Week in Review
Nearly two years after Metropolitan Mortgage & Securities Co. filed for bankruptcy protection, the company’s creditors overwhelmingly approved a plan of liquidation that calls for investorsto receive 5 cents to 9 cents on the dollar. It will be the first cash payout to the 16,000 investors in Metropolitan Mortgage and its sister company, Summit Securities. A bankruptcy court judge is expected to approve the plan next month.
Tuesday
More home sales closed in Spokane County in November than has ever been recorded for that month by the Spokane Association of Realtors. Although the 662 closed residential sales was a decline from 774 sales in October, the average sales price continued to rise. In November, the average price of a home sold in Spokane County was $183,637, a 16 percent increase from $157,689 a year ago.
Wednesday
The Federal Reserve lifted interest rates to the highest level in 4 ½ years, but also indicated its 18-month rate-raising campaign was winding down.
“ Spokane County’s jobless rate was 5.4 percent in November, up slightly from 5.1 percent in October. The rise was mostly due to seasonal fluctuations caused by a decline in construction jobs, a regional labor market economist said.
Thursday
Coeur d’Alene Resort owner Duane Hagadone announced a $20 million renovation of the resort to coincide with its 20th year in business. The makeover includes the addition of a lavish spa.
“ A surge in oil imports and a flood of Chinese televisions, toys and computers helped to drive the U.S. trade deficit to an all-time high in October. The gap between what America exports and imports was $68.9 billion.
Friday
Mortgage rates dipped slightly as financial markets liked signals from the Federal Reserve that its string of interest rate hikes could be drawing to a close. Mortgage giant Freddie Mac reported that rates on 30-year, fixed-rate mortgages averaged 6.30 percent, down slightly from 6.32 percent the previous week.