The developer of the billion-dollar Point Ruston project, on the site of the former Asarco copper smelter, has started marketing view homes at “Stack Hill,” site of the smelter’s old emissions stack.

The Ruston Town Council approved the final plat for Stack Hill on Oct. 20, freeing developer Mike Cohen to start writing purchase and sale agreements.

Stack Hill reclaims the property where the 562-foot Asarco smelter stack once stood. The structure was demolished in 1993 and the land has since been remediated under EPA supervision. The EPA released Stack Hill for construction in 2007.

Cohen’s plans for Stack Hill include 36 single-family homes. Twelve of the home sites already have been reserved, Cohen says. All 36 homes will be both Built Green and Energy Star certified through the Master Builders Association of Pierce County.

The first model home opened in September and has drawn an average of 20 to 30 visitors per day during open house weekends, Cohen said. A permanent sales office will
be located in a second model home, which is expected to be complete and fully furnished in November.

To learn more about homes at Stack Hill, visit www.PointRuston.com or contact Julie McBride at (360) 456-6307,

Some Countrywide/Bank of American borrowers may be eligible for cheaper loans beginning December as a result of the Homeownership Retention Program, the state Attorney General's Office announced this week.

The program applies to borrowers of certain loans that originated between Jan. 1, 2004, and Dec. 31, 2007, who are behind on payments or likely to fall behind. It also includes money for borrowers who lost their homes and those who face foreclosure.

"My office is taking every possible step to help our state's residents survive a series of devastating blows to our economy," Attorney General Rob McKenna said in his "Ask the AG" column. "By working together, we'll weather this financial tempest as we look forward to better days ahead."

Those who qualify will receive a letter from the Attorney General's office and Bank of America in December. More information is available at my.countrywide.com/media/FinancialAssistance1.html.

Countrywide won't start foreclosures on homeowners who likely qualify for loan modifications. Those who face foreclosure are encouraged to call Countrywide at 1-800-669-6607.

Updates one the program are available at www.atg.wa.gov/countrywide.aspx.

Anyone who is not a Countrywide customer but who is still concerned about if they are able to make their mortgage payments should visit www.atg.wa.gov/foreclosure.aspx for information, McKenna wrote. Counseling is available at www.homeownership.wa.gov or 1-877-894-HOME.

Foreclosure filings in Pierce County for August rose 17 percent from the previous month, a 60 percent jump from last year.

Statistics provider RealtyTrac release foreclosure listings this week, showing a slower pace than previous months. Foreclosure filings nationwide rose 27 percent compared to last August, but the climb was smaller than June and July.

Washington rose five spots to No. 21 for foreclosure filings this month. Nevada, California and Arizona rated the highest, with the three states combined accounting for more than half of the nation's foreclosures.

In Pierce County, 687 received at least one foreclosure notice in August, that is one out of every 450 homes.

All but four Washington counties saw a rise from last year. King County saw a 60 percent climb from last year. Thurston County is up 52 percent.

The tricky thing with these statistics, however, are that they not a solid representation of foreclosures. RealtyTrac follows default notices, auction sale notices and bank repossessions.

I am putting together a story about what the market is like right now, especially for first-time buyers. I tagged along with a first-time buyer as she looked at possible homes, and I spoke with agents and lenders about what buyers need to know about today's market.

How do you feel the market is for a first time buyer? Is it a good time to go from renting to owning?

What was your experience like when you bought your first home?

Pick up Sunday's paper for the story.

The News Tribune still will provide you with news about the South Sound real estate market. The business team, a group of experienced reporters who know the business and economic climate in this region, will update this blog several times a week while we search for a replacement for Devona Wells.

Please send any tips or thoughts or suggestions my way.

Today is my last day writing for Open House as I move on to a new adventure. Thank you to everyone who read and contributed to the blog in the past many months.

Please be kind to the business staffers who will do their best to continue to bring you South Sound real estate news and musings.

A new study by Zillow shows that many homeowners have a higher opinion of their home’s value than what the home is truly worth. The Seattle company says that nearly two out of three homeowners think their home value has increased or stayed the same in the past year. The reality: 77 percent of homes in the U.S. lost value in the last year, 19 percent increased and 5 percent remained the same.

I find this level of optimism particularly interesting at a time when I hear often from real estate professionals that gloomy economic numbers and reports have dampened consumers' enthusiasm and outlook on the market.

Zillow’s vice president of data and analytics Stan Humphries highlighted the gap between homeowner perception and market realities.

"We attribute this gap to a combination of inattention and a fair bit of denial that causes people to believe their home is insulated from the woes of the market that affect others, but not them," he said. "This sentiment is also carried through in homeowner confidence for the short-term as more people expect their home to perform better in the next six months than the market and recent past. Although many homeowners may believe the worst is over, we think this level of optimism is out of sync with actual market performance."

Thoughts?

I have to admit, I’m kind of a sucker for lists of what is supposedly in and what’s out. I ran across just such a list recently at the National Association of Realtors' online magazine, which pulled the items from a survey done by Mark Nash of Coldwell Banker Residential Real Estate in Chicago.

Here are some of what the poll said is in and out, plus my take. Let me know what you think.

IN
Reduced carbon footprint. How your home and you impact the earth matters to more buyers who want a home that lets them save energy and lessen their contribution to global warming. DW: Green couldn’t be bigger right now. The challenge is knowing what truly saves energy and/or is the more environmentally responsible way to go.

Outdoor living: Massive fireplaces, outdoor kitchens and under-patio heating to extend the season are not just for the Sun Belt anymore. DW: The Northwest doesn’t seem all that well-suited to outdoor living for at least half the year. But I’d like to know what you’ve done, if anything, to make your outdoor space more livable. And do you actually use it?

Floating homes: Not your father’s houseboat, these nonmobile homes are basically ranch houses sitting on stationary barges in a lake or river. DW: I like the concept. Anyone seen homes on barges or lakes around here?

Home elevators: Even builders of mid-priced homes are adding this essential for boomers wanting to age in place. DW: I saw the ability to add an elevator recently touted as a big plus for a new-construction house but thought it was more of a luxury item than something you’d see in a mid-priced home. So boomers, is this an amenity you’re looking for?

Pet showers: Clean pets mean clean homes, and who wants to mess up the bathtub when this feature can be a part of the garage or mudroom? DW: This item seems a little ridiculous. But, then again, I don’t have a dog. If it was called “the place we wash the dog” rather than a “pet shower,” I might be more inclined to go along with it.

Bathroom suites: Whether it’s multiple flat-screen TVs or a mini fridge and cappuccino maker, you’ll soon have a whole home inside this one room. DW: OK, I’m all for a sizable bathroom as part of a bedroom suite, but I can wait to exit the bathroom for my morning cappuccino. Same goes for the mini-fridge – not the setting I prefer for chilled food/drinks.

OUT
Living rooms: The incredible shrinking parlor has ceased to exist in some homes. DW: I guess the utility of a living room comes down to how you use it. If you’re lucky enough to have other rooms that serve as gathering spots, then I can see why the living room wouldn’t be a great use of space. But I have plenty of friends and family with lovely living rooms that have been the setting for lots of good conversation, glasses of wine and time spent together.

Tiny balconies: Room for only one chair is worthless; balconies must now function for entertaining too. DW: Couldn’t agree more. I don’t see much use for an outdoor space that can barely contain two people and what they’re sitting on. Doesn’t need to be huge, but let’s make room for at least four and maybe a barbecue.

McMansions: Could it be that “small is beautiful” finally is gaining traction? DW: This fits well with the downsizing that supposedly draws boomers to condos and cottage-type living that was the subject of this recent post.

I ran across a list of seven home price negotiating blunders at U.S. News and World Report and thought I’d pass them along, add some of my thoughts and ask for some of yours.

1. Not understanding the seller. In a home price negotiation, it's essential to look at the deal from the opposite side of the table. "You want to make best use of the seller's fears," says Ed Brodow, a negotiation expert and the author of “Negotiation Boot Camp.” So the question is: What are the pressures on the seller of this house?"

Good things to be aware of, but you never know who's paying the mortgage. If the seller has taken a job out of town, her new employer could be footing the bill. A young military family already transferred? Their parents could be covering the cost until a good offer comes in.

2. Forgetting your homework. Some of this needed information is readily available. You can get the sale prices of comparable homes and discover how long certain listings have been on the market from a real estate professional or an online resource, says Joshua Dorkin, the founder and CEO of real estate networking and information site BiggerPockets.com. To find out the seller's motivations, try getting in touch with him or her directly. Some will refer you to an agent, but others will chat candidly.

Any buyers out there ever called the seller directly? If the seller was represented by an agent, I would always assume that’s the point of contact. But perhaps not?

3. Showing your cards. While looking for information on the seller, it's important to divulge as little about yourself as possible. Any knowledge you provide could be used by the seller as leverage.

I’m always surprised how much agents say is given away in negotiations, from appliances to information used to knock good money off the price.

4. Not having options. When you begin negotiating on a specific property, make sure you have identified several other homes you'd be happy with as well. Furthermore, it's to your advantage to tactfully—either directly or through your agent—let the sellers know that theirs is not the only property you are considering.

Easier said then done? Agents often say once you start seeing your furniture in a house, the game’s over.

5. Skipping face time. Instead of handling the negotiation process by phone and fax, it's important to meet the seller in person. If the transaction is being handled by real estate agents, the sellers should request that their agent get together with the buyer's agent in person to discuss the prices.

Makes sense and is probably doable in a slower market. But I also assume that given today’s reliance on technology that a lot (most?) negotiating goes via the computer, cell phone and/or fax machine.

6. Offering a specific number. When extending an initial offer, present a range of figures—say, from $420,000 to $450,000—rather than a hard number. An offer of a specific number that is considered too low could upset the seller enough to derail the negotiations altogether, says Cohen. A price range, however, affords you more flexibility.

I’ve never understood the supposed advantage behind offering a price range. If you offer a range, won’t the seller just take the top number? And wouldn’t a range leave you with less room to negotiate than if you offered something in the middle of your price range?

7. Getting caught up in the game. Remember, your goal is to purchase a home—not beat the seller. So what if the seller doesn't bring the price down as much as you had hoped? If you really like the house, the price has been reduced enough to fit your budget, and you've given the negotiation process your best shot, consider declaring victory.

Good advice. My favorite of the seven tips.

Any tips you'd like to add? Any of the above you've put to good use?

As if it wasn't frustrating enough for today's prospective mortgage borrowers to be turned down. Some are being taken advantage of by companies that promise to help them navigate today's tougher lending climate, but instead take the fee and run, according to The Wall Street Journal.

Here's an excerpt from the story:

Federal and state authorities say the nation's housing slump and credit squeeze are resulting in a spike in reports of companies preying on frustrated borrowers who are having difficulty securing commercial loans through conventional sources.

The Federal Bureau of Investigation, the Federal Deposit Insurance Corp. and state regulators across the country say they have seen an increase in "advance fee" loan schemes in which companies charge would-be borrowers upfront fees but never seriously try to find financing for their projects.

The FBI says it recently received "several hundred" complaints about advance-fee loan schemes. "We saw some in 2007, but not nearly to the level we're seeing this year," says Cathy Milhoan, an FBI spokeswoman in Washington. On its Web site, the agency includes "advance fee scheme" in a warning to the public about "common fraud schemes."

"Clever con artists will offer to find financing arrangements for their clients who pay a 'finder's fee' in advance," the Web site states. "Victims often learn that they are ineligible for financing only after they have paid the 'finder.'"

The FDIC says consumers should be wary of companies that request fees via a wire system, and of upfront fees, saying that "loan fees are normally paid to a business after the loan has been approved."

Click here to read what the FBI has to say about advance fee schemes and how to avoid them.

As if car dealers weren't having a hard enough time with rising gas prices and various other economic issues. I missed this story while off, but the New York Times reported last week that the drying up of home equity lines is yet another source of trouble for new car sales. And like mortgage lenders, those who put together auto loans are making it harder for borrowers to qualify.

From the story, which I spotted at the LA Times real estate blog:

"Auto lenders and banks, closing their wallets, have prevented hundreds of thousands of consumers from obtaining the financing for a car. Home equity loans, which had been used in at least one of every nine deals, when lenders were more generous, are no longer a source of easy money for many prospective buyers. And used-car prices have fallen nearly 6 percent as repossessed cars and gas-guzzling trucks and S.U.V.’s flood auction lots."

Check out the graphic to the left of the story. When you click on it, you get a top 10 list of states where home equity lines were most regularly used to buy new cars. Washington doesn't fall on the list but the top stat is pretty amazing: Last year, 29.8 percent of new cars purchased in California were bought using home equity lines.

Open House will be on hiatus for the next week. Look for posts to resume June 2.