"We are predicting a 9 percent decline in home sales...
Here is an interesting take on the market from Conway-Pedersen Economics - a firm that makes it's living selling analysis of the Puget Sound economy. From a Q4 2006 sample of the Puget Sound Economic Forecaster.
Their take is that the market situation today is very similar to the early 90's - remember, last time housing declined?
They also published this in Sept 2006
http://www.economicforecaster.com/uploads/visitors/housingmarket/Housing%20Market%20Index%20(0906).pdf
Of course, they don't base their analysis on driving around their neigborhood - but it is interesting nonetheless.
Their take is that the market situation today is very similar to the early 90's - remember, last time housing declined?
They also published this in Sept 2006
http://www.economicforecaster.com/uploads/visitors/housingmarket/Housing%20Market%20Index%20(0906).pdf
The Puget Sound Housing Market Index
At the risk of prematurely calling an end to the party, the local housing market has finally turned down, according to our composite index of residential real estate activity. The index, which is smoothed to eliminate erratic quarter-to-quarter movements, fell at a 0.9 percent annual rate in the second quarter of 2006. Revised data revealed that the index declined at a 0.3 percent rate in the first quarter, indicating that the housing market peaked at the end of 2005. The unsmoothed index, which dropped at a 1.7 percent annual rate over the last two quarters, tells the same story
Of course, they don't base their analysis on driving around their neigborhood - but it is interesting nonetheless.