Comments on: More Local Stories of the Slowdown http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/ News & discussion about real estate & the housing bubble in the Seattle area. Sat, 21 Nov 2009 10:02:55 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: patient http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25840 patient Wed, 19 Sep 2007 17:20:42 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25840 topdog, and from the table top it looks like the California equity locust will get their wings chopped.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25840','patient',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25840','patient','topdog, and from the table top it looks like the California equity locust will get their wings chopped.',''); return false;">Quote</a></div> topdog, and from the table top it looks like the California equity locust will get their wings chopped.
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]]> By: topdog http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25839 topdog Wed, 19 Sep 2007 17:08:46 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25839 Check the table at the bottom - finally some reasonable predictions: http://money.cnn.com/2007/09/19/real_estate/steep_home_price_drops_coming/index.htm?postversion=2007091912<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25839','topdog',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25839','topdog','Check the table at the bottom - finally some reasonable predictions:\r\n\r\nhttp:\/\/money.cnn.com\/2007\/09\/19\/real_estate\/steep_home_price_drops_coming\/index.htm?postversion=2007091912',''); return false;">Quote</a></div> Check the table at the bottom – finally some reasonable predictions:

http://money.cnn.com/2007/09/19/real_estate/steep_home_price_drops_coming/index.htm?postversion=2007091912

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]]> By: deejayoh http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25803 deejayoh Wed, 19 Sep 2007 06:04:04 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25803 Jillayne - I have the chart for King and Sno counties for the PreFC and FC tabs for much of the last year. PM me in the forums an I can send to you. I think there are real issues with the PFC data, but I have most of the weekly ticks - at least enough to get the trend.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25803','deejayoh',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25803','deejayoh','Jillayne -\r\nI have the chart for King and Sno counties for the PreFC and FC tabs for much of the last year. PM me in the forums an I can send to you. I think there are real issues with the PFC data, but I have most of the weekly ticks - at least enough to get the trend.',''); return false;">Quote</a></div> Jillayne -
I have the chart for King and Sno counties for the PreFC and FC tabs for much of the last year. PM me in the forums an I can send to you. I think there are real issues with the PFC data, but I have most of the weekly ticks – at least enough to get the trend.
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]]> By: WildcatTofu http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25802 WildcatTofu Wed, 19 Sep 2007 05:43:28 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25802 The only way government can protect sub-prime borrowers from bankruptcy is to keep RE price at current level. To keep RE at current level, an unnecessary inflation is a must. An unnecessary inflation would make the real value of U$D down. And make whoever own most his asset in cash(usually those are more financially responsible) lost money. Damn you FED.....<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25802','WildcatTofu',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25802','WildcatTofu','The only way government can protect sub-prime borrowers from bankruptcy is to keep RE price at current level.\r\n\r\nTo keep RE at current level, an unnecessary inflation is a must. \r\n\r\nAn unnecessary inflation would make the real value of U$D down. And make whoever own most his asset in cash(usually those are more financially responsible) lost money.\r\n\r\nDamn you FED.....',''); return false;">Quote</a></div> The only way government can protect sub-prime borrowers from bankruptcy is to keep RE price at current level.

To keep RE at current level, an unnecessary inflation is a must.

An unnecessary inflation would make the real value of U$D down. And make whoever own most his asset in cash(usually those are more financially responsible) lost money.

"golly" you FED…..

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]]> By: Jillayne Schlicke http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25796 Jillayne Schlicke Wed, 19 Sep 2007 03:50:39 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25796 I've always wondered about the foreclosure.com stats. For example, do they count a foreclosure as a home that has already been foreclosed and is now being re-sold by the lender? If so, then we need to look at the "preforeclosure" tab to see the homeowners currently in default. The other tabs on foreclosure.com that provide some interesting insight are data are the bankruptcy and tax lien tabs. What I'd like to see: A graph showing the movement of these four sets of data over all of 2007 thus far, broken down by King, Sno, and Pierce Counties. I wonder if the foreclosure.com guys would give it to us.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25796','Jillayne Schlicke',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25796','Jillayne Schlicke','I\'ve always wondered about the foreclosure.com stats. For example, do they count a foreclosure as a home that has already been foreclosed and is now being re-sold by the lender?\r\n\r\nIf so, then we need to look at the \"preforeclosure\" tab to see the homeowners currently in default.\r\n\r\nThe other tabs on foreclosure.com that provide some interesting insight are data are the bankruptcy and tax lien tabs. \r\n\r\nWhat I\'d like to see: A graph showing the movement of these four sets of data over all of 2007 thus far, broken down by King, Sno, and Pierce Counties. I wonder if the foreclosure.com guys would give it to us.',''); return false;">Quote</a></div> I’ve always wondered about the foreclosure.com stats. For example, do they count a foreclosure as a home that has already been foreclosed and is now being re-sold by the lender?

If so, then we need to look at the “preforeclosure” tab to see the homeowners currently in default.

The other tabs on foreclosure.com that provide some interesting insight are data are the bankruptcy and tax lien tabs.

What I’d like to see: A graph showing the movement of these four sets of data over all of 2007 thus far, broken down by King, Sno, and Pierce Counties. I wonder if the foreclosure.com guys would give it to us.

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]]> By: patient http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25794 patient Wed, 19 Sep 2007 03:44:18 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25794 Gents, the foreclosure numbers seems to be allover the place depending on where you look. Hopefully DJs number is the correct one.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25794','patient',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25794','patient','Gents, the foreclosure numbers seems to be allover the place depending on where you look. Hopefully DJs number is the correct one.',''); return false;">Quote</a></div> Gents, the foreclosure numbers seems to be allover the place depending on where you look. Hopefully DJs number is the correct one.
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]]> By: deejayoh http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25777 deejayoh Tue, 18 Sep 2007 23:35:19 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25777 Foreclosure.com has 28 foreclosures in Kirkland and only about 20 of them are active; 947 for all of KingCo You need to click on the right tab at the top to restrict the data to just foreclosures<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25777','deejayoh',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25777','deejayoh','Foreclosure.com has 28 foreclosures in Kirkland and only about 20 of them are active; 947 for all of KingCo\r\n\r\nYou need to click on the right tab at the top to restrict the data to just foreclosures',''); return false;">Quote</a></div> Foreclosure.com has 28 foreclosures in Kirkland and only about 20 of them are active; 947 for all of KingCo

You need to click on the right tab at the top to restrict the data to just foreclosures

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]]> By: Garth http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25775 Garth Tue, 18 Sep 2007 23:24:34 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25775 509 is impossible for one zip code when there are 0 NSF properties in washington for august and 137 Real Estate Owned properties for the whole state.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25775','Garth',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25775','Garth','509 is impossible for one zip code when there are 0 NSF properties in washington for august and 137 Real Estate Owned properties for the whole state.',''); return false;">Quote</a></div> 509 is impossible for one zip code when there are 0 NSF properties in washington for august and 137 Real Estate Owned properties for the whole state.
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]]> By: patient http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25774 patient Tue, 18 Sep 2007 23:08:22 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25774 Garth, I hope you are right but I think the numbers might be right. As for example I can't see why the +200 objects listed as being on auction would be normal listings.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25774','patient',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25774','patient','Garth, I hope you are right but I think the numbers might be right. As for example I can\'t see why the +200 objects listed as being on auction would be normal listings.',''); return false;">Quote</a></div> Garth, I hope you are right but I think the numbers might be right. As for example I can’t see why the +200 objects listed as being on auction would be normal listings.
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]]> By: B&W NIkes http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25773 B&W NIkes Tue, 18 Sep 2007 23:06:02 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25773 I'm sure I'm a little slow on the uptake, but if a significant percentage of potential customers have obligations, or have had to dump their obligations gracefully or ungracefully... then they aren't going to be in the buying market again very soon. We can see that the products are accounted for in a very detailed manner, especially when they are scarce. Are changes in the number of potential customers accounted for in any similar detailed way by the industry? Or do they only factor potential increases like jobs and immigration?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25773','B&W NIkes',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25773','B&W NIkes','I\'m sure I\'m a little slow on the uptake, but if a significant percentage of potential customers have obligations, or have had to dump their obligations gracefully or ungracefully... then they aren\'t going to be in the buying market again very soon. We can see that the products are accounted for in a very detailed manner, especially when they are scarce. Are changes in the number of potential customers accounted for in any similar detailed way by the industry? Or do they only factor potential increases like jobs and immigration?',''); return false;">Quote</a></div> I’m sure I’m a little slow on the uptake, but if a significant percentage of potential customers have obligations, or have had to dump their obligations gracefully or ungracefully… then they aren’t going to be in the buying market again very soon. We can see that the products are accounted for in a very detailed manner, especially when they are scarce. Are changes in the number of potential customers accounted for in any similar detailed way by the industry? Or do they only factor potential increases like jobs and immigration?
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]]> By: Garth http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25771 Garth Tue, 18 Sep 2007 23:04:22 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25771 I meant realtytrac Here is a search for Kirkland for foreclosures which does not include regular listings. http://www.foreclosure.com/search.html?st=WA&cno=033&z=98033&tab=a 124 total accross a number of different classifications. Redfin shows a total of 471 listings for Kirkland, so 509 foreclosures seemed rediculous and it was.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25771','Garth',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25771','Garth','I meant realtytrac\r\n\r\nHere is a search for Kirkland for foreclosures which does not include regular listings.\r\n\r\nhttp:\/\/www.foreclosure.com\/search.html?st=WA&cno=033&z=98033&tab=a\r\n\r\n124 total accross a number of different classifications.\r\n\r\nRedfin shows a total of 471 listings for Kirkland, so 509 foreclosures seemed rediculous and it was.',''); return false;">Quote</a></div> I meant realtytrac

Here is a search for Kirkland for foreclosures which does not include regular listings.

http://www.foreclosure.com/search.html?st=WA&cno=033&z=98033&tab=a

124 total accross a number of different classifications.

Redfin shows a total of 471 listings for Kirkland, so 509 foreclosures seemed rediculous and it was.

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]]> By: Garth http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25770 Garth Tue, 18 Sep 2007 22:48:35 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25770 The forclosure.com site shows normal real estate listings that are not foreclosures in their list. The 509 number is not the number of foreclosures for Kirkland.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25770','Garth',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25770','Garth','The forclosure.com site shows normal real estate listings that are not foreclosures in their list. The 509 number is not the number of foreclosures for Kirkland.',''); return false;">Quote</a></div> The forclosure.com site shows normal real estate listings that are not foreclosures in their list. The 509 number is not the number of foreclosures for Kirkland.
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]]> By: Formernoreasta http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25765 Formernoreasta Tue, 18 Sep 2007 22:03:19 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25765 "What used to sell in two weeks is now taking as long as 45 days" Wow - that's just horrible. 45 days! Try visiting Boston if you want to see what a "buyers market" is.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25765','Formernoreasta',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25765','Formernoreasta','\"What used to sell in two weeks is now taking as long as 45 days\"\r\n\r\nWow - that\'s just horrible. 45 days!\r\n\r\nTry visiting Boston if you want to see what a \"buyers market\" is.',''); return false;">Quote</a></div> “What used to sell in two weeks is now taking as long as 45 days”

Wow – that’s just horrible. 45 days!

Try visiting Boston if you want to see what a “buyers market” is.

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]]> By: patient http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25763 patient Tue, 18 Sep 2007 21:48:31 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25763 Garth, so we should pay attention to the foreclosure data when it points to relative low state-wide foreclosures but dismiss the data as inaccurate when it points to very high local activity?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25763','patient',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25763','patient','Garth, so we should pay attention to the foreclosure data when it points to relative low state-wide foreclosures but dismiss the data as inaccurate when it points to very high local activity?',''); return false;">Quote</a></div> Garth, so we should pay attention to the foreclosure data when it points to relative low state-wide foreclosures but dismiss the data as inaccurate when it points to very high local activity?
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]]> By: MisterBubble http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25762 MisterBubble Tue, 18 Sep 2007 21:46:29 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25762 Threefold: 3) It will lead to further deflationary pressure on the US peso. Seriously: this is yet another example of the willingness of our government to sell out normal people in order to rescue the rich and irresponsible.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25762','MisterBubble',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25762','MisterBubble','Threefold:\r\n\r\n3) It will lead to further deflationary pressure on the US peso.\r\n\r\nSeriously: this is yet another example of the willingness of our government to sell out normal people in order to rescue the rich and irresponsible.',''); return false;">Quote</a></div> Threefold:

3) It will lead to further deflationary pressure on the US peso.

Seriously: this is yet another example of the willingness of our government to sell out normal people in order to rescue the rich and irresponsible.

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]]> By: on topic http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25760 on topic Tue, 18 Sep 2007 21:32:40 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25760 the importance of a decreased interest rate is twofold: 1) it indicates the central bank thinks we are looking at a recession 2) it will lead to at least a small bump in busniess activity and possibly soften the impact of said recession by keeping some borderline companies from closing or laying people off (sarcasm/) then again, all real estate is local so who cares about the national or international economy (/sarcasm)<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25760','on topic',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25760','on topic','the importance of a decreased interest rate is twofold:\r\n\r\n1) it indicates the central bank thinks we are looking at a recession\r\n\r\n2) it will lead to at least a small bump in busniess activity and possibly soften the impact of said recession by keeping some borderline companies from closing or laying people off\r\n\r\n(sarcasm\/) then again, all real estate is local so who cares about the national or international economy (\/sarcasm)',''); return false;">Quote</a></div> the importance of a decreased interest rate is twofold:

1) it indicates the central bank thinks we are looking at a recession

2) it will lead to at least a small bump in busniess activity and possibly soften the impact of said recession by keeping some borderline companies from closing or laying people off

(sarcasm/) then again, all real estate is local so who cares about the national or international economy (/sarcasm)

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]]> By: MisterBubble http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25758 MisterBubble Tue, 18 Sep 2007 20:46:44 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25758 Thanks, Ben. I wasn't using the full value of my dollars, anyway.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25758','MisterBubble',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25758','MisterBubble','Thanks, Ben. I wasn\'t using the full value of my dollars, anyway.',''); return false;">Quote</a></div> Thanks, Ben. I wasn’t using the full value of my dollars, anyway.
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]]> By: TJ_98370 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25756 TJ_98370 Tue, 18 Sep 2007 20:39:55 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25756 Jim Cramer should be ecstatic!

Stocks Jump on Big Fed Rate Cut

The FOMC shocked the markets with a super-sized half-point easing, hoping to keep disruptions in financial markets from hurting the broader economy.

Major U.S. stock indexes shot higher on Tuesday in immediate response to the Federal Reserve’s decision to cut the Fed funds target rate by a 50 basis points to 4.75%, when most observors were expecting only a quarter-point easing. The statement said that recent developments in financial markets had increased uncertainty about the housing market……

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]]> By: patient http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25755 patient Tue, 18 Sep 2007 20:39:21 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25755 Since this messy bubble with all it's implications has little to do with interrest rates a rate cut will mean little or nothing to change the course of events. Low interest rates do not create an unhealthy bubble. Prices can go up and often do when interrest rates are low but as long as the demand is healthy, i.e people buy what they can afford it's not really a dangerous bubble. It's the exotic loans and low lending standards raise and demise that were and are the main drivers of the current extremely unhealthy bubble situation.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25755','patient',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25755','patient','Since this messy bubble with all it\'s implications has little to do with interrest rates a rate cut will mean little or nothing to change the course of events. Low interest rates do not create an unhealthy bubble. Prices can go up and often do when interrest rates are low but as long as the demand is healthy, i.e people buy what they can afford it\'s not really a dangerous bubble. It\'s the exotic loans and low lending standards raise and demise that were and are the main drivers of the current extremely unhealthy bubble situation.',''); return false;">Quote</a></div> Since this messy bubble with all it’s implications has little to do with interrest rates a rate cut will mean little or nothing to change the course of events. Low interest rates do not create an unhealthy bubble. Prices can go up and often do when interrest rates are low but as long as the demand is healthy, i.e people buy what they can afford it’s not really a dangerous bubble. It’s the exotic loans and low lending standards raise and demise that were and are the main drivers of the current extremely unhealthy bubble situation.
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]]> By: Garth http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25753 Garth Tue, 18 Sep 2007 20:27:01 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25753 Not entirely sure how forclosure.com gets all their listings, but it looks like only a fraction of the 509 ~100 are actually foreclosures.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25753','Garth',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25753','Garth','Not entirely sure how forclosure.com gets all their listings, but it looks like only a fraction of the 509 ~100 are actually foreclosures.',''); return false;">Quote</a></div> Not entirely sure how forclosure.com gets all their listings, but it looks like only a fraction of the 509 ~100 are actually foreclosures.
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]]> By: K http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25752 K Tue, 18 Sep 2007 20:26:52 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25752 <i>And the fact that most of those sub-prime alt-A mortgage pimps are gone, the credit crunch is still on with respect to the consumer.</i> Oh, and did anyone mention that it's condos and condo conversions and subdivisions *everywhere* these days? There's a mixed-use development in the south end where some people in city hall were actually *against* rental units. If no one can get a mortgage and there's no rental units, where are people going to live? (Elsewhere.)<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25752','K',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25752','K','<i>And the fact that most of those sub-prime alt-A mortgage pimps are gone, the credit crunch is still on with respect to the consumer.<\/i>\r\n\r\nOh, and did anyone mention that it\'s condos and condo conversions and subdivisions *everywhere* these days? There\'s a mixed-use development in the south end where some people in city hall were actually *against* rental units. If no one can get a mortgage and there\'s no rental units, where are people going to live? (Elsewhere.)',''); return false;">Quote</a></div> And the fact that most of those sub-prime alt-A mortgage pimps are gone, the credit crunch is still on with respect to the consumer.

Oh, and did anyone mention that it’s condos and condo conversions and subdivisions *everywhere* these days? There’s a mixed-use development in the south end where some people in city hall were actually *against* rental units. If no one can get a mortgage and there’s no rental units, where are people going to live? (Elsewhere.)

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]]> By: Grvetti http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25750 Grvetti Tue, 18 Sep 2007 19:44:24 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25750 Fed rate cut by 50 basis points!!! Wee-hoo!! When're they going to re-open the subprime window at the bank? Come on, I'm good for it... honest I have a W2 somewhere.... 1% teaser rate? I'm down!!! In all seriousness, I think the difference between some ones sub-prime ARM doubling in a month to 1.875'ing in a month is still going to end up in foreclosure. And the fact that most of those sub-prime alt-A mortgage pimps are gone, the credit crunch is still on with respect to the consumer.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25750','Grvetti',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25750','Grvetti','Fed rate cut by 50 basis points!!! Wee-hoo!! \r\n\r\nWhen\'re they going to re-open the subprime window at the bank? Come on, I\'m good for it... honest I have a W2 somewhere.... 1% teaser rate? I\'m down!!!\r\n\r\nIn all seriousness, I think the difference between some ones sub-prime ARM doubling in a month to 1.875\'ing in a month is still going to end up in foreclosure. And the fact that most of those sub-prime alt-A mortgage pimps are gone, the credit crunch is still on with respect to the consumer.',''); return false;">Quote</a></div> Fed rate cut by 50 basis points!!! Wee-hoo!!

When’re they going to re-open the subprime window at the bank? Come on, I’m good for it… honest I have a W2 somewhere…. 1% teaser rate? I’m down!!!

In all seriousness, I think the difference between some ones sub-prime ARM doubling in a month to 1.875′ing in a month is still going to end up in foreclosure. And the fact that most of those sub-prime alt-A mortgage pimps are gone, the credit crunch is still on with respect to the consumer.

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]]> By: softwarengineer http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25747 softwarengineer Tue, 18 Sep 2007 19:07:27 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25747 DO YOU WORK FOR A SMALL BUSINESS OR OWN ONE? Not only are the Baby Boomers that keep working past retirement ages and don't deluge the Seattle housing market with more for sale signs of expensive homes [$300K+] a clear positive to our local economy, we don't want them to close the doors of their small businesses here too. There's no one [qualified?] to buy them. See the proof: http://www.prweb.com/releases/2006/2/prweb345133.htm This Baby Boomer retirement dam is building up like the Hoover dam and the cement is cracking for the imminent deluge and flood. Our best bet, they don't retire or get sick.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25747','softwarengineer',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25747','softwarengineer','DO YOU WORK FOR A SMALL BUSINESS OR OWN ONE?\r\n\r\nNot only are the Baby Boomers that keep working past retirement ages and don\'t deluge the Seattle housing market with more for sale signs of expensive homes [$300K+] a clear positive to our local economy, we don\'t want them to close the doors of their small businesses here too. There\'s no one [qualified?] to buy them.\r\n\r\nSee the proof:\r\n\r\nhttp:\/\/www.prweb.com\/releases\/2006\/2\/prweb345133.htm\r\n\r\nThis Baby Boomer retirement dam is building up like the Hoover dam and the cement is cracking for the imminent deluge and flood. Our best bet, they don\'t retire or get sick.',''); return false;">Quote</a></div> DO YOU WORK FOR A SMALL BUSINESS OR OWN ONE?

Not only are the Baby Boomers that keep working past retirement ages and don’t deluge the Seattle housing market with more for sale signs of expensive homes [$300K+] a clear positive to our local economy, we don’t want them to close the doors of their small businesses here too. There’s no one [qualified?] to buy them.

See the proof:

http://www.prweb.com/releases/2006/2/prweb345133.htm

This Baby Boomer retirement dam is building up like the Hoover dam and the cement is cracking for the imminent deluge and flood. Our best bet, they don’t retire or get sick.

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]]> By: Plymster http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25746 Plymster Tue, 18 Sep 2007 19:03:09 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25746 But 98033 is protected by Microsoft. It can't have foreclosures because Software Weenies paid in the high 5-figures can clearly afford million dollar 3-bedroom crackerboxes. I think you must've misread that number. Maybe it's supposed to be 5 or 9...<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25746','Plymster',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25746','Plymster','But 98033 is protected by Microsoft. It can\'t have foreclosures because Software Weenies paid in the high 5-figures can clearly afford million dollar 3-bedroom crackerboxes.\r\n\r\nI think you must\'ve misread that number. Maybe it\'s supposed to be 5 or 9...',''); return false;">Quote</a></div> But 98033 is protected by Microsoft. It can’t have foreclosures because Software Weenies paid in the high 5-figures can clearly afford million dollar 3-bedroom crackerboxes.

I think you must’ve misread that number. Maybe it’s supposed to be 5 or 9…

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]]> By: patient http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25745 patient Tue, 18 Sep 2007 18:51:47 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25745 The foreclosures in Washington seems at a glance relatively low but when I searched for my little hood (Kirkland 98033) a got a minor chock. I had expected a handful but the search came back with this: King County Foreclosure Search Results Location: Home > WA > King County Search Results: Foreclosures in 98033 509 listings match your search criteria. ----------- 509! Wow, that's nasty.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25745','patient',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25745','patient','The foreclosures in Washington seems at a glance relatively low but when I searched for my little hood (Kirkland 98033) a got a minor chock. I had expected a handful but the search came back with this:\r\n\r\nKing County Foreclosure Search Results\r\nLocation: Home > WA > King County\r\nSearch Results: Foreclosures in 98033\r\n509 listings match your search criteria.\r\n\r\n-----------\r\n\r\n509! Wow, that\'s nasty.',''); return false;">Quote</a></div> The foreclosures in Washington seems at a glance relatively low but when I searched for my little hood (Kirkland 98033) a got a minor chock. I had expected a handful but the search came back with this:

King County Foreclosure Search Results
Location: Home > WA > King County
Search Results: Foreclosures in 98033
509 listings match your search criteria.

———–

509! Wow, that’s nasty.

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]]> By: Garth http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25744 Garth Tue, 18 Sep 2007 18:26:51 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25744 The august foreclosure data is out, once again not many people at risk in washington. http://www.realtytrac.com/ContentManagement/pressrelease.aspx?ChannelID=9&ItemID=3222&accnt=64847<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25744','Garth',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25744','Garth','The august foreclosure data is out, once again not many people at risk in washington.\r\n\r\nhttp:\/\/www.realtytrac.com\/ContentManagement\/pressrelease.aspx?ChannelID=9&ItemID=3222&accnt=64847',''); return false;">Quote</a></div> The august foreclosure data is out, once again not many people at risk in washington.

http://www.realtytrac.com/ContentManagement/pressrelease.aspx?ChannelID=9&ItemID=3222&accnt=64847

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]]> By: MisterBubble http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25743 MisterBubble Tue, 18 Sep 2007 18:23:00 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25743 The only way that a funds rate cut will affect the real-estate market as by affecting the psychology of the people who buy mortgage-backed securities (maybe). Otherwise, it's a non-event. Mortgage interest rates don't track the funds rate, and there's good reason: the funds rate is for ultra short-term loans, and mortgages are as non-short-term as you can get.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25743','MisterBubble',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25743','MisterBubble','The only way that a funds rate cut will affect the real-estate market as by affecting the psychology of the people who buy mortgage-backed securities (maybe).\r\n\r\nOtherwise, it\'s a non-event. Mortgage interest rates don\'t track the funds rate, and there\'s good reason: the funds rate is for ultra short-term loans, and mortgages are as non-short-term as you can get.',''); return false;">Quote</a></div> The only way that a funds rate cut will affect the real-estate market as by affecting the psychology of the people who buy mortgage-backed securities (maybe).

Otherwise, it’s a non-event. Mortgage interest rates don’t track the funds rate, and there’s good reason: the funds rate is for ultra short-term loans, and mortgages are as non-short-term as you can get.

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]]> By: AndyMiami http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25742 AndyMiami Tue, 18 Sep 2007 18:12:27 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25742 A rate cut will have little effect since most people facing foreclosure ignored income to debt ratios and simply cannot afford to pay 60% plus of their incomes to mortgage payments.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25742','AndyMiami',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25742','AndyMiami','A rate cut will have little effect since most people facing foreclosure ignored income to debt ratios and simply cannot afford to pay 60% plus of their incomes to mortgage payments.',''); return false;">Quote</a></div> A rate cut will have little effect since most people facing foreclosure ignored income to debt ratios and simply cannot afford to pay 60% plus of their incomes to mortgage payments.
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]]> By: PB http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25737 PB Tue, 18 Sep 2007 17:19:34 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25737 With the weakening dollar the value of real estate in US Dollars should continue to increase keeping the naive content, while in terms of Euros or Gold or most any standard of value US and Seattle home values are and have been shrinking fast.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25737','PB',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25737','PB','With the weakening dollar the value of real estate in US Dollars should continue to increase keeping the naive content, while in terms of Euros or Gold or most any standard of value US and Seattle home values are and have been shrinking fast.',''); return false;">Quote</a></div> With the weakening dollar the value of real estate in US Dollars should continue to increase keeping the naive content, while in terms of Euros or Gold or most any standard of value US and Seattle home values are and have been shrinking fast.
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]]> By: FredE http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25728 FredE Tue, 18 Sep 2007 15:51:46 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25728 The fed cut won't make it easier to get a mortgage, just make new ones more affordable over their duration. As for selling strategies, my favorite one is called "lowering your unreasonably inflated price".<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25728','FredE',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25728','FredE','The fed cut won\'t make it easier to get a mortgage, just make new ones more affordable over their duration.\r\n\r\nAs for selling strategies, my favorite one is called \"lowering your unreasonably inflated price\".',''); return false;">Quote</a></div> The fed cut won’t make it easier to get a mortgage, just make new ones more affordable over their duration.

As for selling strategies, my favorite one is called “lowering your unreasonably inflated price”.

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]]> By: TJ_98370 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25723 TJ_98370 Tue, 18 Sep 2007 15:21:45 +0000 http://seattlebubble.com/blog/2007/09/18/more-local-stories-of-the-slowdown/#comment-25723 Given the recent media coverage, the "Fed rate cut" seems to be very anticipated. Is it really that much of a sure thing?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('25723','TJ_98370',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('25723','TJ_98370','Given the recent media coverage, the \"Fed rate cut\" seems to be very anticipated. Is it really that much of a sure thing?',''); return false;">Quote</a></div> Given the recent media coverage, the “Fed rate cut” seems to be very anticipated. Is it really that much of a sure thing?
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