- "Americans are still delusional about the long-term trajectory for house prices" http://is.gd/4fMeE #
- Peter Schiff on the Dori Monson show right now on 97.3FM #
- "Washington has lost almost 1 out of every 20 jobs since the state's economy began slumping early last year." http://is.gd/4joCS #
- Seattle P-I takes on the new NWMLS rules that target Zillow http://is.gd/4jsJa (only 2 weeks after everyone else http://is.gd/4jsKF ) #
- I smell a new theme for plucky lawyer vs. evil megacorp movies & books… complex mortgage mess = no foreclosure. http://is.gd/4kU6j #
- Ouch: Ultra-green 20-home Green Lake dvlpmnt foreclosed on, now on the market up to 45% off old prices http://is.gd/4lqRR #
- State Treasurer James McIntire demonstrates a shockingly poor grasp on economic reality, promotes extending tax credit. http://is.gd/4lt4q #
- Seattle Times: Mastro's 'Friends & Family' investors to get little or no money back http://is.gd/4msIH #
- Another condo building going to auction this weekend, the Marcato in Tacoma: http://is.gd/4mvoJ #
- Still-growing trouble in commercial real estate is weighing on local banks, especially Sterling Savings. http://is.gd/4mvwj #
- Puget Sound Business Journal: Mastro's properties face foreclosure http://is.gd/4mFwj #
- Edmonds-based developer in default on 10 loans for $40 million to Frontier Bank: http://is.gd/4mUZS #
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crashcadia » Oct 17, 2009 at 9:54 am
I pick up the morning paper (The News Tribune) and on the front page, the big story is “Chapter 11 for Cascadia.”
Today is my day of Vindication.
It has taken 5 years.
I stand Correct.
Scotsman » Oct 17, 2009 at 11:36 am
The comments on the “green cottages” Seattle Times article are pretty entertaining- there’s more diversity of thought in the Seattle area than I would have expected.
Jillayne » Oct 17, 2009 at 1:59 pm
The Tim,
Could you please re-post the link to the story about the Edmonds developer? Can’t get the twitter tiny link to work.
Thanks!
pfft » Oct 17, 2009 at 4:33 pm
“Americans are still delusional about the long-term trajectory for house prices”
11% is a bit much, but probably in a year or two home prices will start slowly going back up.
“Peter Schiff on the Dori Monson show right now”
the bear is overstaying his welcome! talk about not knowing when to fold’em and walk away!
Ross » Oct 17, 2009 at 7:38 pm
RE: Jillayne @ 3 – RE: pfft @ 4 – Looks to be http://www.heraldnet.com/article/20091016/BIZ/710169861
The Tim » Oct 17, 2009 at 7:38 pm
RE: crashcadia @ 1 – When I walked by a Tacoma News Tribune paper box today and saw that giant headline your comments were the first thing I thought of.
RE: Jillayne @ 3 – Here you go: Frontier Bank sues Edmonds developer over $40 million in unpaid loans
crashcadia » Oct 17, 2009 at 8:37 pm
RE: The Tim @ 6 –
Yea Tim,
It has been a long time coming. My monicker, “Crashcadia”, came about when they pushed the project in mid 2004.
Your blog as well as other housing and financial blogs, built my awarness of what was to come.
Thank you for the many years of valued data.
I do believe I ran into you once at an EMC lab in a past life, as I once consulted in that arena.
Best Wishes to You and Yours.
Crashcadia.
The Tim » Oct 17, 2009 at 9:41 pm
RE: crashcadia @ 7 – No kidding… way up in Acme?
Jillayne » Oct 17, 2009 at 11:09 pm
Hey thanks for the link, guys.
So…McNaughton personally guaranteed 40 mil in loans. I wonder what kind of due diligence Frontier did prior to granting the loans to see if the McNaughtons actually have something close to this in personal assets?
crashcadia » Oct 17, 2009 at 11:24 pm
RE: The Tim @ 8 –
I have indeed been to the domes of ACME, usually when CKC and NWEMC were booked solid and I had to get something done in a short time.
tomtom » Oct 19, 2009 at 10:28 am
When I speed read the Green Lake foreclosure, I thought it was going to be the Florera condos, another Pryde-Johnson development. They’ve only sold 14/59, with the last sale being July 1, ‘08.