{"id":12588,"date":"2010-09-24T13:55:25","date_gmt":"2010-09-24T20:55:25","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=12588"},"modified":"2010-09-24T13:55:25","modified_gmt":"2010-09-24T20:55:25","slug":"big-picture-week-unemployment-and-foreclosures","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2010\/09\/24\/big-picture-week-unemployment-and-foreclosures\/","title":{"rendered":"Big Picture Week: Unemployment and Foreclosures"},"content":{"rendered":"<p>To close out the week, let&#8217;s have a look at a couple of factors that are continuing to drag the local housing market down: unemployment and foreclosures.<\/p>\n<p style=\"margin: 5px auto; width: 600px; font-size: 0.8em; text-align: center;\"><a href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2010\/09\/Unemployment-Foreclosures_2010-08.png\" title=\"King County Unemployment and Foreclosures\" rel=\"lightbox[12588]\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2010\/09\/Unemployment-Foreclosures_2010-08-600x435.png\" style=\"border: 0;\" title=\"King County Unemployment and Foreclosures - Click to enlarge\" alt=\"King County Unemployment and Foreclosures\" width=\"600\" height=\"435\" \/><\/a><\/p>\n<p>From 1990 through 2006, the average unemployment rate in King County was 4.9%.  The unemployment rate is currently 8.0% (63% higher than the 1990-2006 average).  Over that same period, there were an average of 203 notices of trustee sale each month.  In August there were 1,214 NTSes (498% higher than the 1990-2006 average).<\/p>\n<p>Let&#8217;s define a housing market &#8220;recovery&#8221; as a return to 2000-2003 average sales volume and a relatively consistent rate of appreciation between three and five percent a year.<\/p>\n<p>Can a recovery really be just around the corner when unemployment and foreclosures are still as elevated as they are today?  I&#8217;m inclined to say &#8220;not a chance.&#8221;  Unless the magical <a href=\"http:\/\/seattlebubble.com\/forum\/viewtopic.php?f=1&#038;t=610\" title=\"Pink Ponies\">pink ponies<\/a> return to Seattle to start buying homes without the need for jobs or inventory stability, I think any real housing recovery here is <em>at least<\/em> a year or two away.<\/p>\n<p><span style=\"font-weight: bold; font-size: 1.2em;\">Big Picture Week on Seattle Bubble<\/span><\/p>\n<ul>\n<li><a href=\"http:\/\/seattlebubble.com\/blog\/2010\/09\/20\/big-picture-week-case-shiller-hpi-rate-of-increase\/\" title=\"Big Picture Week: Case-Shiller HPI Rate of Increase\">Case-Shiller HPI Rate of Increase<\/a><\/li>\n<li><a href=\"http:\/\/seattlebubble.com\/blog\/2010\/09\/21\/big-picture-week-examining-home-affordability\/\" title=\"Big Picture Week: Examining Home Affordability\">Examining Home Affordability<\/a><\/li>\n<li><a href=\"http:\/\/seattlebubble.com\/blog\/2010\/09\/22\/big-picture-week-price-to-rent-ratio\/\" title=\"Big Picture Week: Price to Rent Ratio\">Price to Rent Ratio<\/a><\/li>\n<li><a href=\"http:\/\/seattlebubble.com\/blog\/2010\/09\/23\/big-picture-week-price-to-income-ratio\/\" title=\"Big Picture Week: Price to Income Ratio\">Price to Income Ratio<\/a><\/li>\n<li><strong>Unemployment and Foreclosures<\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>To close out the week, let&#8217;s have a look at a couple of factors that are continuing to drag the local housing market down: unemployment and foreclosures. From 1990 through 2006, the average unemployment rate in King County was 4.9%. The unemployment rate is currently 8.0% (63% higher than the 1990-2006 average). Over that same&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[206,8],"tags":[704,7,61,363,303],"coauthors":[],"class_list":["post-12588","post","type-post","status-publish","format-standard","hentry","category-features","category-stats","tag-big-picture","tag-foreclosures","tag-fundamentals","tag-jobs","tag-unemployment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Big Picture Week: Unemployment and Foreclosures \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2010\/09\/24\/big-picture-week-unemployment-and-foreclosures\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Big Picture Week: Unemployment and Foreclosures \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"To close out the week, let&#8217;s have a look at a couple of factors that are continuing to drag the local housing market down: unemployment and foreclosures. 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