After last week’s thin economic calendar, where Stock market action and technical factors had a big impact on Bonds and home loan rates, this coming week brings a much juicier economic report agenda.

Retail Sales for April will be reported on Tuesday, followed by Wednesday’s Consumer Price Index (CPI). This widely watched measure of consumer inflation will take special significance, now that the Fed has signaled their current rate cutting cycle may be at an end. On Thursday comes a read on the new construction housing market, with Housing Starts and Building Permits. We will have to see if these reports can keep Bonds above their 50- and 100-Day Moving Averages…as seen in the chart below. If the reports are economically weak or negative, Bond prices and home loan rates should hold their ground, and perhaps even find some improvement.

Remember when Bond prices move higher, home loan rates move lower…and vice versa. And right now, there’s an important story breaking that will be very important to stay tuned in to. Last Friday, oil prices reached a lofty $126 a barrel, and Goldman Sachs is forecasting that black gold could rise even higher, perhaps as high as $150 - $200 a barrel in the next twelve months. If they are right, the inflationary effects of high oil prices could pressure Bond prices to move lower, causing home loan rates to move higher. This will be a story to watch carefully in the days and months ahead.

Patrick Dunn, Westwood Mortgage Inc. & MMG Weekly
patrick@westwoodmortgage.com / http://www.certifiedplanning.com/

Kerry Sear, the owner and chef of Cascadia Restaurant in Belltown is selling the space where the restaurant is located (2328 First Ave- 1st between Bell and Battery) and transitioning to the Four Seasons Hotel and Private Residences to become the executive chef of the hotel and director of food and beverage for the hotel and residences.

The restaurant is listed for $1.25 million but Sear is not interested in selling the name or menu.  Prior to owning and operating Cascadia, Sear spent 15 years working with Four Seasons in Vancouver B.C, Toronto and Seattle, and will continue to focus on Northwest cuisine with ingredients from local markets, ranchers and farmers.

Cascadia will remain open until the space sells so if you are looking forward to their awesome Happy Hour (mini-burgers, my fav) on a beautiful summer evening…you better not waste anytime!

In the most recent news, UrbanCondominiums.com shared their optimism in our thriving downtown market and projected that the downtown core will continue to top nationwide trends moving forward.

Agreeing with all they have to say, experts sited that with local job growth, limitations on sprawl, commuter traffic congestion and increasing gas prices makes the condominium lifestyle even more viable than ever before.  Click here to watch the May 5th interview!

Today was the first day I noticed the Carbon56 sign on Aurora and I have to admit that I was pretty shocked! Being that there are several listings on the MLS for sale and homeowners that are already living in the building, it will be interesting to hear how this project moves forward with a substantial mix of condos and apartments under one roof.

I heard that their website will be launching this coming weekend with additional information and for now more details can be found on SeattleRentals.com. Looks like there are 20 units available and studios/1 bedrooms are priced between $1675 & $2275 for 667 to 1,142 square feet. If anyone out there has the scoop on how this untraditional conversion will operate, please share!

Escala Update: Summary of important and exciting news as of 5/5/08-

- Having sold more than 50% of the total inventory, LEXAS Companies has announced the release of new the new home inventory on floors 9, 28 and the sub-penthouse level.

- Come June 5th, prices on all previously released homes will be increased by 3-7% to balance the phased inventory.

- The second level that accommodates Club Cielo has recently been completed and they are currently working on the first residential floor- Yay!

- Club Cielo’s website is now up and running!

If you haven’t already seen the bright green signs on Boren Avenue, Live Historic is back at it again. The two most recent projects being The Marlborough (First Hill) and the De Lorges (Capitol Hill)- check them out!

The Marlborough 1220 Boren Avenue This 13-story tower dominated First Hill’s skyline for decades and was once home to a member of the British royal family. The Marlborough features 83 fully restored homes including two penthouses, an elaborate lobby, rooftop deck, onsite parking and preserved marble floors, terra cotta carvings and arched windows throughout.Studios, 1, 2, & 3 bedrooms start at $225,000 while square footages range from 516 to 2,184 square feet. Click here for more details!

De Lorges 325 Harvard Avenue East Located one block off Broadway, the 4-story De Lorges was built in 1928 and offers 27 completely restored homes with tons of character and charm. Studios, 1 bedrooms and 2 bedrooms are priced from $235,000 to $430,000 and square footages range from 475 to 898 square feet. Click here for more details!