Friday Flashback: Should Have Listened to Mr. Sohn

From a NWMLS talking points memo that was circulated in June 2006: …the forecasts for housing price growth are calling for booming values in the state of Washington. For the June issue of MONEY Magazine, Fiserv Lending Solutions and Moody’s provided forecasts for the coming 12 months for 380 metro areas – they predict […]

Gregoire Ignored Budget Warnings, Now Faces the Consequences

I usually try to avoid getting into political issues on here, but something has come up that I simply cannot ignore. A few days ago the Seattle P-I posted videos from Christine Gregoire and Dino Rossi where each candidate makes the case on why you should vote for them. As I was watching Christine Gregoire’s […]

Link Roundup: Taxes, Fraud, & Layoffs (oh my)

There have been a lot of local real estate stories this week that are worth mentioning, but aren’t big enough to merit their own post. So it’s time for another link roundup. Tax Assessments & Government Revenue First up, while tax assessments may be falling in Pierce and Snohomish, it looks like they’re still on […]

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 […]

Housing Slump Drags Down State Revenue

As home sales in the Seattle area (and state-wide) plummet and prices stagnate and begin to decline, it looks like government revenues are following suit: On top of November’s wet weather and the Northwest’s cooling housing market, the state’s top economist had dreary news for state leaders Thursday when he announced that Washington would be […]

News Quickie: Government Revenues Sagging

Remember that slowdown in state revenues that we were warned about by our state’s chief economist ChangMook Sohn last year? Well guess what? It’s here! Washington’s construction industry continues to expand, but real estate tax collections are $18 million below expected levels. The state Revenue Forecast Council says taxable real estate activity in the past […]

Retail Spending Spikes In Washington

Seattle Times writer Melissa Allison seems a bit too excited about today’s report that retail spending in Washington State grew by 10.5% from spring ’05 to spring ’06. Those were the days, back in the spring when the flowers bloomed and the housing market sizzled. Washingtonians had such confidence last spring that they spent with […]