The Tri-Cities continues to be the “bright spot” for housing in the Pacific Northwest.  The statistics for single family building permits show a positive housing market.   The City of Richland is reporting 217 building permits this year as compared to the same figure for the entire year of 2009.  Kennewick has issued 216 building permits this year as compared to 248 for 2009.  Pasco continues to lead the building industry with 365 permits this year as compared to 463 for last year. With five months remaining in the year, all cities are likely to have more building permits issued this year than last.

The years of 2003 through 2006 experienced the major “building boom” in the Tri-Cities.   Following this period, we resumed normal and healthy new home construction.

As you may know, I recommend that everyone be mortgage free, if possible, when retirement approaches.  With mortgage rates being in the mid 4% range, this may be a good time to refinance and make additional mortgage payments to retire the debt.  One has to calculate the “pay back” period prior to making this decision.