It’s official: Congress is not interested in addressing the underlying issues that caused this mess. Instead, they would rather pour trillions of dollars we don’t have into a doomed attempt to maintain the broken status quo. I predict we’ll be repeating this whole routine in less than six months with a new bailout, after these…
Forbes: Seattle is #1
Good news everyone! Seattle is at the top of another one of Forbes’ famous lists! Hardest And Easiest Places To Sell A Home As the dismal U.S. housing market slides further downhill—home prices in July posted a 16.3% annual drop—some sellers are unloading their homes to bargain-hunters. But in cities like Seattle, Jacksonville, Fla., and…
Seattle Times: “Sellers are Growing Desperate”
An article in today’s Seattle Times goes nicely with Mr. Cohen’s article in the P-I a couple days ago. More sellers are growing desperate as homebuying stalls locally I especially like the first part of the subtitle text (emphasis mine): The Puget Sound area housing market, supposedly immune to the forces pulling down others across…
Get Ready to Bail Out (I Mean “Rescue”) Foreign Investors
Long-time Seattle Bubble commenter Eleua points out a particularly disturbing portion of the version of the bailout that the Senate is set to vote on tonight: SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANKS. The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar…
Case-Shiller Tiers: Still Looking for the Bottom
Let’s check out the three price tiers for the Seattle area, as measured by Case-Shiller. Remember, Case-Shiller’s “Seattle” data is based on single-family home repeat sales in King, Pierce, and Snohomish counties. First up is the straight graph of the index from January 2000 through July 2008. Click to enlarge Price drops have resumed in…