Pierce Co housing appreciation slows to crawl
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CKT
Bubble Watcher
Joined: Wed May 02, 2007 2:53 pm
Posts: 37
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 Pierce Co housing appreciation slows to crawl I don't think this has been posted yet, but housing appreciation in Pierce Co has slowed to a crawl. The YOY increase in median price for SFH and condos in Pierce for the month of June was a mediocre 0.82%. This is a rapid, total collapse. For instance, YOY appreciation in Feb, only a few months ago, was 12.49%. See the figure here:
From what I understand, Pierce Co has some of the highest rates of subprime, Alt-A, and other exotic financing. Perhaps the meltdown of such financing has contributed to this collapse?
Anyway, I'll keep an eye on this market to see if this is either a temporary hiccup or a true bubble popping...
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| Sun Jul 22, 2007 9:16 pm |
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rose-colored-coolaid
Bubble Banter Boss
Joined: Mon Jun 18, 2007 10:26 am
Posts: 1977
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Yowsers!!!
The obvious explanation why we haven't heard about this is that 0.82 is still strong appreciation. No reason to talk about continuation of the norm AKA every appreciating housing prices. Bo-Ya
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| Sun Jul 22, 2007 9:37 pm |
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kpom
Bubble Blatherer
Joined: Sun Mar 11, 2007 4:14 pm
Posts: 132
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Besides, it's Tacoma. There aren't any pink ponies in Tacoma.
The wave of price reductions and foreclosures may roll across the Northwest, but it will be stopped, as if by a magic force field, two miles from the Microsoft campus.
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| Sun Jul 22, 2007 9:52 pm |
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AwaySooner
Bubble Blatherer
Joined: Tue Apr 03, 2007 1:55 pm
Posts: 87
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You should see all the house for sale notices here at the coffee station board at RedWest campus, we'll be running out of space to put those notices soon. Price is still ridiculous, let's see how long pink ponies can live here in Redmond.
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| Tue Jul 24, 2007 8:36 am |
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Lake Hills Renter
Bubble Banter Boss
Joined: Sun Feb 18, 2007 9:13 pm
Posts: 550
Location: Bellevue
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AwaySooner wrote: You should see all the house for sale notices here at the coffee station board at RedWest campus... I'm on the main campus and I've been counting the housing flyers in our break room. Today was a new record -- 11 condos/houses for sale.
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| Tue Jul 24, 2007 2:01 pm |
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mike2
Bubble Bloviator
Joined: Fri Apr 20, 2007 11:01 am
Posts: 318
Location: Not Seattle Anymore
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What was the YOY last year at this time?
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| Tue Jul 24, 2007 2:40 pm |
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The Tim
Bubble Blogging Buffoon
Joined: Sat Feb 17, 2007 6:02 pm
Posts: 790
Location: Kenmore, WA
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mike2 wrote: What was the YOY last year at this time? 17.13%
I kid you not. See for yourself.
_________________
For great justice.
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| Tue Jul 24, 2007 2:42 pm |
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mike2
Bubble Bloviator
Joined: Fri Apr 20, 2007 11:01 am
Posts: 318
Location: Not Seattle Anymore
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The Tim wrote: mike2 wrote: What was the YOY last year at this time? 17.13% I kid you not. See for yourself.Seems reasonable. All I was hearing (then) from my friend that lives in Tacoma was "you need to buy RIGHT NOW!!!!".
How things change in a year...
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| Tue Jul 24, 2007 4:10 pm |
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CKT
Bubble Watcher
Joined: Wed May 02, 2007 2:53 pm
Posts: 37
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Tim's pointer to the recap from Jun 06 inspired me to go through all the old recaps to see just how the market in Pierce Co has changed over the last couple of years. Let's just say it's not pretty:
These are YOY % change in median price for SFH+Condos in Pierce County.
And here are the data with SFH and Condos separate:
The condo data are all over the place because there are only a few dozen condos sold in Pierce County per month, and so there is a lot more jitter in the median value.
Anyway, these Figs show that the party is over in Pierce Co. In fact, Pierce had a higher YOY % change in one month (May 05:23.4%) than was seen in King Co (Oct 05: 20.3%) over the last 5 years. Moral of the story is that the higher you fly the farther you have to fall...
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| Thu Jul 26, 2007 11:01 pm |
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biliruben
Bubble Banter Boss
Joined: Sun Feb 18, 2007 4:31 pm
Posts: 575
Location: Lake City
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Nice work.
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| Fri Jul 27, 2007 5:28 am |
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