These “top real estate market” lists by Matt Woolsey in Forbes are really starting to seem pointless and repetitive, but I suppose I should at least mention the latest one, since it will probably be proudly touted in local real estate marketing material for the next few months. The latest fill-in-the-blanks list from star reporter Matt Woolsey is titled Best And Worst U.S. Housing Markets, and Seattle comes in at #8 on the “best” list.
Scaled-back lending practices, risky loans, oversupply and low demand continue to plague the nation’s housing markets, driving down prices and stalling sales. But it’s not so in Salt Lake City, Charlotte, N.C., and San Jose, Calif., where prices have continued to climb without so much as a hiccup.
The Emerald City housing market continues its ascent on the back of a strong local economy and the prudent construction rates of the past five years. Although prices are reaching record highs, the city remains a cheap alternative for Northern California residents and businesses looking for better value.
Funny he should say “continues its ascent,” right at the time when the ascent finally seems to be leveling off and changing into a descent. Of course, if we stay behind the curve like we seem to have been the last five years or so, we could still qualify as one of the “best” housing markets next year on the way down, with a -5% change in prices, compared to -10% or more elsewhere.
(Matt Woolsey, Forbes, 11.21.2007)