The latest data from Case-Shiller has been released. Here’s a blurb from the press release:
“At both the national and metro area levels, the fall in home prices is showing no real signs of a slowdown or turnaround,” says Robert J. Shiller, Chief Economist at MacroMarkets LLC. “Year-over-year and monthly price returns are continuing to either move deeper into negative territory or are experiencing persistent diminishing returns. There is really no positive news in today’s report, as most of the metro areas are showing declining or vanishing returns on both an annual and monthly basis. Only two metro areas – Denver and Detroit – showed improvement in their annual returns and even those were reports of slightly less negative numbers.”
Notice that Mr. Shiller did not make any exceptions for the specialness of Seattle or Portland. Go figure. Here’s the summary for Seattle’s latest data:
Case-Shiller Home Price Index fractionally down July to August. Up 5.66% YOY.
Although it is only a fraction of a point, this marks only the second month-to-month decline since 2003. One year prior, the YOY change was +16.11%. We will see where this trend leads…
For comparison, the NWMLS King County SFH Median for August was up 9.73%. This continues the trend of diverging data that began in earnest last month. Also keep in mind that since Case-Shiller tracks only same-house sales, the seasonal trends of declining sales in the late summer and winter have less of an effect on the numbers.
Here’s the usual graph, with L.A. & San Diego offset from Seattle & Portland by 17 months.
Is this graph predictive? Obviously not necessarily. I consider it more of a warning. However, the downward slope of Seattle’s line has so far been following pretty closely with where San Diego’s line went a year and a half ago (and still falling faster than L.A.). I’m still waiting for it to break off and “level out” like the real estate professionals have been promising it would.
Just for good measure, here’s an update of the graph with all 20 Case-Shiller-tracked cities, with no time-shifting.
(MacroMarkets, Standard & Poors, 10.30.2007)
deejayoh » Oct 30, 2007 at 10:31 am
Looks like we are joining the party, fashionably late. I am sure there are those that will argue this is a one time event, related to credit tightening – but that view blissfully ignores that the rate of appreciation has been declining at an accelerating rate for almost a year. Going negative M2M was highly predictible. Maybe we got there one month early because of credit tightening, but it was inevitable.
Interesting to see that San Diego is now just about the worst performing market. I would expect it to pale vs. Miami, Phx, or LV.
Dave0 » Oct 30, 2007 at 10:32 am
One observation I’ve seen that has never really been mentioned is how Seattle seems have been less volatile that the other case-shiller cities. For example, the peak of appreciation of LA & San Diego was much higher than Seattle’s peak of appreciation. Wouldn’t it make sense that this hold true for the other end? LA & San Diego may be seeing 5-10% price declines, but Seattle may not since Seattle didn’t appreciate as much to begin with.
I don’t think you can conclude that Seattle will fall the same that San Diego is. I think that is just concluding what you want to believe as true and not based on actual science.
Don’t get me wrong, I’m as big of a bubblehead as most people on here, but I don’t think lining up Seattle with LA & San Diego like you do really tells us anything except that Seattle is less volatile and won’t fall as much.
MrRational » Oct 30, 2007 at 10:43 am
Dave0,
I would venture to say that the reason Seattle hasn’t been as volatile as LA and San Diego has to do with us having lower sub-prime borrowing and less speculation. There certainly were both in Seattle, but I don’t think to the degree that there was in LA and San Diego.
deejayoh » Oct 30, 2007 at 10:56 am
DaveO –
The “if it didn’t go up much, it can’t go down much” argument is put forth often. However, one just needs to look at any city in the midwest to see that the argument doesn’t hold. I am not saying Seattle will plunge – just that the argument isn’t valid
MrR –
w/r/t subprime – see the WSJ article from a few weeks ago. Seattle has exactly the same subprime profile as San Diego over the past 3 years in terms of % of sales.
Scotsman » Oct 30, 2007 at 11:04 am
Like many others here, I find it easy to focus on the credit bubble aspect of recent housing price inflation, ignoring the greater context of the current national and world economies. The temptation to see Seattle only in relative terms, i.e. Seattle verses San Diego, causes us to miss the context of the entire U.S economy and the precarious situation ahead. We’ve never been this far “out on a limb”- so no one really knows what comes next. But a falling dollar, intensifying international competition, record debt levels and leverage (personal, corporate, and governmental), and political instability in key regions could surprise all of us. As an economist I have to say that the downside potential for all aspects of our current economy is much greater than most are willing to admit, while the upside is clearly limited. In this context it’s hard to find much guidance past events and data. Interesting times…
TJ_98370 » Oct 30, 2007 at 11:12 am
Tim / DJO -
You do realize that you are negatively impacting real estate sales by publicizing such information. I hope each of you can live with your conscience after this.
deejayoh » Oct 30, 2007 at 11:12 am
Scotsman -
good point. I was just looking at the early 90’s downturn in context of that recession – (which ran from July 90 to March 91). In that downturn, the rate of home price decline did not let up until the recession ended.
Compare that to today, where we are not officially in a recession. When does the trend of accelerating depreciation end? I think it gets worse before it gets better.
softwarengineer » Oct 30, 2007 at 11:13 am
THE WORLD ECONOMY WILL BAIL SEATTLE OUT?
Not.
I agree with with Scotsman, if China and India are doing well its a good, but what’s that got to do with Seattle real estate? If Seattle was in a fish bowl from America, I’d agree, but it just isn’t so.
America’s real estate is going down the tube and so is Seattle’s.
patient » Oct 30, 2007 at 11:16 am
My theory is that a market starts to decline when the affordability threshold is reached. How you get there is of little importance to predicting the following decline. LA and San Diego reached the level before Seattle and Portland probably due to more intense speculation and a higher price starting point in those markets
I think that when the affordability threshold is reached it’s the current supply and demand that will determine the size and speed of the fall. Where demand is mainly driven by the ratio between home prices and available funds as savings, income and cost/availibility of loans and supply is the inventory.
So, I think it’s back to basics to predict how comparable the fall of the markest will be. I.e available funds among buyers, home prices and month of supply.
jon » Oct 30, 2007 at 11:38 am
“You do realize that you are negatively impacting real estate sales by publicizing such information. I hope each of you can live with your conscience after this.”
You do realize that by advocating withholding valuable from prospective buyers and sellers you are negatively impacting the reputation of the real estate sales profession. I hope you can live with your conscience after this.
Dave0 » Oct 30, 2007 at 12:06 pm
“You do realize that you are negatively impacting real estate sales by publicizing such information. I hope each of you can live with your conscience after this.”
Free speech hurts the economy! Down with free market capitalism! All hail Nazi style censorship to keep the economy afloat!
on topic » Oct 30, 2007 at 12:07 pm
sarcasm/
yeah, jeez “The Tim” what’s your problem?
Why can’t you leave the distribution of information to “Professionals” whose incomes depend on sales?
Clearly, they would know better than anybody and would always report in a balanced manner even if it meant their financial detriment.
/sarcasm
oh wait.
Scotsman » Oct 30, 2007 at 12:24 pm
Whoa- it’s a bit terse around here today. You’ld think someone’s Pink Pony just took a dump in the front yard…
John » Oct 30, 2007 at 12:35 pm
The Seattle PI’s headline:
Seattle-area home-price appreciation leads nation again
http://seattlepi.nwsource.com/local/337376_housing31.html
Mark L » Oct 30, 2007 at 12:39 pm
The sub-prime mortgage fiasco has diverted attention from the other cauldron of doom that used to worry people – credit-card and personal debt. Problem is, a lot of the irresponsible, beyond-their-means temporary homeowners are probably the same as the irresponsible consumers, Those that had home equity have pissed it away on plasma screens and vacations, and will have to resort to their old plastic-induced ways, while recognizing that their home is now underwater as well. So my opinion is that we have a couple of disasters lurking. The problem is, even those with lots of cash/investments and no consumer debt may not be able to hide.
Affluent Bitter Renter » Oct 30, 2007 at 12:59 pm
“Tim / DJO -
You do realize that you are negatively impacting real estate sales by publicizing such information. I hope each of you can live with your conscience after this.”
Yeah – Shut Up, Stop Whining, And Move To West Indianapolis!
deejayoh » Oct 30, 2007 at 1:13 pm
Seattle Times is more balanced, for now:
Seattle’s home prices slip in August
but the byline is “Seattle Times Business Staff”, not “E. Rhodes”.
John » Oct 30, 2007 at 1:36 pm
I want to buy a home at 50% off just like everyone else but Microsoft is indeed in a hiring frenzy. $25-$30/hr for a 25 year old isn’t bad at all and that’s a non-software job.
vomitingdog » Oct 30, 2007 at 1:46 pm
Hiya,
A question from Vancouver, BC, if you will. Considering that Shiller’s index included more than just King county, I’m wondering what all of you are seeing in the core Seattle area? Are there any price drops in cental areas like Capitol Hill, Pike Place, Queen Anne, Fremont etc., Are there still bidding wars on properties in great locations? Do the condo developments downtown have line ups on opening day? You may be 12-18 months behind LA and we may be 6-12 months behind you. Anecdotal evidence much appreciated…
johnnybigspenda » Oct 30, 2007 at 2:07 pm
where do you find those microsoft jobs? my wife needs a new job… her’s sucks and half that pay.
Mama » Oct 30, 2007 at 2:58 pm
hm…$30 in a 40hr week is 1200/week. If memory serves me right, there are about 52weeks in a year, so their gross income is a little under 65K. Now, that’s not shabby, but with that income they probably can’t afford paying more than $250K…Which, in Seattle proper might get them a studio. If they don’t plan to get married/have kids until they’re in their late 40s that might work well :). Even if two of these 25 year olds earn together, that brings them at 120K a year — not bad, but won’t buy them a 2BR condo in a nice location either.
Vomitingdog — the areas you mention seem to hold prices pretty well in my unscientific observation. Less desirable areas are sliding slowly but surely though…It might have to do with the fact that there’s a lot of development and a lot of competition among sellers there.
TJ_98370 » Oct 30, 2007 at 4:03 pm
To supplement The Tim’s post, the linked article at Calculated Risk is worth a read IMHO
Housing Busts and Sticky Prices
rose-colored-ghoulaid » Oct 30, 2007 at 4:41 pm
Maybe this begs the question, but why is Microsoft hiring? Nobody wants Vista. The XBox360 is still not profitable since they dropped the price, and is still being outsold by a system with a fraction of the computing power. MS has no influence in mobile computing which is where the biggest growth is. The Zune is still watching as Apple eats its breakfast and lunch. Linux is the leading OS for servers, and Apple is predicting large increases in sales of their computers. And MS finally gave up their 6 year battle against the EU. They are dumping huge money into internet search, but are still in 3rd place. Firefox is steadily taking nearly 1% of the browser market per month (20% share now).
MS makes their money from Office, but how many employees does that really take? OpenOffice is just as capable, and produced in people’s spare time.
Again, why does MS need to hire?
My theory is it’s sort of a desperation move. They have loads of cash and a solid income, but little growth and their monopolies are slowly being chipped away at. They are trying to spend their way back into the game while they still can.
johnnybigspenda » Oct 30, 2007 at 4:51 pm
Mama,
that’s why 25 year olds shouldn’t be buying condo’s… they should be socking away $25K /year for 4-5 years and then looking around for something.
John » Oct 31, 2007 at 2:21 am
johnnybigspenda, yup, a few years of renting with a roommate and there’s your down payment. It is not that hard. Nobody should buy a home right out of college anyway unless the parents insist on helping ;)
david losh » Oct 31, 2007 at 7:56 am
I’m going to enter one of my pet peeves when it comes to housing market data. Town house projects are listed in the NWMLS as Residential out catagories of Residential, Condos, Multi Family, and Commercial.
To me a town house crammed onto a lot with a driveway for open space should not be compared to even a split level home on a 5,000 sq ft lot.
I think comparatively speaking there are some good purchases that have been made even in the past five years compared to very, very bad values given to very questionable land us and building practices.
Have you guys seen San Diego, especially close to the border of Mexico? I think the area is called Liberty City. Prices for those condos, town houses, and residential tracks should fall like a rock.
Steve Tytler » Oct 31, 2007 at 8:48 am
These charts verify exactly what I have been telling you guys about the Seattle RE market.
If you look at the graph you can plainly see that we are not as volatile as many other large RE markets.
In the past, I have specifically referenced Las Vegas and Phoenix and “boom and bust” RE markets where home values go up very fast and then fall just as fast.
Seattle never goes up as fast as the “boom and bust” RE markets and consequently we never go down as as fast those markets.
There are going to be SERIOUS price drops in Vegas and Phoenix, and to a lesser extent in San Diego and even L.A.
But Seattle prices will drop about 10-20% max, which is what I have been predicting for more than a year.
Glad to find these charts that support my thesis.
You can keep hoping for a home price crash in Seattle, but wishing won’t make it so.
Frankly, I have been waiting for home prices to crash in this area since 1986 so that I could buy some cheap rental houses — but it never has.
And I don’t think it will this time either.
Home prices will drop about 10-20% over the next year or so, but keep in mind that is an overall average. Some neighborhoods will be hit worse than others. Some may see little price depreciation. There are a lot of factors involved.
Just as Seattle is not Vegas or Phoenix, Bellevue is not the same as Renton, Auburn is not the same as Redmond, and so on …
There will be wide home price variations from city to city, and from neighborhood to neighborhood within each city.
Real estate values are always determined by the principle of “location, location, location.”
General, region-wide home price statistics can be very misleading because some neighborhoods do much better than others in terms of home price appreciation/depreciation.
Alan » Oct 31, 2007 at 9:33 am
Steve,
Why do you care what we think?
Past performance is not a guarantee of future results.
If you can explain how local incomes can support current prices then I am all ears.
[troll] » Oct 31, 2007 at 10:07 am
Fr hms fr th tkng sn! Hld yr brth!!!< hrf="#" clss="rplyt" nclck="rplyt('28914','∓#91;trll∓#93;','29'); rtrn fls;">Rply – < hrf="#" clss="qt" nclck="qt('28914','∓#91;trll∓#93;','Fr hms fr th tkng sn! Hld yr brth!!!','29'); rtrn fls;">Qt
B&W Nikes » Oct 31, 2007 at 10:40 am
Real declines …in appreciation. Up is still up even if it is less up than it was last time we checked, the only thing that is down is the relative amount of up compared from our previous irrational highs. Looks like Seattle is finally on it’s way toward shaking the fever.
I’d like to know in what way Steve accounts for our supposed insulation from the relative volatility experienced in other larger metros? If Seattle ain’t a boomtown then what is it?
Alan » Oct 31, 2007 at 10:46 am
I agree that location is very important in real estate. Why just compare these two listings:
http://search.har.com/engine/dispSearch.cfm?mlnum=9085148
http://www.redfin.com/stingray/do/printable-listing?listing-id=1096288
Mama » Oct 31, 2007 at 12:07 pm
Uhm, I know that in some people’s minds 25 is right out of college, but that’s fairly close to midage IMO…But really, who lives with a roommate at the age of 25 (yes, I realize you have to) — my mom was done with childbearing by 30. No wonder there’s all these 40 yr old moms walking around :)
lurker » Oct 31, 2007 at 12:09 pm
The M$ thing is deceptive. 60% of these people are contract workers (Orange Badges). They can be paid pretty well but $25 per hour is around the top of the scale. Depends on your agency and job. Many make less, much less. They also don’t get the heralded M$ benefits and have health insurance costs.
You also have to take a 100 day break after a year, after which you can come back. Really, these aren’t positions where one should necessarily be buying a home. It can be steady work but it can also be pretty tenuous. Essentially you are a well compensated temp.
deejayoh » Oct 31, 2007 at 12:43 pm
Well, I’d bet that scenario would feel a lot like a crash to anyone who bought in 2006 and needs to sell into that market. Showing up with your checkbook at closing isn’t fun when you’re the seller. I tend to agree with you in that you are realistic in your outlook, but personally I think 10-20% drops will be pretty devastating to a lot of people.
Joel » Oct 31, 2007 at 1:32 pm
Alright already, you (and countless others) have already established that we will not go down as much as those markets. However, since you don’t know how far those markets will eventually go down, how does that put a floor on how far the Seattle market will go down? In other words, all you’ve said is x%
Steve Tytler » Oct 31, 2007 at 2:14 pm
I enjoy reading this blog, but please be aware that I don’t have time to answer each and every post in response to my comments. So don’t be offended if I don’t respond to your comments about my statements.
To answer Alan above, I own a mortgage company and people have no problem qualifying to buy homes at today’s prices. Interest rates are still low and if you have good credit you can still buy a home with little or no down payment. The reason that home prices are dropping is that there are too many houses for sale relative to the number of prospective buyers, and the inventory is going to continue to increase.
To deejayoh, yes I realize that a 10 to 20% price drop hurts people who have to sell next yewar, but you should never buy a house unless you plan to live in it for at least 7 to 10 years. I know that stuff happens and sometimes you don’t have a choice, but you should NEVER buy a house and expect to sell it without taking a loss within the first 5 or 6 years of ownership.
To Joel, my predictions are based on past history in the local real estate market and my feelings about the future. It is just an educated guess. Nobody KNOWS what will happen in the future.
The only reason I have been posting here is that I am trying to calm down some of the alarmists who are predicting a major collapse of home prices in this area along the lines of what is happening in Vegas and Phoenix, which may see prices drop 40-50%.
I just don’t see that happening here and past performance bears that out.
Increased supply with stable or lower demand means lower prices.
Alan » Oct 31, 2007 at 2:50 pm
Qualifying and affording are two different things.
Angie » Oct 31, 2007 at 3:07 pm
Speaking of supply–did you all notice the KC SFH numbers flirting with the 11K mark again, on the way back down? Sometime yesterday I saw it had fallen beneath that threshhold. Earlier today it was ~11,200, as of when I’m typing it’s 11,065. Maybe end of month listings expiring, maybe over the hump? Time will tell.
Also, regarding lower prices–maybe Zillow’s reading here, but on the 25th or thereabouts they finally updated results for Seattle. I don’t know whether the timeframe they draw upon is the same as CS or more recent, but there was a tick downward down here in SE Seattle. Dang, 8K of my home equity just went “Poof! Gone.” Guess it’s time to hitch up my pink pony and point the wagon train to the wild west…Indy, that is.
Joel » Oct 31, 2007 at 3:24 pm
You’re assuming that Vegas/Phoenix will only fall 40-50% and that Seattle will only fall half as much. Since you constantly imply that anyone without decades of RE experience in a market is incabapable of making a reasonable prediction, you have precluded youself from making a prediction about markets other than the Seattle market. And since your prediction of the Seattle market is predicated on your unsupported prediction of a 40-50% drop in Vegas/Phoenix we can conclude that your Seattle prediction is also unsupported.
Also, I have yet to see anyone comment here that they think we will see price reductions on the same scale as Vegas/Phoenix so there really isn’t anybody to calm down.
Past performance is not a guarantee of future results.
deejayoh » Oct 31, 2007 at 3:53 pm
Angie –
October inventory is almost always lower than september, so some drop is typical (usually more than we have seen). Also, YoY inventory levels are still 40% higher than last year’s so I don’t think we are “over the hump” yet. I expect we’ll see inventory levels remain elevated, and even increase again next year.
Alan » Oct 31, 2007 at 4:05 pm
I talk about October inventory numbers compared to last year in this forum thread: http://seattlebubble.com/forum/viewtopic.php?t=813
50% Off » Oct 31, 2007 at 5:13 pm
SteveT,
Calm me down???? I’m quite calm…. calmly waiting for my 50% price decrease. Have you any idea how desperate you look when you must come to bubble blogs to ‘calm them down’. First, it is an amazing amount of hubris thatyou even think that your ‘words of wisdom’ will increase sales. Second, it is after all, an increase of sales that you so desperately want (fully understandable, as it’s your livelihood) but when the market is poised for a serious pullback, how can you in good conscience encourage someone to spend money (lots) when the odds are extremely high that much of that money will be lost for a long period of time? Your advice to only buy if one is going to live in their home for 7-10 years or more surely is true at a minimum but I’m willing to bet that you weren’t telling too many folks that several years ago.
Never mind, I’m calm now. Thanks for letting me respond. I’m calm now. It really, really worked. I’m calm now.
The Pat » Oct 31, 2007 at 8:47 pm
I timeshifted Phoenix 36 months. Great news, prices are going up 50 % next year. Better news: tomorrow I’m timeshifting Vegas.
Ira Sacharoff » Oct 31, 2007 at 9:52 pm
Many folks in the lending and real estate sales industry continue to insist that prices here won’t drop, that the appreciation rate will slow, but now is a great time to buy. Therefore I respect any professionals in the industry who disagree with the mainstream and say otherwise. I’m an agent and have only run across a few other agents who predict that Seattle area prices will drop. I’m one of them.
None of us are seers. If I could accurately predict the future, I’d be rich.
I’m predicting a 20% drop in Seattle area home prices, maybe a little more than what Steve Tytler is predicting, and less than what a lot of other folks here are predicting. I also think it’s a good and healthy thing for home prices to drop. In general, home ownership is a good thing if you can afford it. In recent years, people were hoodwinked into believing they could make these huge payments on these incredibly overpriced houses, and a price drop will make homes more affordable.
Goldeneye » Nov 1, 2007 at 1:02 am
I agree with Dave0. I have been hearing from bubble heads that Seattle is 18 months behind San Diego. I am a bubble head myself, but I don’t believe this is true. There is no valid explanation for this. Its like looking at the stock market’s historical chart and trying to find a pattern. Different people will find different patterns but the fact is there are no patterns.
Goldeneye » Nov 1, 2007 at 1:15 am
Hi Steve,
Regarding your statement “Interest rates are still low”. I hear this from a lot lenders. And I have been hearing this for several years of now. I met a Countrywide rep at one new condo community and he was telling me the same – rates are low so its a good time to buy.
Now here are the facts. The current interest rates are *nominally* low, but NOT low in real terms. When inflation is at a paltry 2.5%, a 6% interest rate is HIGH because you are paying 3.5% interest in real terms. When inflation is at 10%, a 11% interest rate is LOW because you are paying only 1% in real terms. So please stop the non-sense about interest rates being low.
Angie » Nov 1, 2007 at 8:47 am
Inflation is low now. If you obtain a mortgage now, with rates in the low 6%, there exists the possibility that at some times in the next three decades inflation will be substantially higher–equal to or even exceeding the interest rate on your mortgage.
I’m sure if you put a little effort into it you could find a lender who’d be happy to fund your mortgage at an interest rate of 10%. It’s true that, sometimes in the next 30 years, the rate of inflation may even exceed that rate. Much greater likelihood of that if you have the 6% mortgage.
Fifteen year mortgage rates have been mostly even below six percent for the past several years, and for a while there even got below 5.
Matthew » Nov 1, 2007 at 9:07 am
Angie,
Are you trying to argue that it’s a good time to buy now because of low interest rates?
Do you not realize that increased inflation + higher interest rates = greater downward pressure on prices?
Sure interest rates may be low now, but as they move higher it will only exacerbate problems in the housing market. Keep in mind that many ARMs will still be resetting past 2010.
Buying now could be one of the worst decisions a person could ever make. This situation has YEARS ahead of itself before the magnitude of the fallout is truly realized.
You could buy a 500k house now at 6 percent on a 30 Y fixed. Or you could wait 3 years and buy the same house for 300k at 8 percent. Tough choice.
Matthew » Nov 1, 2007 at 9:09 am
Again people, please read this blog from top to bottom, particularly the highlighted posts that Tim has conveniently labeled “READ THESE” on the side of the blog. It gets tiring rehashing the same drawn out pro RE talking points over and over and over again. Come to the table with something new.
[troll] » Nov 1, 2007 at 9:23 am
Ys.. kp wtng nt fr 50% ff, bt fr 90-95% ff. t’s cmng. NY DY NW! Dn’t gv p n yr hps, drms!!!< hrf="#" clss="rplyt" nclck="rplyt('28979','∓#91;trll∓#93;','50'); rtrn fls;">Rply – < hrf="#" clss="qt" nclck="qt('28979','∓#91;trll∓#93;','Ys.. kp wtng nt fr 50% ff, bt fr 90-95% ff. t\'s cmng. NY DY NW! Dn\'t gv p n yr hps, drms!!!','50'); rtrn fls;">Qt
Matthew » Nov 1, 2007 at 12:54 pm
Nostra,
You are the starting pitcher on a team with the bases loaded in the bottom of the first inning with no one out and you are already down 8-0.
Good luck.
Jana » Nov 1, 2007 at 8:37 pm
50% Off – You accuse Steve T. of being “desperate,” but you’re hoping for 50% drop. Kettle, black, all that jazz.
Secondly, it’s not Steve T’s job to tell people when to buy a home, he’s a mortgage lender. People come to him to finance their homes, and he does so by assisting them to find loans appropriate to their situation. If you know anything about him or his company, they provide extensive information about how to see through misleading mortgage ads, and he encourages responsible borrowing in those materials. Being a former mortgage underwriter, I can attest to the fact that his materials are accurate and useful for the average consumer (explaining how YSP works, etc).
Finally, nowhere in his comments did I notice anything that indicated he thought his comments on this blog would increase sales. Good lord.
TheDexter » Nov 6, 2007 at 3:14 am
I look forward to revisiting these posts in one year. It’s silly how convinced some are of their fantasies about a Seattle fallout. First we read of 20%, then 40%. Meantime, Seattle’s 5.7 month absorption rate/inventory of homes forges on as a balanced market. Boo Hoo to the lot of you.
Wm Swanson » Nov 6, 2007 at 6:02 am
TheDexter…..ALWAYS promoting in hot and cold. I can see right through you and wouldnt consider your services if i nthe market. Please cut out the stupid adds where you mis-spell places.
TheDexter » Nov 6, 2007 at 11:42 am
How assumptive of you to think I would consider representig you. My clients are intelligent..
biliruben » Nov 6, 2007 at 12:31 pm
No more bling in RE, Dex. Go back to the third-rate rap and smoking the dirt-weed.