{"id":1534,"date":"2008-02-15T09:40:46","date_gmt":"2008-02-15T17:40:46","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/2008\/02\/15\/wcrer-price-declines-get-rolling\/"},"modified":"2008-02-15T09:40:46","modified_gmt":"2008-02-15T17:40:46","slug":"wcrer-price-declines-get-rolling","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2008\/02\/15\/wcrer-price-declines-get-rolling\/","title":{"rendered":"WCRER: Price Declines Get Rolling"},"content":{"rendered":"<p>The <a href=\"http:\/\/www.wcrer.wsu.edu\/\" title=\"Washington Center for Real Estate Research\">Washington Center for Real Estate Research<\/a> has released <a href=\"http:\/\/www.wcrer.wsu.edu\/WSHM\/2007Q4\/Snapshot_07Q4.pdf\" title=\"WCRER: Housing Market Snapshot\">their data for the fourth quarter of 2007<\/a>, and it finally has some good news for home buyers.  According to the WCRER calculations, home prices in Q4 dropped 7% from the previous quarter ($472,000 to $439,000), which naturally edged the affordability index up slightly to a still-anemic 72.4.<\/p>\n<p>Here&#8217;s a graph of their data on &#8220;Median Resale Price&#8221; and &#8220;Housing Affordability Index&#8221; since 1994, when they first started collecting data:<\/p>\n<p style=\"width: 600px; margin: 5px auto; font-size: 0.8em; text-align: center;\"><a href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2008\/02\/2007-q4-wcrer.png\" title=\"WCRER: King County Home Prices &#038; Affordability - Click to enlarge\" rel=\"lightbox[1534]\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2008\/02\/2007-q4-wcrer-tn.png\" style=\"border: 1px solid #000000; margin: 5px;\" title=\"WCRER: King County Home Prices &#038; Affordability - Click to enlarge\" alt=\"WCRER: King County Home Prices &#038; Affordability\" width=\"600\" height=\"434\"><\/a><br \/><a href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2008\/02\/2007-q4-wcrer.png\" title=\"WCRER: King County Home Prices &#038; Affordability - Click to enlarge\" rel=\"lightbox[1534]\">Click to enlarge<\/a><\/p>\n<p>There&#8217;s really not much more to say about this data, as it just confirms what we have known for months; that home prices in King County are finally retreating.  News reports and real estate agents are likely to latch onto the minuscule increase in affordability and trumpet it as proof that &#8220;now is a great time to buy.&#8221;  When price declines have only just begun and affordability is still only 65% of its 1994-2003 average, now is definitely <em>not<\/em> a great time to buy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Washington Center for Real Estate Research has released their data for the fourth quarter of 2007, and it finally has some good news for home buyers. According to the WCRER calculations, home prices in Q4 dropped 7% from the previous quarter ($472,000 to $439,000), which naturally edged the affordability index up slightly to a&#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":[8],"tags":[28,127,200,1116],"coauthors":[],"class_list":["post-1534","post","type-post","status-publish","format-standard","hentry","category-stats","tag-affordability","tag-crellin","tag-statistics","tag-wcrer"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>WCRER: Price Declines Get Rolling \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\/2008\/02\/15\/wcrer-price-declines-get-rolling\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"WCRER: Price Declines Get Rolling \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"The Washington Center for Real Estate Research has released their data for the fourth quarter of 2007, and it finally has some good news for home buyers. According to the WCRER calculations, home prices in Q4 dropped 7% from the previous quarter ($472,000 to $439,000), which naturally edged the affordability index up slightly to a...\" \/>\n<meta name=\"twitter:image\" content=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2008\/02\/2007-q4-wcrer-tn.png\" \/>\n<meta name=\"twitter:creator\" content=\"@The_Tim\" \/>\n<meta name=\"twitter:site\" content=\"@SeattleBubble\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Tim\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2008\/02\/15\/wcrer-price-declines-get-rolling\/\",\"url\":\"https:\/\/seattlebubble.com\/blog\/2008\/02\/15\/wcrer-price-declines-get-rolling\/\",\"name\":\"WCRER: Price Declines Get Rolling \u2022 Seattle Bubble\",\"isPartOf\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2008\/02\/15\/wcrer-price-declines-get-rolling\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2008\/02\/15\/wcrer-price-declines-get-rolling\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2008\/02\/2007-q4-wcrer-tn.png\",\"datePublished\":\"2008-02-15T17:40:46+00:00\",\"author\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\"},\"breadcrumb\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2008\/02\/15\/wcrer-price-declines-get-rolling\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/seattlebubble.com\/blog\/2008\/02\/15\/wcrer-price-declines-get-rolling\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2008\/02\/15\/wcrer-price-declines-get-rolling\/#primaryimage\",\"url\":\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2008\/02\/2007-q4-wcrer-tn.png\",\"contentUrl\":\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2008\/02\/2007-q4-wcrer-tn.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2008\/02\/15\/wcrer-price-declines-get-rolling\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/seattlebubble.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"WCRER: Price Declines Get Rolling\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\",\"url\":\"https:\/\/seattlebubble.com\/blog\/\",\"name\":\"Seattle Bubble\",\"description\":\"local\u00a0real\u00a0estate\u00a0news, statistics,\u00a0and\u00a0commentary without\u00a0the\u00a0sales\u00a0spin.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/seattlebubble.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\",\"name\":\"The Tim\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/image\/37756956c11dcc50d2559761ffa5ee70\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g\",\"caption\":\"The Tim\"},\"description\":\"Tim Ellis is the founder of Seattle Bubble. 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