Comments on: Poll: Which neighborhood will hold up best in a downturn? http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/ News & discussion about real estate & the housing bubble in the Seattle area. Sun, 08 Nov 2009 04:04:18 -0800 http://wordpress.org/?v=2.8.5 hourly 1 By: old timer http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-41245 old timer Fri, 15 Feb 2008 20:18:35 +0000 http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-41245 What happened to West Seattle? Did they really secede from the city? Not that they're immune from the RE virus, just askin'.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('41245','old timer',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('41245','old timer','What happened to West Seattle?\r\nDid they really secede from the city?\r\n\r\nNot that they\'re immune from the RE virus, just askin\'.',''); return false;">Quote</a></div> What happened to West Seattle?
Did they really secede from the city?

Not that they’re immune from the RE virus, just askin’.

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]]> By: wreckingbull http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40790 wreckingbull Tue, 12 Feb 2008 15:21:11 +0000 http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40790 My answer is "all of the above".* <i>* When compared to neighborhoods south of I-90.</i> A downturn is when you really get to experience the truth in 'location, location, location'.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('40790','wreckingbull',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('40790','wreckingbull','My answer is \"all of the above\".*\r\n\r\n<i>* When compared to neighborhoods south of I-90.<\/i>\r\n\r\nA downturn is when you really get to experience the truth in \'location, location, location\'.',''); return false;">Quote</a></div> My answer is “all of the above”.*

* When compared to neighborhoods south of I-90.

A downturn is when you really get to experience the truth in ‘location, location, location’.

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]]> By: Rhonda Porter http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40737 Rhonda Porter Tue, 12 Feb 2008 04:45:26 +0000 http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40737 NotaBull, this is based on loan to values...and quite honestly, this is new to me. In my 8 years in the mortgage biz, I've never dealt with "declining" or "soft" markets. The example that WaMU gave today was if someone qualified for a 100% LTV program (like the Fannie Mae Flex 100), now the most they qualify for is a 95% LTV. I did write about this at RCG tonight. It will be interesting to see if others follow. Chase was the first lender I saw mention any declining values in WA...but it was not King County. WaMU's info includes most all zip codes in our state...I couldn't find one that wasn't there for King County (not that I'm a zip code expert). WaMU's move is much larger than Chase's. Chase's was also for second mortgages which are riskier for a lender than a first mortgage. WaMU is for all of their mortgages in specific zip codes.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('40737','Rhonda Porter',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('40737','Rhonda Porter','NotaBull, this is based on loan to values...and quite honestly, this is new to me. In my 8 years in the mortgage biz, I\'ve never dealt with \"declining\" or \"soft\" markets. The example that WaMU gave today was if someone qualified for a 100% LTV program (like the Fannie Mae Flex 100), now the most they qualify for is a 95% LTV. I did write about this at RCG tonight. \r\n\r\nIt will be interesting to see if others follow. Chase was the first lender I saw mention any declining values in WA...but it was not King County. WaMU\'s info includes most all zip codes in our state...I couldn\'t find one that wasn\'t there for King County (not that I\'m a zip code expert). WaMU\'s move is much larger than Chase\'s. Chase\'s was also for second mortgages which are riskier for a lender than a first mortgage. WaMU is for all of their mortgages in specific zip codes.',''); return false;">Quote</a></div> NotaBull, this is based on loan to values…and quite honestly, this is new to me. In my 8 years in the mortgage biz, I’ve never dealt with “declining” or “soft” markets. The example that WaMU gave today was if someone qualified for a 100% LTV program (like the Fannie Mae Flex 100), now the most they qualify for is a 95% LTV. I did write about this at RCG tonight.

It will be interesting to see if others follow. Chase was the first lender I saw mention any declining values in WA…but it was not King County. WaMU’s info includes most all zip codes in our state…I couldn’t find one that wasn’t there for King County (not that I’m a zip code expert). WaMU’s move is much larger than Chase’s. Chase’s was also for second mortgages which are riskier for a lender than a first mortgage. WaMU is for all of their mortgages in specific zip codes.

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]]> By: NotaBull http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40734 NotaBull Tue, 12 Feb 2008 04:31:56 +0000 http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40734 “WaMU just decided that most of King County (and other Washington areas) are “soft markets”. There is a 5% deduction off of maximum published loan to vlaues and combined loan to values.”

Rhonda, would you mind putting that in context a little bit regarding what the previous LTV/CLTV would have been? I know this varies, but let’s assume a borrow with good credit, capacity to pay, and a house in the 400-600 range. Did we go from 0 to 5% down payment? 5 to 10? 10 to 15?

Also, is WAMU the first in WA to do this, and do you think this represents a continual tightening of credit in the WA area that will soon match other “soft” areas?

Thanks in advance for answering my questions – I’m sure others will be interested too.

It’s great to have someone in the mortgage bidniz on this forum!

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]]> By: Rhonda Porter http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40721 Rhonda Porter Tue, 12 Feb 2008 02:26:32 +0000 http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40721 WaMU just decided that most of King County (and other Washington areas) are "soft markets". There is a 5% deduction off of maximum published loan to vlaues and combined loan to values.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('40721','Rhonda Porter',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('40721','Rhonda Porter','WaMU just decided that most of King County (and other Washington areas) are \"soft markets\". There is a 5% deduction off of maximum published loan to vlaues and combined loan to values.',''); return false;">Quote</a></div> WaMU just decided that most of King County (and other Washington areas) are “soft markets”. There is a 5% deduction off of maximum published loan to vlaues and combined loan to values.
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]]> By: Derek Birnie http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40714 Derek Birnie Tue, 12 Feb 2008 00:36:06 +0000 http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40714 which neighborhood will hold up best in a downturn? What about historically depressed and rapidly gentrifying neighborhoods like Delridge and White Center? One would think they are poised to at least hold property values and probably see increases until and unless population growth projections level off or decline.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('40714','Derek Birnie',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('40714','Derek Birnie','which neighborhood will hold up best in a downturn? What about historically depressed and rapidly gentrifying neighborhoods like Delridge and White Center? One would think they are poised to at least hold property values and probably see increases until and unless population growth projections level off or decline.',''); return false;">Quote</a></div> which neighborhood will hold up best in a downturn? What about historically depressed and rapidly gentrifying neighborhoods like Delridge and White Center? One would think they are poised to at least hold property values and probably see increases until and unless population growth projections level off or decline.
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]]> By: Rhonda Porter http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40699 Rhonda Porter Mon, 11 Feb 2008 23:11:32 +0000 http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40699 What?! No West Seattle in the poll?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('40699','Rhonda Porter',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('40699','Rhonda Porter','What?! No West Seattle in the poll?',''); return false;">Quote</a></div> What?! No West Seattle in the poll?
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]]> By: Jess-Pumpkin http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40696 Jess-Pumpkin Mon, 11 Feb 2008 22:38:54 +0000 http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40696 Had North Capital Hill had been on the poll, I would have chosen it. If the rest of the city crumbles to dust, I have a feeling those mansions overlooking the UW campus and Portage Bay will be just fine.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('40696','Jess-Pumpkin',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('40696','Jess-Pumpkin','Had North Capital Hill had been on the poll, I would have chosen it. If the rest of the city crumbles to dust, I have a feeling those mansions overlooking the UW campus and Portage Bay will be just fine.',''); return false;">Quote</a></div> Had North Capital Hill had been on the poll, I would have chosen it. If the rest of the city crumbles to dust, I have a feeling those mansions overlooking the UW campus and Portage Bay will be just fine.
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]]> By: softwarengineer http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40690 softwarengineer Mon, 11 Feb 2008 22:27:36 +0000 http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40690 THE HIGHER THEY GOT, THE BIGGER THEY'LL FALL Its like the Bible says, "a haughty man goes before the fall".....<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('40690','softwarengineer',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('40690','softwarengineer','THE HIGHER THEY GOT, THE BIGGER THEY\'LL FALL\r\n\r\nIts like the Bible says, \"a haughty man goes before the fall\".....',''); return false;">Quote</a></div> THE HIGHER THEY GOT, THE BIGGER THEY’LL FALL

Its like the Bible says, “a haughty man goes before the fall”…..

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]]> By: AndySeattle http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40688 AndySeattle Mon, 11 Feb 2008 22:23:32 +0000 http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40688 As silly as the pricing is on Mercer Island, I can't help but think that it won't drop too much. Check this listing <a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1442795" rel="nofollow">on Redfin...</a> Gah. Frankly I think it should be listed in the $350k - $400k range, and even that would be a stretch for this fixer.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('40688','AndySeattle',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('40688','AndySeattle','As silly as the pricing is on Mercer Island, I can\'t help but think that it won\'t drop too much. \r\n\r\nCheck this listing <a href=\"http:\/\/www.redfin.com\/stingray\/do\/printable-listing?listing-id=1442795\" rel=\"nofollow\">on Redfin...<\/a> Gah. Frankly I think it should be listed in the $350k - $400k range, and even that would be a stretch for this fixer.',''); return false;">Quote</a></div> As silly as the pricing is on Mercer Island, I can’t help but think that it won’t drop too much.

Check this listing on Redfin… Gah. Frankly I think it should be listed in the $350k – $400k range, and even that would be a stretch for this fixer.

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]]> By: coveredwagon http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40666 coveredwagon Mon, 11 Feb 2008 19:38:02 +0000 http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40666 would be nice to see a more colorful banner. it just looks overall too "whitish" and does nothing to offset the white bkg of the body. love your blog..and the changes too! --A canadian living in india. >> In early '07 I met this gal from Seattle down in Goa; her and mom both realtors, and she was hoping for rates to fall slightly so she could buy FOUR! more homes. There was just no talking sense to her...that's what manias do. Somehow, weirdly, the mania is still going strong in Toronto, my home town. Keep up the great work.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('40666','coveredwagon',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('40666','coveredwagon','would be nice to see a more colorful banner. it just looks overall too \"whitish\" and does nothing to offset the white bkg of the body. love your blog..and the changes too! --A canadian living in india. >> In early \'07 I met this gal from Seattle down in Goa; her and mom both realtors, and she was hoping for rates to fall slightly so she could buy FOUR! more homes. There was just no talking sense to her...that\'s what manias do. Somehow, weirdly, the mania is still going strong in Toronto, my home town. Keep up the great work.',''); return false;">Quote</a></div> would be nice to see a more colorful banner. it just looks overall too “whitish” and does nothing to offset the white bkg of the body. love your blog..and the changes too! –A canadian living in india. >> In early ‘07 I met this gal from Seattle down in Goa; her and mom both realtors, and she was hoping for rates to fall slightly so she could buy FOUR! more homes. There was just no talking sense to her…that’s what manias do. Somehow, weirdly, the mania is still going strong in Toronto, my home town. Keep up the great work.
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]]> By: The Tim http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40654 The Tim Mon, 11 Feb 2008 17:36:02 +0000 http://seattlebubble.com/blog/2008/02/11/poll-which-neighborhood-will-hold-up-best-in-a-downturn/#comment-40654 I left Medina off this list on purpose. It's hardly fair to include it when Bill Gates owns half the neighborhood. There's also no "other." Pick one.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('40654','The Tim',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('40654','The Tim','I left Medina off this list on purpose. It\'s hardly fair to include it when Bill Gates owns half the neighborhood. There\'s also no \"other.\" Pick one.',''); return false;">Quote</a></div> I left Medina off this list on purpose. It’s hardly fair to include it when Bill Gates owns half the neighborhood. There’s also no “other.” Pick one.
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