of security," they believe.

Imagine Housing gala and auction-registration linkImagine Housing owns and manages 15 apartment communities serving more than 1,400 people. By 2022, they envision adding another 1,000 apartments serving 2,400 families, people exiting homelessness, seniors, veterans and individuals.


The staff and board at Imagine Housing work closely with multiple jurisdictions at all levels of government, as well as the Veteran's association to provide high quality apartment homes to people earning less than 60% of the area median income. They also collaborate with over 70 other nonprofits and agencies to assist residents with basic needs, transportation, employment, and health services.

In addition to its annual fundraiser, Imagine Housing holds quarterly Lunch & Learns for anyone who wants to learn more about the organization, its approach to affordable housing, and how to get involved. The next Lunch & Learn event is scheduled for February 6 at Velocity Apartments Rooftop Terrace Room in Kirkland. Pre-registration may be made online.

The paceof home price appreciation picked up in September, led by Seattle, according tothe Case-Shiller U.S. National Home Price Index. Analysts credit strong demandand tight inventory as factors, and cite lower mortgage rates and "a solidlabor market" for boosting demand.

 

Threemetro areas - San Francisco, Chicago, and Boston - experienced home price dropsin September (the most recent reporting period) compared to the previous month.

 

The U.S.National Home Price Index rose at a seasonally adjusted annual growth rate of4.7% in September, up slightly from the August figure of 4.3%. A comparison ofyear-over-year changes shows the national index increased 3.2% in Septemberfrom the same month a year ago.

 

TheS&P report covering 20 metro areas shows local home prices varied from adrop of 2.1% to a gain of 9.6%. Ten areas surpassed the national average of4.7%, with Seattle's 9.6% gain topping the list. San Francisco had the steepestdrop at -2.1%.

 

The HomePrice Index tallied by the Federal Housing Finance Agency also showed gains,but at different rates. Its Index showed a seasonally adjusted increase of 7.7%in September, up from 2.5% the previous month. FHFA's year-over-year figures revealeda 5.1% gain in September, improving on the increase of 4.8% in August.

 

Thirdquarter house prices edged up 1.1% from the previous quarter, and jumped 4.9%from third quarter 2018.

 

Otherfindings in FHFA's House Price Index included:

·      Houseprices have risen for 33 consecutive quarters across the U.S.

·      Houseprices rose in all 50 states and the District of Columbia between the thirdquarters of 2018 and 2019.

·      Houseprices rose in all 100 of the largest metro areas in the U.S. over the lastfour quarters.

 

A closerlook at local metro areas shows The Tacoma-Lakewood area ranked 16thamong the 100 metro areas with a 6.7% spike in prices for the third quarter of2019 compared to third quarter 2018. The Seattle-Bellevue-Kent area ranked 92ndwith a 1.9% increase in prices from third quarter 2018 to third quarter 2019.Washington, with a 5.6% increase, ranked 18th in the U.S.

 

Homeownerswho want to calculate their home's price appreciation can use FHFA's calculator.That tool projects what a given house purchased at a point in time would beworth today if it appreciated at the average appreciation rate of all homes inthe area. It does not project the actual value of any particular house.

 

TheFHFA-HPI is a weighted, repeat-sales index that measures average price changesin repeat sales or refinancing on the same properties. The agency said it alsoprovides housing economists with "an improved analytical tool that is useful for estimating changes in therates of mortgage defaults, prepayments and housing affordability in specificgeographic areas."