Zillow reported that homes in Portland’s Hillside neighborhood were more frequently searched than homes in any other U.S. neighborhood tracked by Zillow during that month. Zillow has created a database of thousands of neighborhood boundaries for the largest U.S. cities.

Seattle area’s Laurelhurst, and Montlake were the two most sought after areas in the hottest neighborhoods in Seattle real estate. 

If you’re at a time in your life where it makes sense to invest some time and effort into optimizing your credit score, here are five common credit myths we’d like to help you bust without further ado:

Myth #1:  Having lots of cash, a great income, or tons of equity, makes your FICO score less relevant.

Fact:  No matter how much cash you have, if you want a mortgage, you must meet the lender’s FICO score guidelines.  Of course, if you’re flush with cash, it should be relatively easy to make your monthly payments on time.  But if you have come into cash relatively recently or you’re coming off a rough financial patch, lenders don’t not look at your credit score on the theory that your other assets diminish your credit riskiness. Most lenders want nothing more than to avoid having to foreclose on a home, even if the homeowner has other assets.

And the best predictor of whether you’ll default on a loan in the future is how you’ve handled your credit in the past, so your credit score will drive whether you qualify for a home loan and what interest rate you’re charged, no matter how much you make.

Two exceptions: if you buy a home with all cash, or take a hard money loan, which usually requires a much larger-than-average down payment and interest rate, you might be able to bypass credit score scrutiny, but you’ll pay for it.

Myth #2:  Having no debt or no late payments means you have great credit.

Fact:  Financial responsibility and good credit are two different things. Your FICO score is meant to be a measure of your responsibility when it comes to managing debt, as proven by the fact that you have credit accounts, use them regularly and don’t abuse them.

Having no credit accounts or debts doesn’t give you good credit – it gives you no credit.  And on the other end of the credit usage spectrum, being maxed out on various credit accounts all the time, submitting lots of credit applications and other credit moves that indicate you may abuse your credit can actually depress your score.  Best practice is to have several credit accounts (student and car loans count!) that you actively and responsibly use on a monthly basis.

Tip: FICO gives a top score to accounts with balances that are 30 percent of the credit limit, so if you can keep your credit card or loan account balances at or around that mark, even better.
Myth #3:  Checking your own credit score in advance prevents surprises when you apply for a mortgage.

Fact:  Your mortgage originator (broker or banker) must pull their own version of your report from their own provider, and it might have a very different score, rating scale or even different line items than the free or paid report you pulled online.  This is why it’s imperative to start working with a mortgage professional as early as possible – a year in advance is not overkill – so you can detect any errors or issues and get their recommended fix in the works with plenty of lead time.

Myth #4:  If you’ve had a foreclosure or short sale, your credit report will be damaged for 7 years.

Fact: Derogatory credit items, like late mortgage payments, foreclosures and short sales, appear on your credit report for 7 years, but your credit score can be rehabilitated enough to buy a home or obtain other credit in less time, depending on your circumstances. Your post-short sale or foreclosure waiting period depends on a number of things, including what type of loan you’ll be seeking to buy your next home with, how much cash you’ll have to put down and whether there were any extenuating circumstances involved in losing your home in the first place; some loans allow for an immediate purchase, others require a waiting period of 2, 4 5 or even 7 years after the loss of a home.

Of course, your FICO score is also a key criteria in a post-home loss “buy,” but interestingly enough, the length of time it takes to get your FICO score back up depends on how high it was beforehand.  Earlier this year, the New York Times reported that it would take a consumer with a 680 FICO score three years after a foreclosure to bring their score back to that level, while it might take someone with a 780 FICO score (near-perfect) seven years for full score recovery.

And keep in mind that as your foreclosure or short sale ages, its impact on your score will decrease, too

Myth #5:  Short sales have much less impact on your credit score than foreclosures.

Fact: Hear ye, hear ye – short sales and foreclosures have the same impact on your credit score, according to the FICO folks themselves. (The only exceptions are for short sales or deeds-in-lieu of foreclosure where the property was not upside down, which are few and far between, if they’re not just a real estate urban legend!)

However, the number of missed payments you had before your home was lost to foreclosure or short sale might weigh on how gravely injured your FICO score is in the process. At the going rate at which banks are foreclosing on homes – clocking roughly 2 years of missed payments before a home is repossessed – your FICO score could take an even greater hit than if you were able to divest of it via a short sale in 1 year’s time.

In these times there are lots of folks experiencing credit issues and need a good source to help them restore their credit.  We have a reliable company that we use to assist in making that happen.  For information contact ^the Cobbin Group .com and leave your contact information and we will go over your credit with you.

The historic Pioneer Square district already is home to numerous tech companies, including a small — and very hush-hush — HTC development studio. But the neighborhood known for its picturesque red-brick buildings is undergoing a major transformation as companies such as game developer Zynga and data storage company Isilon Systems set up shop there. HTC confirmed it has a “small studio space for our innovation team that’s looking to expand,” in the area, but wouldn’t disclose details about the size or specific location of the new space.

The company is thought to be looking for about 50,000 square feet in Pioneer Square, said Sally Patterson, a commercial broker with CB Richard Ellis who works with technology and creative companies in the Seattle area.

Enough office space for about 250 – 300 employees. HTC officials on recent building tours in the neighborhood, as well as other companies drawn to the vibrant atmosphere, numerous transit options and tech-employee elbow-rubbing.

Competition for space is intense, fueled by Seattle’s booming demand for tech workers. The local tech job-growth rate is 5.1 percent, nearly four times the national average, according to a recent report by local real estate company. “Landlords have begun raising rental rates and reducing concessions on the heels of large high-tech lease transactions.”

The new digs could serve as a new base for the company, which currently employs about 218 people in its Bellevue-based U.S. headquarters, as well as approximately 35 people in its Pioneer Square innovation studio. HTC has a number of open positions — including some in its engineering, development and executive departments — listed on its job board, hinting that the company is looking to expand its work force by at least 20 percent.

So it looks like Pioneer Square will not only be the area for tourist looking for the underground city of Seattle but also a new home for up and coming tech company.

^the Cobbin Group & exprealty

Have heard the word there’s a new 100% financing program on the table and in some cases income isn’t a dis-qualifier. Its based on the income levels where you want to purchase you next property. All that’s needed is the address and if the income level is low-medium 100% financing is available  as long as its you primary residence really. In cases where income levels high there is an income cap of $68,480 but you can still finance 100% and this without that nasty PMI (Private Mortgage Insurance) that’s attached to your loan because you can’t put 20% down. Looking at a jumbo loan how about 5% down yea for real. exprealty and a major local lender have the exclusive rights to this fantastic loan program. If your a first time home buyer, down sizing, relocating, or just looking to purchase in the Greater Seattle area you need ^the Cobbin Group!

Sammamish Washington

Came in 15th on the Top 100 cities population 46,700

If you’re looking for the Pacific Northwest ideal–snow-capped mountains and scenic lakes–Sammamish might be for you. Puget Sound and ski resorts are both an hour from this affluent Seattle suburb. High-tech employers in the area include Boeing, Amazon, and Microsoft, which is headquartered just 15 minutes away. Incorporated just over a decade ago, Sammamish still doesn’t have a real center where the community can gather. But local officials are working on a new downtown with retail, recreation, and town services.

Newcastle Washington:

The volunteer spirit is alive and well in this former coal-mining town 13 miles from Seattle. Despite serious budget cuts that threatened the city’s summer 2011 events, local businesses and citizens offered time and cash to keep the community’s concerts and fireworks afloat. There’s a 350-acre golf course here, not to mention 12 parks; the 3,115-acre Cougar Mountain Wildland Park is right next door. Newcastle residents can jump on a trail in the city and end up in the “Issaquah Alps.” Tech employers such as Microsoft are almost as easily accessible

The community’s location on the west-facing slopes of Puget Sound provides many amenities, including extensive views of the water and Olympic Mountains, access to beaches and waterfront parks, and compact downtown area.

As of April 2007, the population of the City of Edmonds has grown to 40,760. The rate of population growth has been relatively stable at about 1% per year with major increases occurring primarily as a result of annexations in the 1960s and 1970s. Based on forecasted continued growth at 1% per year, the population in 2010 is projected to be 43,650.

The Edmonds Chamber of Commerce was founded over 100 years ago and plays a major role in the Edmonds community. The Chamber sponsors several events throughout the year 4th of July celebration, A Taste of Edmonds, David Stern Golf Tournament, Classic Car Show, Halloween Festival, and Tree lighting.  The Edmonds Chamber is preparing for the largest event of the summer “A Taste of Edmonds”  A Taste of Edmonds is August 12-14th. Located in the Civic Play-field this will be the 29th birthday of A Taste of Edmonds featuring 3 full days of  fun, food, drinks, and great entertainment in downtown Edmonds.

Voted one of the “Top 100 North American Festivals”, there’s fun for everyone.

This Stunning 180-degree Puget Sound/Olympic Mountain/Whidbey Island View from beautiful 3,901sf Talbot Park home. Serene 1/2 acre perched high above cul-de-sac. Gourmet Kitchen, Master Suite w/fireplace/walk in closet & french doors open to fabulous Wrap Around Deck! Views from virtually every room including basement level which boasts potential mother in-law w/private entrance & very cool 1950′s diner style kitchen. Hot tub, huge laundry/project room, study/den, RV parking, prof landscaped & lots more. Priced to sell @ $685,000 for a private showing contact ^the Cobbin Group of exprealty

The federal government is readying its first retreat from the mortgage market, with the size of loans eligible for government backing set to decline in October.

As an emergency measure three years ago, Congress raised to as high as $729,750 the maximum loan amount that Fannie Mae, Freddie Mac and federal agencies could guarantee.

That made it easier — and cheaper — for borrowers in pricey housing markets to obtain mortgages, because the government guarantees that investors receive payments on those mortgages even if          

Now those limits are set to decline modestly in hundreds of counties across the U.S. as the government attempts to reduce its outsized footprint in the mortgage market and create room for private investors to compete. Government-related entities stand behind more than nine of 10 new mortgages, and taxpayers have sunk $138 billion into Fannie and Freddie, underscoring the eagerness to dial down the government’s share.

The new limits will vary widely by location, but will drop to $625,500 in top-tier markets such as New York, Los Angeles and Washington, D.C.

Even though the new limits won’t take effect until Oct. 1, some lenders are already warning borrowers that they will stop accepting applications for loans that exceed the new limits much sooner, to ensure the loans are funded before the cutoff date.

Industry groups are making the case on Capitol Hill that reducing current limits in some of the largest markets is “the exact wrong way to go,” said Jerry Howard, president of the National Association of Home Builders. But Obama administration officials say the limits should fall as scheduled, and Republican lawmakers have introduced measures to shrink the Federal Housing Administration’s reach more aggressively.

Had the lower limits been in place last year, Fannie and Freddie would have backed 50,000 fewer loans, according to the Federal Housing Finance Agency. The bulk of the affected loans — about 60% — are in California, with another 20% in Massachusetts, New York and New Jersey.

Parts of the country with less expensive homes also would be affected; their limits are scheduled to fall as low as $417,000 for Fannie and Freddie loans and as low as $271,050 for FHA loans.

Limits for Fannie and Freddie-eligible mortgages will fall in 250 counties, and FHA limits will drop in about 600 counties. While that is a fraction of the nation’s 3,000 counties, economists at the National Association of Home Builders say those densely populated areas account for 27% and 59% of the nation’s housing stock, respectively.

The possibility of lower loan limits is causing considerable anxiety in coastal California and other high-end housing markets that will serve as test cases for how the government’s withdrawal from housing will affect the market and local economies.

Homeowners whose mortgages are too big to qualify for a government-backed mortgage must seek a so-called jumbo loan, which often carry higher interest rates as well as larger down-payment requirements, sometimes more than 20%.

“Sellers are going to have to reduce their prices if borrowing costs rise,” said Scott Sheldon, a loan officer with First Cal Mortgage in Petaluma, Calif.

One of Mr. Sheldon’s clients, Ed Barr, has been pre-approved for a $662,000 loan backed by the FHA, the largest mortgage the agency can insure in Sonoma County, Calif. He is racing to close a sale before the limit drops to $520,950.

Mr. Barr, who owns a wine-making machinery company, said he has excellent credit but a recent divorce left him with little cash for such a purchase. “I don’t have any other alternative,” the 48-year-old said. Without the loan backed by the FHA, which allows for down payments as low as 3.5%, “the sale won’t happen.”

Scaling back loan limits underscores a broader challenge facing the government: It wants more private players to hold mortgage risk, but it doesn’t want to destabilize fragile housing markets.

Craig Van Sant is looking to pay $500,000 for a home with a $20,000 down payment in Rancho Cucamonga, Calif. Once the FHA limit drops to $335,000, he would need to more than double his down payment. The only upside, he said, is that “home values slide even more, allowing us to buy more house, if we can pull together all the cash.”

Investors and some academics say the government needs to shrink its footprint if private markets are to re-emerge, and that big loans for pricey homes are a reasonable place to start. “Credit unions, small banks, and hedge funds are all eager to buy these loans,” said Brian Brady, a mortgage banker at World Wide Credit Corp. in San Diego.

For now, interest rates for jumbo loans are relatively low, which could cushion the impact of changing loan limits. Rates on 30-year fixed-rate jumbos averaged 5.07% last week, compared with 4.62% on government-backed loans, according to financial publisher HSH Associates. The jumbo rates are near the lowest mark since HSH began its count in 1986, and the spread is the lowest since mortgage markets seized up four years ago.

But rates are only part of the equation. Because jumbos aren’t being securitized, banks must keep them on their balance sheets and are generally requiring larger down payments and stringent income qualifications.”It’ll be a real test of private lenders and their ability to fill the void,” said Mark Zandi, chief economist of Moody’s Analytics.

Seattle Real Estate