why aren't tightening lending standards impacting Seattle?

[sniglet]

I admit it: I am perplexed as to why the nation-wide tightening credit standards aren't having that much of a negative impact on the Seattle and Eastside markets. Is it that most of the people buying in this region have great credit and hefty down-payments? Are lenders applying lower credit standards to purchasers in Bellevue, Redmond, and Kirkland than elsewhere in the country?

When lending standards started tightening several months ago I was anticipating some beginnings of pain in the Eastside market fairly soon, but this doesn't seem to be the case yet.

Yes, I know that we are "12 months behind" the rest of the country. But that just doesn't make sense seeing as how we are subject to the same general credit and financial trends gripping the nation.

Is it just that the Eastside really is special?

[rose-colored-coolaid]

Actually, the east-side really is special. It's just not for any of the reasons that are most commonly stated (no land, too many jobs, too many billionaires, blablabla). Here's the top reasons the east-side really is special

1. The transportation sucks. North/South is three lanes, and East/West are five lanes. There are three buses-vs-100,000 BMWs operating on the east-side. If you work in Redmond, you either buy in Redmond/Bellevue/Kirkland, or you spend 2.9 hours a day sitting in traffic.

2. All of the in Washington are in Bellevue. Many parents will mortgage their own future to put their children in the 'best' school.

3. ...

4. Profit!

[george]

[sniglet]

[Eleua]

[sniglet]

[SeattleMoose]

[Eleua]

[phinneygirl]

[femto]

[Brian in Seattle]

[Eleua]

[dbcooper]

[dbcooper]

[rose-colored-coolaid]