Seattle Bubble

Remember about four months ago, when NAR Chief “Economist” Lawrence Yun said this?
You may even say Seattle is underpriced if you believe Seattle is becoming a superstar city. Seattle is underpriced in relation to other West Coast markets.
Well, it seems he has changed his tune ever so slightly. Here’s a more recent quote, from [...]

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Apparently the only necessarily qualification for becoming a “world class” or “superstar” city is to keep on repeating that it is so. That’s the message I’m getting from the latest quotes from the Realtor’s spokesman Lawrence Yun, anyway.
Seattle-area home prices are manageable for typical workers, according to the chief economist for the National Association [...]

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You’ve heard these stereotypes about renting, circulated by people and organizations with a financial interest in selling you a mortgage:

Renting is for poor people.
and,
Renters don’t get involved in their community.

Here’s a specific example of these arguments, courtesy of the NAR:
Low- and moderate-income families, as well as minorities, are the groups that homeownership eludes the most.
…
Homeowners [...]

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