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September 2012 Seattle Bubble Recap

Posted on October 2, 2012October 2, 2012 by The Tim

Time for another monthly recap, where we wrap up the month and highlight the major posts of the month that just ended in a single place. The purpose of this series is to get a feel for how a month went, and catch up if you missed something. Let me know what you think of this as a recurring monthly feature.

  • We kicked things off on the 4th with the stats preview, which saw a continued spike in local foreclosures.
  • On the 5th the NWMLS released their August stats, showing a slight uptick in sales volume.
  • We tackled a reader question on the 7th about HARP 2.0, with expert input from Jillayne and Rhonda.
  • Price per square foot data from Redfin gave us an early indication on the 10th that local home prices have hit their 2012 peak.
  • Homebuilder imaginations were in the spotlight on the 12th with “Renderings vs. Reality”.
  • Our in-depth look at the recent spike in local foreclosures hit on the 13th.
  • On the 14th I took Trulia to task for a massively misleading “study” comparing the cost to rent vs. buy.
  • Our mid-month listing photo comedy relief on the 17th featured a majestic, soaring eagle.
  • Bank-owned sales fell to a three year low, which we explored in some depth on the 18th.
  • We broke down the median price into distressed and non-distressed buckets on the 20th, showing that non-distressed median prices are up just 2.1% year-over-year.
  • In response to a reader comment, on the 20th we explored how 6% mortgage rates would affect affordability.
  • The following day we looked at affordability a little more, noting that King County’s “affordable” price is 21% higher than the current median price.
  • On the 21st we asked the question: Will local incomes climb or fall in the coming years?
  • July Case-Shiller data came out on the 25th, showing another year-over-year increase for Seattle prices.
  • Finally, in response to a request for more detailed income data, on the 27th we looked at local median and per capita incomes, both nominal and inflation-adjusted.

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