Uh-oh, looks like Seattle is starting to get some negative national attention. As in, coverage that isn’t saying “wow, look what a strong, resilient housing market,” but rather “looks like Seattle’s housing market is poised to fall.” Seattle, wake up and smell the coffee, your housing prices may be falling faster than foam on a…
Year: 2008
King County Home Prices: 1946-2007
A while back (September 2006, to be more precise) the Seattle Times published a 22-year “analysis” of King County home prices, which essentially came to the conclusion that Seattle would be immune to the home price drops that were beginning to occur elsewhere around the country. Their graph of local home prices going back to…
Declining Real Estate Sales Hitting State Revenues
Looks like that slowdown in state government revenues that Washington State’s chief economist ChangMook Sohn has been consistently warning us about really has come to pass. Sharp declines in predicted revenue from the real estate excise tax and a mild national recession have led the state’s top economist to downgrade his revenue forecast by $423…
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2007 Neighborhood Months of Supply Breakdown
Let’s do some more number-crunching and neighborhood analysis. Here’s a detailed look at single-family house “months of supply” (MOS) over the last year, broken down by neighborhood. “Months of supply” is just a way of looking at the relationship between the number of homes on the market and the number of sales taking place. To…