Posted by: The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

10 responses to “Puget Sound Counties Interactive April Update”

  1. LA Relo

    Now that the government’s meddling is over prices can resume their normal trajectory to a market-based equilibrium.

    In other words, look out below!

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  2. softwarengineer

    RE: LA Relo @ 1

    Tax Credit End Portends Price Decreases Already

    Article in part:

    “…The expiration of the credit could be prompting home sellers to slash prices: 22% of listings on the market as of May 1 experienced at least one price reduction — that’s a 10% increase from the previous month, according to data from Trulia.com….”

    http://www.marketwatch.com/story/as-tax-credit-ends-some-home-sellers-drop-prices-2010-05-14?siteid=rss&rss=1

    Of course the picture is just beginning to clarify DOWNWARD for house prices, as the Summer data pours in the actual reality will document itself even more substantially.

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  3. drshort

    By softwarengineer @ 2:

    Tax Credit End Portends Price Decreases Already

    Article in part:

    “…The expiration of the credit could be prompting home sellers to slash prices: 22% of listings on the market as of May 1 experienced at least one price reduction — that’s a 10% increase from the previous month, according to data from Trulia.com….”

    WOW!!! A 10% increase?? As in last month it was 20% and this month it’s 22%?!?!?!

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  4. patient

    RE: drshort @ 3 – It depends on the average time on market. Let’s say that it is 120 days. If you in one month have a 10% increase in price cuts of 4 months worth of listings it’s pretty significant since it signals a much higher pace of price cuts. It could be sellers rushing to try to push the property out of the door while the tax credit was active.

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  5. Kary L. Krismer

    By patient @ 4:

    < It could be sellers rushing to try to push the property out of the door while the tax credit was active.

    That would be my guess.

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  6. Jonness

    By LA Relo @ 1:

    Now that the government’s meddling is over prices can resume their normal trajectory to a market-based equilibrium.

    In other words, look out below!

    Some of the meddling is over. But we still have Fannie/Freddie/FHA representing 96.5% of loans being made. IMO, government price fixing should be illegal. Then again, if it were, who would fund the political elections?

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  7. Scott Weitz

    Its going to getting interesting now.

    We have officially used all of our bullets. The banksters are wealthy, the banks themselves are still insolvent but for the mark to fantasy rule, the govt is broke, and the people are still in bad shape.

    Now we can really begin the deleveraging.

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  8. DrShort

    By Scott Weitz @ 7:

    We have officially used all of our bullets.

    I think we’ve just stopped shooting. The government will quickly reload and start all sorts of new programs should the market start tanking again. Count on it.

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  9. LA Relo

    The next thing the government is going to be forced to do is raise interest rates. Once they accept that we’re not that far off from what’s happening to Greece we’ll have no choice but to raise rates.

    Only question is will China have ditched our dollars in favor of the Euro by then or not.

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  10. Seattle Bubble • Treading Water Between Fear and Desperation

    [...] quick highlight of where the market is at today:foreclosures still increasingprices declining slowlysales boosted through the springPost-tax credit, mortgage purchase applications have dropped to a 13-year lowinterest rates still at [...]

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