{"id":1549,"date":"2008-02-18T10:42:52","date_gmt":"2008-02-18T18:42:52","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/2008\/02\/18\/declining-real-estate-sales-hitting-state-revenues\/"},"modified":"2010-01-22T19:09:43","modified_gmt":"2010-01-23T03:09:43","slug":"declining-real-estate-sales-hitting-state-revenues","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2008\/02\/18\/declining-real-estate-sales-hitting-state-revenues\/","title":{"rendered":"Declining Real Estate Sales Hitting State Revenues"},"content":{"rendered":"<p>Looks like that slowdown in state government revenues that Washington State&#8217;s chief economist ChangMook Sohn has been <a href=\"http:\/\/seattlebubble.com\/blog\/2006\/06\/20\/states-chief-economist-warns-of-slowdown\/\" title=\"State\u2019s Chief Economist Warns Of Slowdown\">consistently<\/a> <a href=\"http:\/\/seattlebubble.com\/blog\/2005\/09\/15\/real-estate-boom-beefs-up-state-income\/\" title=\"Real Estate Boom Beefs Up State Income\">warning<\/a> us about <a href=\"http:\/\/seattlepi.nwsource.com\/local\/351615_revenue16.html\" title=\"State revenue forecast shrinks\">really has come to pass<\/a>.<\/p>\n<blockquote><p>Sharp declines in predicted revenue from the real estate excise tax and a mild national recession have led the state&#8217;s top economist to downgrade his revenue forecast by $423 million.<\/p>\n<p>But Washington&#8217;s economy will not fall into recession because of strong growth in aerospace, high tech and international trade, said ChangMook Sohn, executive director of the state&#8217;s Economic and Revenue Forecast Council.<\/p>\n<p>&#8220;The outlook for the state economy is significantly brighter than for the U.S. but we will be affected by the national slowdown as well as our own housing market problems,&#8221; Sohn said Friday.<br \/>\n&#8230;<br \/>\nThough lawmakers had been predicting a decline in projected revenue for some time, the news came as a blow to Democrats who had hoped to pass a supplemental budget that would leave more than $1 billion unspent.<\/p>\n<p>Most now concede that that level of savings is no longer realistic.<\/p><\/blockquote>\n<p>That $423,000,000 drop in the forecast is compared to the previous forecast, which was made only <em>three months ago<\/em>.  Will our lawmakers continue to ignore the obvious warning signs, and spend Washington into a corner, even as revenues continue to decline?  Probably.<\/p>\n<p>Don&#8217;t forget, while the housing bubble has been inflating revenues, our state&#8217;s legislative and executive branch have been spending it just as fast.  Since 2004, state spending has increased 33 percent (<a href=\"http:\/\/www.kitsapsun.com\/news\/2007\/dec\/23\/david-ammons-budget-wars-opening-shots-for-rossi\/\" title=\"DAVID AMMONS: Budget Wars: Opening Shots for Rossi-Gregoire Campaigns\">source<\/a>).  I don&#8217;t think it&#8217;s likely that they&#8217;ll suddenly start cutting back as revenue growth slows to a halt and possibly reverses.  But I&#8217;m cynical.<\/p>\n<p>(<em>Chris McGann, <a href=\"http:\/\/seattlepi.nwsource.com\/local\/351615_revenue16.html\" title=\"State revenue forecast shrinks\">Seattle P-I<\/a>, 02.15.2008<\/em>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Looks like that slowdown in state government revenues that Washington State&#8217;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&#8217;s top economist to downgrade his revenue forecast by $423&#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":[612,198],"tags":[105,226,171],"coauthors":[],"class_list":["post-1549","post","type-post","status-publish","format-standard","hentry","category-local","category-news","tag-olympia","tag-sohn","tag-tax-revenues"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Declining Real Estate Sales Hitting State Revenues \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\/18\/declining-real-estate-sales-hitting-state-revenues\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Declining Real Estate Sales Hitting State Revenues \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"Looks like that slowdown in state government revenues that Washington State&#8217;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&#8217;s top economist to downgrade his revenue forecast by $423...\" \/>\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\/18\/declining-real-estate-sales-hitting-state-revenues\/\",\"url\":\"https:\/\/seattlebubble.com\/blog\/2008\/02\/18\/declining-real-estate-sales-hitting-state-revenues\/\",\"name\":\"Declining Real Estate Sales Hitting State Revenues \u2022 Seattle Bubble\",\"isPartOf\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\"},\"datePublished\":\"2008-02-18T18:42:52+00:00\",\"dateModified\":\"2010-01-23T03:09:43+00:00\",\"author\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\"},\"breadcrumb\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2008\/02\/18\/declining-real-estate-sales-hitting-state-revenues\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/seattlebubble.com\/blog\/2008\/02\/18\/declining-real-estate-sales-hitting-state-revenues\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2008\/02\/18\/declining-real-estate-sales-hitting-state-revenues\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/seattlebubble.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Declining Real Estate Sales Hitting State Revenues\"}]},{\"@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. His background in engineering and computer \/ internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. 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