Here are a few local real estate stories to kick off this snowy Christmas week.
Aubrey Cohen, Seattle P-I: It’s refi — not buy — in Seattle’s housing market
Unusually low interest rates have spurred a run of mortgage refinancings in the Seattle area, but not necessarily more home purchases.
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Andrew Gledhill, an associate economist at Moody’s Economy.com, said low rates were not enough to turn around the housing market or the wider economy.
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The economic downturn has become increasingly global, affecting Seattle-area core industries such as software and aerospace, Gledhill said. Moody’s now expects Seattle-area home prices to decline just over 20 percent from the peak in the summer of 2007 to a low point by the end of next year.After that, it will probably take until about 2014 for prices to get back to their 2007 level, he said. “It’s going to take several years for this to work itself out.”
Steve Tytler, Everett Herald: Can’t sell it? Tips on how to rent it
A lot of would-be home sellers are now finding themselves reluctantly becoming landlords in this slow housing market…
Rolf Boone, The Olympian: Foreclosures hit Northwest homes, business
Mortgage foreclosures in Thurston County increased more than 50 percent in 2008 compared with 2007, an indication the slowing economy is contributing to this growing problem, newly compiled data show.
Notice of trustee’s sales filed with the Thurston County Auditor’s office rose to 1,010 through Dec. 19, up from 662 in 2007.
Read any interesting stories this weekend in the real estate world? Share them here.