Biz week

Published 3:21 pm Friday, March 5, 2010

Home sales soar

Snohomish County home sales rose 53.5 percent in February, continuing a run that began last summer and accelerated with the addition of federal tax credits for home buyers. Pending sales rose 71 percent last month, pointing to strong sales for this month as well. Real estate agents said lower prices were certainly a factor. The combined median price for single-family homes and condominiums last month fell 10.9 percent to $269,000, about what homes were selling for in 2005. Home sales are expected to grow through April, when federal tax credits for first-time buyers will expire.

Cascade shake-up: Some shareholders of the Everett-based Cascade Financial Corp. are seeking a shake-up on the board of directors, saying they believe the company is underperforming. Cascade, the holding company for Cascade Bank, needs three new directors to provide some new perspectives, said board members Craig Skotdal and Dwayne Lane. They are seeking a proxy fight at a shareholder meeting. As with many local banks, Cascade is operating under regulatory oversight.

Boeing offers 767 tanker: The Boeing Co. will offer a 767-based plane in its bid to win a $35 billion contract to build the next fleet of refueling tankers for the Air Force. The 767 airframe is believed to offer a smaller and less costly plane, which analysts say the bid specifications appear to favor. Boeing had said earlier that it also could offer the 777 if it was what the military wanted. Both jets are built in Everett and the basic planes would be refitted as tankers in other locations. The team of Northrop Grumman-EADS hasn’t decided if it will bid for the contract. Supporters of Northrop have been pushing for the government to buy both tankers to more quickly replace the aging fleet of KC-135 aircraft, which were built by Boeing.

Mike Benbow, Herald Writer