Seattle 14th easiest market to find jobs

Seattle has the 14th best job market among major cities, according to a recent survey by a leading job search engine. With 5.1 unemployed individuals per advertised job, Seattle improved from 18th place on December’s survey.

The Index was calculated by Juju.com to provide a useful guide to the relative difficulties faced by job seekers in particular geographies. To compute it, Juju.com divides the number of unemployed workers in each metro area, as reported by the Bureau of Labor Statistics (BLS), by the number of jobs in Juju's comprehensive index of millions of online jobs in the United States.

The survey declared Washington D.C. to be the easiest place to find work, with just 1.91 unemployed people per advertised job, followed by San Jose (2.50) and Baltimore (2.93). Detroit placed last on the list of 50 cities, with 20 unemployed people per advertised job. (See chart for list of top 20 cities for job hunters.)

Juju also compares job search difficulty among states. Washington was 25th on January's survey, slipping five spots from the previous month. The District of Columbia topped the list, followed by Virginia and North Dakota, the same 1-2-3 rankings reported for December.
In a statement accompanying the survey results, Juju – a job search engine, not a job board -- noted its guide of relative difficulties faced by job seekers "should be considered in the context of the well known challenges of measuring and analyzing unemployment data."

Starting 2010 with some positive news

As we emerge from challenging times for real estate investors, there is good news in many aspects of the economy:

On October 9, 2007 the Dow Jones Industrial Average hit an all‐time high of 14,164. On March 9, 2009 the DJA hit the low point during the recession at 6,547. In just nine months the DJA has recovered just about half its losses and closed on December 9, 2009 at 10,337.

CEOs of American companies were surveyed and the results published in Business Roundtable’s Fourth Quarter 2009 CEO Economic Outlook Survey indicate that 68 percent predict that company sales will increase in the next six months, up sharply from the 51 percent who predicted sales growth just three months ago. "The economy is in the throes of a long transition back to health, recovery will be long, extending beyond 2010," said Ivan G. Seidenberg, chairman of the Business Roundtable and CEO of Verizon Communications. "The outlook for CEOs reflects that reality; we see noticeable gains in sales and capital spending…"

A survey produced by National Real Estate Investor and Marcus & Millichap Real Estate Investment Services shows that buyers are looking to re‐enter the market. The survey reported that 65 percent of survey respondents plan to increase their investment in commercial real estate in 2010, which is higher than the 56 percent in the third quarter and 51 percent tallied 12 months earlier. According to the 6th Annual Investment Survey, 72 percent of the survey respondents reported that they are setting aside capital for investment purposes. A total of 28 percent indicated they are already starting to make purchases while an additional 41 percent believe they will be adding to their portfolios in the next six months.

Barclays Wealth released the results of a global survey which revealed renewed confidence in commercial and residential real estate. Twice as many high net worth investors said they plan to increase their real estate portfolios over the next two years as compared to 17 percent that indicated they would decrease their real estate holdings. The global survey also indicated "the U.S. —where subprime mortgages were a key catalyst in sparking the wider recession—is deemed significantly more attractive than all other markets, with 16 percent of respondents saying they anticipated the best returns there."

National Association of Realtors Chief Economist Lawrence Yun reported recently he expects home sales to rise in 2010 and even home prices to increase in some areas of the country. Activity in the residential real estate market has been bolstered this year by attractive pricing and low mortgage interest rates, but also by an $8,000 federal income tax credit. Recently, President Obama signed legislation that extends the $8,000 tax credit, which also included a new $6,500 federal tax credit for some existing homeowners, through April 30, 2010. Yun said, "Given the success of the first‐time buyer tax credit to date, and the need for qualified buyers to continue to absorb inventory that will include additional foreclosures over the coming year, we are hopeful about the impact of the expanded tax credit because it will stabilize home prices. In fact, the credit is working better than first projected‐‐it now looks like we’ll have 2.3 million to 2.4 million first‐time buyers this year." Existing‐home sales are expected to total 5.01 million in 2009, a gain of 2.0 percent over last year, and then are forecast to rise 13.6 percent to 5.69 million in 2010. New home sales are projected at 397,000 this year, recovering to 549,000 in 2010. Housing starts, including multifamily units, should total 564,000 units this year but grow to 752,000 in 2010, NAR officials said.

Energy-conscious home owners may qualify for rebates, tax credits

Home owners in Washington who replace existing refrigerators and clothes washers with certain energy efficient appliances could receive rebates as early as April 1. The new incentive funds supplement existing rebate programs.

"Our goal is to have a program that makes it easy for consumers to obtain both incentives," declared the U.S. Department of Energy in announcing programs it approved as of Jan. 27. Washington’s allocation totals nearly $6.3 million. The state’s Department of Commerce will facilitate the distribution of money through an experienced rebate processing company.
Additionally, consumers may be eligible for tax credits for making other energy efficient improvements in their homes.

One of the goals of the appliance rebate program is to remove old, inefficient appliances from the electric grid. By replacing a wasteful refrigerator with an ENERGY STAR refrigerator greater than 9 cubic feet in adjusted volume, purchasers could receive a $75 rebate. An ENERGY STAR clothes washer with an efficiency rating of MEF>+2.46 could yield a $100 rebate.

To qualify, the purchase must be made during the program period and meet other eligibility requirements set forth by the American Recovery and Reinvestment Act (ARRA) and the State Energy Efficiency Appliance Rebate Program (SEEARP), which include:

Rebates are available to all Washington state consumers on a first come, first served basis until funds run out.

Rebates are not available retroactively for purchases made before the official start of the program.

Rebates are for the replacement of existing appliances in residential occupancies in Washington.

Rebates are limited to one refrigerator and one clothes washer per household.

Rebates are for appliances purchased from a store within Washington state.

To receive the state rebate for a refrigerator, proof must be provided that the replaced refrigerator was recycled, or at least decommissioned in accordance with state disposal laws.
Rebates cannot be paid to commercial or institutional organizations, Community Action agencies, new construction, or landlords.

Program updates and appropriate rebate application documents are online at (http://www.commerce.wa.gov/site/1226/default.aspx#c13).

To learn more about supplemental rebates from local utilities, consumers should contact their providers, or search the Database of State Incentives for Renewables & Efficiency at www.dsireusa.org (click on Washington state map). DSIRE, established in 1995 and funded by the U.S. Department of Energy, is a comprehensive source of information on state, local, utility, and federal incentives and policies that promote renewable energy and energy efficiency.
In King County the current program overviews, incentive descriptions and contacts for residential sectors is the Green Building Grants Program.

TAX CREDITS
The American Recovery and Reinvestment Act of 2009 extended many consumer tax incentives originally introduced in the Energy Policy Act of 2005 (EPACT) and amended in the Emergency Economic Stabilization Act of 2008 (P.L. 110-343).

A tax credit is generally more valuable than an equivalent tax deduction because a tax credit reduces tax dollar-for-dollar, while a deduction only removes a percentage of the tax that is owed. Consumers can itemize purchases on their federal income tax form, which will lower the total amount of tax they owe the government.

Among available tax breaks are:Home energy efficiency improvement tax credits for consumers who purchase and install specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in existing homes. Such improvements must be "placed in service" between Jan. 1, 2009 through Dec. 31, 2020.

Residential renewable energy tax credits for consumers who install and place in service before Dec. 31, 2016 any of a variety of solar energy systems.

Automobile tax credits for individuals and businesses that buy or lease a new hybrid gas-electric car or truck and place it in service starting Jan. 1, 2006, and purchased on or before Dec. 31, 2010. See the IRS's "Summary of the Credit for Qualified Hybrid Vehicles" for information on the status of specific vehicle eligibility.

Plug-in electric vehicles. The Recovery Act modifies the credit for qualified plug-in electric drive vehicles purchased after Dec. 21, 2009. The credit ranges from $2,500 to $7,500, depending on the battery capacity. Refer to IRS Notices 2009-54: Qualified Plug-in Electric Vehicle Credit (PDF 29kb) and 2009-58: Qualified Plug-In Electric Vehicle Credit Under Section 30 for details.
Plug-in hybrid conversion kits. The Recovery Act also provides a tax credit of up to $4,000 for plug-in electric drive conversion kits. The credit generally applies to qualified vehicles placed in service after Feb. 17, 2009 and conversions made before Dec. 31, 2011. See the IRS website section on Alternative Motor Vehicle Credits for details.

Low speed and 2/3 wheeled vehicles. The Recovery Act creates a special tax credit for two types of plug-in vehicles: certain low-speed electric vehicles and 2- or 3-wheeled vehicles. IRS Notice 2009-58: Qualified Plug-In Electric Vehicle Credit Under Section 30 has more information.
Details are tax credits for energy-saving improvements and initiatives are summarized at http://www.energy.gov/taxbreaks.htm.