Hurlbuthomes.com Blog

I've been posting for months now about a new shopping center on the southern end of South Hill Puyallup, Sunrise Village. We've now got a number of restaurants and shops open. Currently open tenants include:

Target
Famous Footwear
Bright Now Dental
AT&T Wireless
Valley Bank
Staples
Qdoba Mexican Grill
The Ram Restaurant
Hand and Stone Massage
LA Fitness

And opening soon will be the new PetSmart. As I drove by today, it looks like most of the finishing touches are being completed inside and it's almost time to move in the shelves and product!

Rumor has it that Lowes will be opening a location here as well. This is a serious boon for South Hill residents frustrated with Meridian traffic! If you've not been to Sunrise village as of yet, it's certainly worth your while to check it out! As it grows and more tenants sign on, I can see this being akin to Kent Station. Every time I've been to Kent Station, the area has been thriving with activity. People shopping, going out to eat or to catch a movie. It's a great place to hang out and I see Sunrise Village being no different.

Today I had lunch at the new RAM restaurant. I really like the atmosphere in this new location. It's smaller than their other locations around town (Lakewood, Puyallup (north) South Hill, Tacoma Waterfront) and is more like the one at . . . well, Kent Station. The bar is open and bright with lots of TV's in view from every angle. The bar itself is finished in a cool brushed steel. The restaurant is quaint and warm. I can see this becoming a favorite hangout for lots of folks. A couple guys sitting at the bar with me commented on how much they liked it and were debating coming back tomorrow.

I've also eaten at the Qdoba Mexican Grill and I can say, it's very tasty as well. I think this is Qdoba's first foray into the Pierce County market. The food was fresh and hot and had really good flavor. It's a great fast alternative to Taco Bell or Taco Time for sure. Also well worth checking out if you have the time and an empty stomach.

Under proposal, 30-year mortgage rate would drop to 4.5 percent

Associated Press, December 3rd, 2008

WASHINGTON - Financial industry lobbyists are urging the Treasury Department to take steps to lower mortgage rates in an effort to stabilize the housing market.

Under the proposal, Treasury would seek to lower the rate on a 30-year mortgage to 4.5 percent, Scott Talbott, a vice president at the Financial Services Roundtable, said Wednesday. That’s about one percentage point below the current rate of 5.6 percent.

Treasury would do so by purchasing mortgage-backed securities from Fannie Mae and Freddie Mac, Talbott and other industry sources said.

While details of the proposal are in flux, the program could be similar to the effort announced last week by the Federal Reserve to purchase up to $500 billion of mortgage-backed securities from the two mortgage giants, Talbott said.

Mortgage rates dropped steeply in the wake of the Fed’s announcement. Additional purchases could drive mortgage rates down further, and enable Fannie and Freddie to purchase or back more home loans.

Fannie and Freddie, which were seized by federal regulators in September, own or guarantee about half of the $11.5 trillion in U.S. outstanding home loan debt.

Treasury is strongly considering the proposal and could announce a decision as early as Monday, industry sources said.

Treasury spokeswoman Brookly McLaughlin said she would not comment on speculation about actions the department may take in the future.

Treasury could make the proposal as part of a request for the second $350 billion of the $700 billion financial rescue fund, industry sources said.

Treasury Secretary Henry Paulson has been criticized by members of Congress for using the bailout money to shore up Wall Street banks, while doing nothing for homeowners facing foreclosure.

The proposal was reported Wednesday on The Wall Street Journal’s Web site.

In recent weeks, a diverse set of industry groups from real estate agents to carpet makers have called on lawmakers and the incoming administration of President-elect Barack Obama to subsidize lower mortgage rates and beef up tax credits to help stimulate housing demand.

The National Association of Realtors has been pushing a plan under which the federal government would spend $50 billion to lower mortgage rates. It says doing so would yield about 500,000 more home sales.

The National Association of Home Builders is leading a new “Fix Housing First” coalition to push for aid to the ailing housing sector, including a tax credit of up to $22,000 for anyone who buys a home before the end of 2009.

“The goal is drive mortgage rates so low that home prices not only stop falling but begin to rebound,” said Greg McBride, senior financial analyst at Bankrate.com.

While the plan, if enacted, will help anybody looking to buy or sell a home, or refinance out of an expensive mortgage, it may not help those whose credit is so damaged that banks don’t want to lend to them.

“It may change the number of borrowers seeking loans but it won’t change the qualifications for who gets those loans,” McBride said.