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August Reporting Roundup

Here’s the usual roundup of the NWMLS press release echo chamber for this month. As expected, most of the focus is on price, price, price. As long as the median price keeps going up, expect more of the same.

Bibeka Shrestha, Seattle Times:
Median price for house in Seattle tops $500,000

The median price for a single-family home in Seattle topped the half-million-dollar mark for the first time last month, the latest sales figures show.

That price, $501,000, was up 10.1 percent from last year’s $455,000, the Northwest Multiple Listing Service reported Monday. (Median means half the houses sold for more, half sold for less.)

The report is unwelcome news to those already priced out of the local housing market.

A worker would have to earn $57 an hour — about $119,000 a year — to afford that Seattle home, according to the Seattle chapter of the Urban Land Institute.

The significant drop in the number of sales is not mentioned at all in the Times article, and she only makes a passing comment that “number of homes on the market continued to climb.” Bravo, Bibeka, bravo.

Aubrey Cohen, Seattle P-I:
We’re still buying in Seattle — with caution

As buyers hear about a deflating national home market, they’re being more cautious in Seattle, where prices haven’t declined but the market sure has slowed.

“There are a lot of first-time buyers who are holding onto the belief that the market’s going to change, so they shouldn’t buy,” Windermere Real Estate agent Jim Patterson said at an open house in West Seattle.

Buyers’ reticence and difficulties getting a loan — or at least one with a desirable rate — are obvious in August statistics the Northwest Multiple Listing Service released Monday.

Seattle’s closed sales were down nearly 11 percent from August 2006 — the first yearly drop since February and the largest since October. That was better than the 19 percent drop in King County as a whole and the 17 percent decline across the 19 counties the listing service covers statewide.

Pending sales, which can be a better indicator of recent activity, were down 17 percent in Seattle and 23 percent in King County and the 19 counties as a whole. The number of homes for sale, meanwhile, shot up about 50 percent in Seattle and King County, and 46 percent in Western Washington.

Mr. Cohen wins this month’s coveted “most balanced reporting” prize, by actually bothering to mention the skyrocketing inventory and suddenly-plummeting sales—right at the beginning of the article, even. I love the quote from the Windermere agent, who appears to be implying that “the believe that the market’s going to change” is somehow naïve and foolish, rather than a reasonable conclusion supported by the available data.

Devona Wells, Tacoma News Tribune:
Pierce County home prices up

Otherwise, sales activity in Pierce County – and around the Puget Sound area – looked much like it has for months: More homes for sale with fewer pending and closed sales compared with the same month last year.

Real estate agent Bob Niehl, with Spanaway-based Crescent Realty, said the apparent contradiction between rising prices and sluggish sales can be attributed to the best houses selling at the best prices.

And some sellers who see the state of today’s market are sitting it out, he said.

“A lot of sellers are looking at this and think, why take a beating? If you don’t have to sell, why sell now?” Niehl said.

Ms. Wells’ article was fairly tame, and even highlighted median price declines in neighboring Thurston County. The bottom line down in Tacoma seems to be a market with very unsure footing. Reminds me a little bit of a sputtering biplane, hovering through the air on momentum.

Michelle Dunlop, Everett Herald:
Home sales sag, but prices remain up

The number of homes listed for sale in Snohomish County mushroomed in August amid slow sales, though real estate prices remained slightly above this time last year.

In case there was any doubt the hot market for homes has cooled, consider this: There were almost 63 percent more single-family houses and condominiums on the market last month than a year ago, according to the Northwest Multiple Listing Service figures released Monday. Sales dropped 25 percent compared with the previous year.

And the days of double-digit percentage rises in home prices every year may be gone, too. In August, the combined median price for houses and condos was $352,475, about 4 percent above August 2006.

Awesome. Yearly double-digit price increases may be gone. The article ends with the usual quote from a local agent: “I think it’s a great buyers’ market.” Great, indeed.

Rolf Boone, Olympian:
Home sales see upturn

Thurston County home sales improved in August but the sales totals still didn’t match the record number of homes sold in August 2006, the Northwest Multiple Listing Service reported Monday.

Increases in home and condo sales values also flattened out last month while inventories of unsold homes continued to grow.

Last month, 439 houses and condominiums sold in Thurston County, down from 522 sold for the same period last year, the data show.

Although home and condo sales in August reached a new high for the year, it resulted in a 16-percent sales drop when compared with last August’s sales totals.

The combined house and condo median price remained essentially unchanged in the year-to-year period at $269,000, according to the data.

For those of you keeping score at home, what Mr. Boone is so artfully avoiding stating outright is that the SFH + Condo median in Thurston county actually decreased from last year, to $269,000 from $269,900 last year (and the high of $275,174 in July). Pretty hard to spin that one.

Overall, it’s really getting interesting out there around the Puget Sound.

(Bibeka Shrestha, Seattle Times, 09.11.2007)
(Aubrey Cohen, Seattle P-I, 09.11.2007)
(Devona Wells, Tacoma News Tribune, 09.11.2007)
(Michelle Dunlop, Everett Herald, 09.11.2007)
(Rolf Boone, Olympian, 09.10.2007)


About 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.

56 comments:

  1. 1
    deejayoh says:

    Tim –
    I was surprised by the byline on the Seattle Times story. The two I saw posted online were written by “Bibeka Shrestha”. I haven’t seen one posted by the Rhode-ster this month.

    oh, and I love this quote

    And some sellers who see the state of today’s market are sitting it out, he said.

    …except for the fact that this assertion is completely contradicted by a 50% increase in inventory.

  2. 2

    TIM, IT REMINDS ME OF THE HUSKIES BEATING THE BOISE STATE BRONCOS LAST SATURDAY

    Just sit around and wait for the Ohio St game, with another possible win; then we’ll know they’re for real sure.

    Same with house devaluation in Seattle, just sit around and wait for the price to plummet some more, makes more sense than betting on Ohio St, before the score is in the books….

  3. 3
    The Tim says:

    Hah. Whoops. I’m getting careless. I noticed yesterday’s blurb was penned by Bibeka, but when I was compiling this post, I just assumed it was Ms. Rhodes again. I’ve fixed that up. Thanks, DJO.

  4. 4
    deejayoh says:

    It sounded so much like a Rhodes piece, I can see how you overlooked the change

  5. 5
    Mike2 says:

    So now the times is outsourcing the RE content to Recent grads from east coast schools.

    http://journalism.wlu.edu/indepth/reassesment/about.htm

  6. 6
    deejayoh says:

    Too funny. I guess Asok was too busy.

  7. 7
    Alan says:

    A worker would have to earn $57 an hour — about $119,000 a year — to afford that Seattle ($501k) home, according to the Seattle chapter of the Urban Land Institute.

    Boy, that Urban Land Institute must really want people to stretch their finances. I guess its members know how to buy foreclosures.

  8. 8
    Pgniss Mcgee says:

    Either looking online or by car, its clear there are lots of homes for sale out there. The prices just haven’t broke yet.
    Windermere online shows hundreds of homes for sale in southwest seattle, and plenty for sale in madison east cap hill as well. People are trying to get out at inflated prices while they can, if they can, because jumbo mortgages are history. I was in Westport last weekend, and the ENTIRE town had for sale signs all over it. I must’ve seen over a hundred in just the few square miles that make up that sandspit. Dont know why, but there you go.

  9. 9
    Grvetti says:

    “There are a lot of first-time buyers who are holding onto the belief that the market’s going to change, so they shouldn’t buy,”

    Yes, “holding onto the belief”, because… you know… “belief” has no basis in fact or anything, unlike calculated market predictions based on unsustainable growth and underlying fundementals… ’cause all those side-lined buyers are just stupid sheeple who should “buy now or get priced out forever”!

    Its amazing this joker, Jim Pattison gets a shred of business considering the contempt he has for his clientele.l

  10. 10
    Shawn says:

    BTW, my rent was just increased $600.00/month with a sixty day notice. If Seattle is behind Los Angeles’ curve, beware renters. For my fellow renters, I hope Seattle is special and you folks don’t see the rent increase I am suffering! I just hope more of these empty condos hit the market soon and bring rent prices down, casue this is nuts?

  11. 11

    HI GRVETTI

    I take it you’re already betting on Ohio State to win and the Huskies haven’t had a chance to embarrass them?

    What real estate office you work for?

  12. 12
    Grvetti says:

    What real estate office you work for?

    Not following your analogy, dude… what’re you talking about

  13. 13
    Buceri says:

    I say we hit 11,000 this evening!!! Who is with me?
    Who knows?? Maybe inventory will pass the Dow in a couple of months?

  14. 14
    A says:

    Shawn, could you give more details? Why such a big increase in rent? Is it a very good location? It seems to me that the answer to that increase would be to move.

  15. 15
    TJ_98370 says:

    Off topic, but of interest —-

    Pacific Northwest news and newspapers Seattle PI, Seattle Times, News Tribune, Olympian, Columbian, and the Herald Net are all mentioned in Ben Jones’ HBB today.

    Buyers are Asking for More and Offering Less

  16. 16
    TJ_98370 says:

    The Bellingham Herald is also quoted —

  17. 17
    TJ_98370 says:

    An interesting comment made by a Bellingham Realtor that portends things to come:

    …..“One concern I have is that pending sales are down significantly, so that’s something worth watching in the coming months. These (August) home sales were being finalized before the national credit issues began surfacing.”…..

    Bellingham Herald

  18. 18
    Orion says:

    I’m getting sick of the MSM. I trust them less and less all the time. Thank goodness for the “Internets”! I heard on the news this morning the same BS about how prices are rising in the Seattle area. NO.. PRICES ARE NOT RISING! They are either dumb-asses or are being purposefully deceptive to their audience. A price metric which has limited value these days, the median price, is rising. That doesn’t mean that your Ballard SFH has risen in value the past couple of months. If you bought it a few months ago and you have to sell it now you will be getting less. That means prices have gone down. Down is not up. War is not peace. Freedom is not slavery. Ignorance is not strength. All the local TV news is good for is the weather, they seem to get that right. Every other story is handled with such shallow vacuousness that it is pathetic. It’s Revolution Time my bubble brothers and sisters!

  19. 19
    Lake Hills Renter says:

    I beg to differ. The local media never gets the weather right.

  20. 20
    greenthum says:

    Orion:

    I couldn’t agree more! I stopped watching TV news about six years ago. What a waste of time. Our local newspapers are no better. I’m relying more and more on the Internet. At least there I can get both sides of the story.

  21. 21
    Shawn says:

    Hi A,

    yes, I am going to move. But rents are up a lot in Los Angeles. And there are not a lot of vacancies. Seems there is no winning in this bubble, everyone is getting burned. I live in 91607, seems like regular USA, but homes here are going for about a million. The cheapest I could get would be a tiny poor condition condo for 350 to 400k. So, to folks here, Seattle still seems like a good deal. Except that here we have sunshine days everyday. I am looking at Minneapolis now rather than Seattle for a relocation.

  22. 22
    TJ_98370 says:

    Off topic again. I finally made contact with Groundhogday at Ben Jones HBB about Glen Crellin —

    Comment by TJ_98370

    2007-09-11 15:48:14

    Hey Groundhogday – Did you say awhile back that you knew / worked with Glen Crellin?

    ——————

    Comment by Groundhogday

    2007-09-11 16:06:20

    We aren’t friends and I’ve never actually met him face to face. But I have called or emailed him once a quarter or so to get the news behind the news, what is happening in Pullman etc… He’s a very friendly guy and a good source of MLS data.

    I do have another more personal “source” in that center if you are interested in a particular bit of info.

    —————–

    Comment by TJ_98370
    2007-09-11 15:59:53

    Groundhogday,

    This post is a bit redundant (see your previous comment), but I believe you once mentioned that you knew / worked with Glen Crellin. If that is the case, do you know how he is funded? Does WSU pay him a salary or is he funded by some Realtor Association? Some of us regulars at Seattle Bubble blog are curious.

    ———————-

    Comment by Groundhogday
    2007-09-11 16:10:31

    The center (3 staff I think) is funded almost entirely by the Washington Association of Realtors.

    ———————

    Comment by TJ_98370
    2007-09-11 16:38:34

    Groundhogday,
    Thanx for the response. You ought to come visit as Mr. Crellin was a subject of discussion awhile ago.

    https://seattlebubble.com/blog/

    Specifically, some of us wondered about his objectivity in his articles. Being funded by WSU would have made his articles more credible due to lack of possible conflict of interest issues.

  23. 23
    uptown says:

    Shawn, have you looked at craigslist? Lots of rentals listed there for your area. Prices don’t seem that high – I payed $900/month for a 1 bedroom in the early 90’s just north of LAX and a few blocks from the beach (no view).

  24. 24
    ExCaliGuy says:

    Hey Shawn I feel for you man. My landlord in LA raised my rent 15% 5 months back and it was the last straw for me. I moved to Seattle and bought a place.

    I don’t think LA or SFO are worth the money. You certainly cannot afford to buy anything you would want to live in and rents are going insane due to people deferring buying homes. You should check out Nashville, Austin, Denver or Raleigh Durham.

  25. 25
    Old Ballard says:

    Shawn,

    What, are you kidding me? 98607. That’s Valley Village/North Hollywood. I’m sorry, but I don’t believe you. $600.00/month. Details, man. What do you rent and what was your old rent. Only time I hear about this happening is when the rental was sold and the old owner was renting way under the market.

    “So, to folks here, Seattle still seems like a good deal.”

    Shawn, why don’t I recognize for name. I you ever posted a comment on the SEATTLE BUBBLE. Are you in LA or are really in Seattle.

  26. 26
    stephen says:

    Hey my rent on a 2 bedroom 820 sq crappy remodeled 30 year apartment in Juanita went from $984 to $1405 last December. They would have gone I think $50 cheaper if I signed another year and wouldn’t even consider a 6 month…

  27. 27
    Lionel says:

    Unfortunately I can vouch for rental increases in LA. My 2 bedroom in Pacific Palisades cost 1200/month only three years ago. We moved out, heard from a neighbor that it was rented for 1700 (and strangely just used for storage!). It came up again this summer and was rented at 2200. My best buddy just rented a two bedroom apartment in Brentwood, nice place, but 2600. Basically my wife and I were getting squeezed out to the Valley, and well, that ain’t never gonna happen. Hate the place. Yes, Seattle is a much, much better rental market. Not even close. (But I wouldn’t mind if it went down a touch.)

  28. 28
    Puget Sounder says:

    $1400 per month is Queen Anne Hill money for a small 2 br (you might even find a rented condo for that!) The same money in Juanita is just nuts.

    Some better deals in the same price range:

    http://seattle.craigslist.org/see/apa/420060913.html

    http://seattle.craigslist.org/see/apa/420059496.html

    http://seattle.craigslist.org/est/apa/420014710.

    http://seattle.craigslist.org/est/apa/420014687.html

  29. 29
    Toad37 says:

    Hey guys, I agree the market is on trouble. I’m selling my place in Mapleleaf and renting for a while to see how things shake out. I’ll miss my house, but hey,
    it’s just a house….

  30. 30
    EconE says:

    Lionel…you’re talking about apples and oranges here. Pacific Palisades and Brentwood are high end areas. Valley Village is not. ;o)

    Not that I completely doubt a $600 rent increase is impossible…just unlikely or unfortunate.

    And saying that any bubbled up area is a good deal compared to another bubbled up area is akin to looking at the two ugliest women at a bar and saying…

    “well…the 400 pounder is much prettier than the 500 pounder…I think I’ll go home with her”

  31. 31
    Old Ballard says:

    So here’s the question. Where’s Shawn?

  32. 32
    johnnybigspenda says:

    Keep on saying the same thing for long enough and eventually you will be correct… some call it coincidence… some call it the natural down part of the realestate cycle, some call it a self fullfilling prophecy….

    Based on all of the ‘facts’ that paints such a clear undisputable picture, your timing is still a little off. Many here have been calling it a bubble since 2004… if thats the case, you just missed out on a 25-50% appreciation (compared to straight up spent rent). Based on your ‘facts’, you should have been able to time this and make a killing. Infact, if I were you all, I’d be shorting every stock related to your hypothesis. You all should be Warren Buffet’s of realestate.

    Sitting on the sidelines is easy. Airchair quarterbacks…

  33. 33
    John says:

    You all should be Warren Buffet’s of realestate.

    johnnybigspenda, since you mentioned Warren Buffett, do you know he didn’t participate in the dot-com bubble at all? Some people, even his shareholders, thought he was an idiot at the time.

    Have you checked the home builders and financial stocks lately?

  34. 34
    Jeff says:

    johnnybigspenda,

    You sound angry and very nervous. How’s that house and mortgage feeling about now? Take heart, it will only get worse.

  35. 35
    Jay says:

    Orion,

    You left out the best one of all:
    Debt is Wealth…

  36. 36
    j says:

    anyone drive through orting lately? talk about master planned foreclosure/forsale land. Reminds me of all of those inland empire communities. If you need to find it bursting in the Puget Sound, head down there.
    Yet they’re still building 100’s of homes down there.

  37. 37
    Teacher Greg says:

    Dear Johnnybigspenda, I bought my condo (in lower queen anne aka “Uptown”) in 2001 sold it last october and made said killing. I have been renting since then and waiting with my pile of loot to get back in once the terms are more in a buyers favor….spring time perhaps?

  38. 38
    Teacher Greg says:

    Dear Johnnybigspenda,

    I bought my condo in lower queen anne, aka “uptown”, in 2001. Sold it October 2006..made mass loot. Since then I have been renting and waiting for the conditions to be more…how shall we say…buyer friendly. The timing might not be perfect, but not bad.

    If you have a fixed rate, steady job, a house you like etc. then I wouldn’t even bother reading this blog or paying attention to the real estate market. If you are not a buyer or seller market conditions are essentially meaningless (unless of course the entire economy goes supernova…)

  39. 39
    Affluent Bitter Renter says:

    johnnybigspenda said,

    “if thats the case, you just missed out on a 25-50% appreciation (compared to straight up spent rent). Based on your ‘facts’, you should have been able to time this and make a killing.”

    In any bubble, if you time things correctly, you can make a killing. The problem is, timing is very difficult – I have numerous acquaintances who were heavily into tech stocks during the dot.com bubble. Not one got out at the top of the market – not one. They all rode the market down, as you are going to do in real estate.

    How are your investment properties doing? And how is your RE business? (I understand that getting into mail order vitamin sales is big among former RE workers.) I think that you will end up envying people who had the sense to “sit on the sidelines”.

  40. 40
    george says:

    Aubrey Cohen seems to actually want to inform his readers. He should win some sort of bubble blog award.

    The Seattle Times on the other hand ought to just rename itself the Real Estate Industry rag. Is Bibeka Shrestha trying to be a reporter? Or an op-ed writer for the real estate industry?

  41. 41
    Affluent Bitter Renter says:

    One more point about timing the market during a bubble – by definition, only a small fraction of people are going to be able to get out at the top (once a significant number of people try to head for the exits, you won’t at the top of the market anymore).

    It’s like being in a pyramid or other Ponzi scheme – if you get in early and get out early, you can make money, but by definition the vast majority of participants are going to end up being bagholders.

  42. 42
    Lionel says:

    I’m amazed at how many savvy friends got hammered when the tech bubble burst. My best buddy is known for being very calculating and cold-blooded about his financial decisions and he was left holding a pretty big bag. It will be interesting to see who amongst my friends will get nailed when the bubble completely deflates.

  43. 43
    Affluent Bitter Renter says:

    Warren Buffett:

    “”What the wise man does at the beginning the fool does at the end,” he quipped. “Once a price history develops enough for other people to see it and get envious, that takes over markets. We’re seeing that some areas of the commodity markets.”

    The Berkshire chairman also warned that it could end badly, likening commodity markets to Cinderella at the ball. “At the start of the party, the punch is flowing and everything’s going well, but you know at midnight it’s all going to turn into pumpkins and mice,” he said. “People think they’ll be able to get out just before midnight, but everyone else thinks that too.”

    http://seekingalpha.com/article/10162-warren-buffett-warns-on-commodities

  44. 44
    deejayoh says:

    JohnnyBS

    what is an airchair quarterback? is that how the house is furnished?

  45. 45
    Lionel says:

    RE: the rental discussion above, I think the relative ease with which one can rent in Seattle as compared to LA makes Seattle much more vulnerable to a price drop. My wife and I are happy renting here. If my landlord were dim enough to try and raise our rent 600, we’d move, and judging by the listings on craigslist, do pretty well.

  46. 46
    Shawn says:

    Hi Old Ballard,

    I am confused as to why I would want to come here and make up “any” story??? I have posted here from time to time.

    What bothers me is that when everyone was moving from apartments to homes us renters did not benefit. Why? Too many conversions, so the vacancy stayed low. Now, they say that so many forcloseures are causing more folks to leave those homes and move back to apartments thus reducing vacany rates.

    I have checked craigs list and it was not much comfort. I am going to have to pay close to that 600 extra per month, but I will move to maybe only pay 400-500 more and for a better place. I have a family and need a two bedroom, so my options are limited.

  47. 47
    BubbleBuyer says:

    Tinfoil hat time on Seattle Bubble Blog!

    “I am confused as to why I would want to come here and make up “any” story??? “

  48. 48
    ExCaliGuy says:

    tinfoil hat time?

  49. 49
    Bellingham REnter says:

    My wife and I have been watching the prices in bellingham very closely. Believe me the prices are coming down especially in the lower end homes. It is amazing that some homes on the MLS have been on the market for over 2 YEARS!!! One house I’ve been watching… 3 YEARS!!! What are people thinking? Many of the new homes built in sudden valley are just sitting. I drive my wife to work and pass this beautiful new home that has been sitting there unoccupied, NEW for over a year. Anyway, if anyone wants some eyes on b’ham, give me shout!

    Also found this nice tidbit about seattle from FL:
    http://www.treasure-coast.us/weeklyupdate09-09-07?ref=patrick.net

  50. 50
    wageslave says:

    As some of you give the appearance of wishing for, or speculating on, a massive deflation of housing value, remember that not everyone that bought a house within the last couple years did so in hopes of making a profit. This crunch/crash/recession will affect plenty of people that bought a house as a place to start or raise a family for 5, 10 or even more years. Being upside down in a mortgage, even a fixed one, would not be a comfortable place to be, especially if the economy tanks and jobs are lost. The “standard” (for financially prudent people vs. the national average) 6 months of savings only gives so much cushion in such a scenario.

    Heck, as I mentioned in another post, even house renters may be affected more than they care to think about (much easier to laugh at the potential problems while dismissing any that you yourself may face) as some number of people or families get evicted because the home owner went into foreclosure – sure, it’s not necessarily a financial hit to the renter, but it’s still a pain in the rear, and potentially disruptive to your life or your kids lives’, to have to be forced to move on potentially short notice.

    Your spite is best saved for the flippers, the agents, bankers, etc. that architected and/or propagated this mess. The system was geared from the top to psychologically induce lax behavior and increase fiscal irresponsibility, from government to companies to the individual. Some people, be it through lack of education or knowledge, ignorance or even greed, were influenced more than others.

  51. 51
    Milestone says:

    1 Single Family Home away from 11,000 (…as of 11am pacific time). C’mon, you know you want to…

  52. 52
    Garth says:

    I have been looking at census data alot and one thing I noticed that is kind of strange is how closely the number of people who are fiscally irresposible both renting and buying track if you believe the no more than 30% on housing rule.

    Here is the census data for seattle from the 2000 census, I am sure both renters and owners are further extended now.

    SELECTED MONTHLY OWNER COSTS AS A PERCENTAGE
        OF HOUSEHOLD INCOME IN 1999
    Less than 15 percent 32,921 32
    15 to 19 percent 16,152 15.7
    20 to 24 percent 13,658 13.3
    25 to 29 percent 11,263 11
    30 to 34 percent 7,944 7.7
    35 percent or more 20,194 19.7
    Not computed 586 0.6

    GROSS RENT AS A PERCENTAGE OF HOUSEHOLD INCOME IN 1999
    Less than 15 percent 19,401 14.6
    15 to 19 percent 19,717 14.8
    20 to 24 percent 19,534 14.7
    25 to 29 percent 16,853 12.6
    30 to 34 percent 11,822 8.9
    35 percent or more 40,855 30.6
    Not computed 5,123 3.8

  53. 53
    TJ_98370 says:

    wageslave,

    Don’t confuse “spite” with “exasperation” directed at those who can not / will not see the inevitable.

    I, for one, have compassion for the legitimate “innocents” that could be hurt by future real estate market adjustments, especially those that were just attempting to establish a home for their families. I sincerely hope that there will be some kind of help available to those that were victims of fraudulent or deceitful transactions. On the other hand, the flippers and specuvestors can spin in their own little self-made mudhole of greed for all of eternity for all I care.

  54. 54
    uptown says:

    wageslave,

    No one is forcing you to read this blog.

    No one forced home buyers to overpay for their house/condo. People in this country need to take responsibility for their actions.

    I know several people who bought at the height of the last CA housing boom and they all weathered it well. Of course they put 20% down and had fixed rate mortgages. They also didn’t whine and moan about their situation to others.

  55. 55
    Randal J says:

    Speaking of California, hot off the press, or, wire:

    http://www.latimes.com/business/la-fi-homes13sep13,0,2859388.story?coll=la-home-center

    Median prices are up in SoCal too, slight as they are. But some realtors are admitting that the high-end and coastal neighborhoods are driving the increases. But overall:

    Orange Co – 14 months of inventory

    Inland Empire – 3 years of inventory!

    Will Seattle follow suit?

  56. 56
    Bob R says:

    Just found this site. My personal opinion may be of little or no value here. Renting is for those that like to move allot every other year or so. Rents have all ways gone up in an area where there has been work to be found like wise property values. I for one am not going to pay for a piece of property for some one else. For me property prices have always seemed out of reach yet I have paid my mortgage on time even if it meant we were eating beans. The early 80’s were really hard on us. High interest rates meant we had to do with out a car and use the buss yet I paid the mortgage not rent. Thank God I live in the USA and have the opportunity to choose. For me I like seeing all the negativity put out here just wish I could hear allot more of it. This is good news for me. I like the idea of buying when there is blood in the street and real estate is a dirty word after all, under all is the land and they are not making any more. I believe in free market capitalism and the opportunity is always there for me if I seek it out and am aware of it when it is staring in the face, am able to act and do so leaving fear and elation out of the equation……..

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