Seattle might be in a better position considering # of jobs, but hell & no-Savings if you consider the cost of living/home.

I think Seattle is definitely an over-rated city.

Interesting information here. I have to wonder if the downside of a foreclosure on your record is a big enough downside to counter people taking $90k and walking away. You could rent for a long long time on that money.

I also have to wonder if the no recourse loan days are over in the US. Australia does not do no recourse loans, and I believe that they suffer a lower foreclosure rate because of this.

Except VH-1’s Top Teen Stars’ Acne Problems of the ’80s.

Scotsman: Eventually the cancellations will start rolling into Boeing, and video game and software sales will slow.

I agree with Jon, video games should do well. I’m pretty frugal but still buy video games for my kids, because the entertainment value is high. And of course kids love ‘em.

Many are even showing prices lower than the purchasing price back in 2005.

This is the Seattle Bubble Blog! These are lake front condos, so there is some value there. The following will give you an idea of how crazy things were in the past few years. This complex has many of the characteristics of what has gone on localy as well as nationaly over the past several years.

The links here are from King County records. The last three sales in this complex have been for $585k, $595k, and $625k. The King County tax assesor values the units anywhere from $503k to nearly $1000k.

The unit for sale is a foreclosure. The last owner financed the purchase with two loans, one being for 80%, with the second for 20%, in other, words nothing down. Four months after purchasing the unit he went in and refinanced both loans and took out an additional $90k in equity. Shorty after refinancing he quit making his payments and the unit went into foreclosure. It is now on sale for $475k, down from $550k. Even at the reduced price the unit sits on the market, and one of the other owners comes on the market and tries to sell at 2007 prices.

The units in this complex were selling for around $165k back in 1997. $165k to $625k in ten years is a little over 14% per year compounded appreciation per year.

An excellent example of how crazy the Seattle area real estate has become over the past ten years, and an idication of how owners refuse to give up bubble prices.

http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=2472800070
http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=2472800100
http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=2472800130

http://www.windermere.com/index.cfm?fuseaction=Listing.ListingDetail&ListingID=34378755

http://www.windermere.com/index.cfm?fuseaction=Listing.ListingDetail&ListingID=34160726

I was surprised by the articles when they mentioned median income. It is very low compared to property prices. So, I think, the reasoning is that it is better to have fewer high income loans on over priced assets than a bunch of lower rate loans on over priced assets.
There will be more write downs for sure in the coming year, or two.

Wells Mortgage Rates

I wonder if the strike is holding down the cancellation rate because orders are being pushed back anyway.

Eventually the cancellations will start rolling into Boeing, and video game and software sales will slow. Then we’ll see how well Seattle holds up. Right now I see most of the world as hanging in suspended animation as one straw after another is slowly loaded onto the camel’s back.

Software and airplanes may not fare so well, but Aplets and Cotlets should hold up well.

I can’t think of a city in the US that will get hit harder than Honolulu.

4.1%

The number has been coming down some the last week- Normal Conditions this number should be about 1%..

When LIBOR explodes then the Fed Bank and those in control starting throwing Out Stimulus.. Many of you here probably already know this, however many here probably dont understand this.

HERE IS LINK TO BLOOMBERG Chart- You might need to reload this sometimes there is problems connecting- might be because theres so many watching this.

http://www.bloomberg.com/apps/cbuilder?ticker1=.TEDSP%3AIND

LIBOR is the Number that shows many of the problems underneath effecting the Credit Markets- it reflects the Costs of Credit Between Banks- this is something Ive been watching daily.

30 Year Fixed 6.38% 5.87%

Forbes sounds like they are expecting people to be able to sell the family home in times of trouble. They also talk about foreclosure rates as an economic factor.

Funny that those areas mentioned by Forbes as economically challenged were job centers during the construction boom.

Wasn’t there a list of the fastest growing local economies that included Las Vegas, which ruined the town by the way?

I swear the list of the worst places to ride out a recession according to Forbes is the same list of hottest places to invest in Real Estate two years ago.

There are worse ones out there than Seattle’s; but all of the above are basically subpar.

The recession/depression ride in Seattle may include an extra teaspoon of rice at the bread line.

I thought it would be nice to have some positive, fluffy news to help balance out all the bad news lately on the economy (national and local).