Posted by: Timothy Ellis (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.

14 responses to “Case-Shiller: Seattle Home Prices Up Again in November”

  1. ray pepper

    up up up…Were all gonna be rich, Rich, RICH!!

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  2. David Losh

    Maybe I’ll finally be able to sell my house, and rent a nice apartment someplace!!!!

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  3. Carl

    As a property owner, all I want is 3% a year. That isn’t too much to ask, is it? I miss the 80′s and 90′s. I would much rather be a turtle than a hare.

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  4. softwarengineer

    We can Even Add More Inventory to the Seattle Market Too

    Short Sellers beware though….your credit rating plummets after a sale and it affects:

    Car Insurance rates
    Future Mortgage Approval*
    Credit Cards*
    Car Loans*
    Cell Phone Plans Denied
    Job Hunting Opportunities Lost

    *Denied access or interest rate hike

    http://finance.yahoo.com/news/6-biggest-ways-bad-credit-110012930.html

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  5. Erik

    RE: ray pepper @ 1
    Good call. I was thinking the same thing. Sell my place, rent until the market dumps and buy low.

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  6. Erik

    RE: Carl @ 3
    I wouldn’t count on it with all the Notice of Trustee Sales(NTS) coming down the pipe. This gain is mostly driven by supply and demand. Once the NTS homes reach the market, we will go back down to our low point again we saw in late 2011 and early 2012.

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  7. softwarengineer

    RE: Erik @ 5

    Be Careful Erik

    If the price doesn’t plummet by about 10%, the moving, relocation, staging and escrow will eat up the profits….

    BTW, I’m not saying it won’t either….

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  8. Plymster

    RE: Erik @ 6 – King County has 2807 active listings according to a Redfin search: http://www.redfin.com/homes-for-sale#!disp_mode=M&market=seattle&num_baths=1.0&region_id=118&region_type=5&uipt=1&v=8

    King County has an additional 590 foreclosed homes that are owned by the banks: http://www.redfin.com/homes-for-sale#!disp_mode=M&market=seattle&num_baths=1.0&region_id=118&region_type=5&sf=3,4&uipt=1&v=8

    Many of these homes (more than 20%) have been bank owned for over 90 days without being listed for sale. The banks aren’t listing these houses, but are paying taxes and maintenance on them. This is what they have actively foreclosed, and doesn’t take into account those homes that are delinquent but have had no action taken (I know of at least one acquaintance who hasn’t paid her mortgage for over 2 years), or are in the foreclosure process.

    NTS don’t matter if they’re not hitting the market. The Fed and Fannie Mae and Freddie Mac (who hold most of the mortgages now across the nation) have bottomless pockets, and can carry these costs until every taxpayer is living in a cardboard box behind an abandoned home. Inventory suppression is now a fundamental part of our “free” market.

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  9. Erik

    RE: softwarengineer @ 7RE: softwarengineer @ 7
    I agree. I have been back and forth on whether it is feasible to sell, move, and rebuy or not. It’s a tough call.

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  10. whatsmyname

    By Plymster @ 8:

    NTS don’t matter if they’re not hitting the market. The Fed and Fannie Mae and Freddie Mac (who hold most of the mortgages now across the nation) have bottomless pockets, and can carry these costs until every taxpayer is living in a cardboard box behind an abandoned home. Inventory suppression is now a fundamental part of our “free” market.

    Contact me offline about a spacious yet affordable cardboard box suitable for your occupancy behind the abandoned home of your choice. I will need to verify that you are an actual taxpayer. They may not be making more of these, so do not delay.

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  11. 2kt

    RE: Plymster @ 8
    Some may call it prudent inventory management.

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  12. corndogs

    RE: Erik @ 6 – “I wouldn’t count on it with all the Notice of Trustee Sales(NTS) coming down the pipe. This gain is mostly driven by supply and demand. Once the NTS homes reach the market, we will go back down to our low point again we saw in late 2011 and early 2012.”

    First of all Erik the idiom is “coming down the pike”, not pipe. Your NTSs will not generate enough available inventory to get us back to last years inventory or prices. People who bought well in 2011/2012, will continue to see average price increases exceeding 3%. As sure as sh#t in your hardhat.

    It would be ‘who of’ you to actually study things a bit, Erik, like ‘yours post to’. I hope that explaining this to you hasn’t been an exercise in ‘fertility’. I feel like I’m getting deja vu all over again.

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  13. Young Gun

    I am one of the few who hoped prices would stay low until 2020. It has quickly turned and prices are on the rise. Hopefully the trickle of the “shaddow inventory” will keep prices suppressed. Sitting on your hands waiting for the market to go down seems like a bad choice. They estimate and I agree that we will see 20 percent in the next few years. We will see…

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  14. Erik

    RE: Corndogs @ 12
    You are saying that there won’t be enough coming down the pipe to drive down prices. :) I was thinking it may drive down prices again since there are so many.
    I don’t know any other way to research these things then to read what is on here and make a guess. You are ornery, but it seems like you know some stuff about real estate. I’m sure the Tim will post Notice of Trustee Sales on here again. Last time he posted them, it wasn’t that much less the maximum NTSs. Unless the bank raises the price of the NTSs, I think it will drive prices back down again.

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