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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Week in Review

The Spokesman-Review

The number of homes for sale is at historic lows in Spokane and Kootenai counties, creating a frenzied real estate market. One Realtor said, “You have to be prepared to jump on homes as soon as they hit the market.” A fair number of homes are sold before they’re listed in the computer database used by real estate agents. Consequently, home prices are rising rapidly.

Tuesday

The Department of Labor is expected to come out shortly with proposals for revising parts of the Family and Medical Leave Act. Business groups say the law is too vague and vulnerable to employee abuse, but some labor and family groups fear any changes will cause hard-won family leave protections to be lost.

Wednesday

Bids to buy the three insurance affiliates of bankrupt Metropolitan Mortgage & Securities Inc. will be kept confidential until a purchaser is announced. The companies were put up for sale together in late March by insurance commissioners from the three states in which they’re based.

“ The owners of Joel Inc. said they’ll close the specialty retail store in downtown Spokane this summer. Joel, which features upscale furnishings and gifts, has been in business in Spokane since 1950. It was founded by Joel Ferris II and was passed on to his sons, Joel Ferris Jr. and Toby Ferris. Joel Ferris Jr. attributed the closure to competition from River Park Square and large national retail chains; online and catalogue shopping; and the tough post-Sept. 11, 2001 economy.

Thursday

HollisterStier Laboratories LLC said it will add a second, $5 million freeze-drying system to its production facility. The equipment produces high-grade chemicals and compounds used by pharmaceutical companies. The company currently employs 360, up from 240 a year ago, and could reach 400 workers by this time next year, CEO Anthony Bonanzino said.

Friday

President Bush named Rep. Christopher Cox to chair the Securities and Exchange Commission, a day after current SEC Chairman William Donaldson announced he would step down. Donald’s two-year tenure marked by efforts to restore investor confidence in markets shaken by corporate excess.