{"id":381,"date":"2006-09-01T08:51:00","date_gmt":"2006-09-01T15:51:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=381"},"modified":"2006-09-01T08:51:00","modified_gmt":"2006-09-01T15:51:00","slug":"seattles-housing-barometer-bubble","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2006\/09\/01\/seattles-housing-barometer-bubble\/","title":{"rendered":"Seattle&#8217;s Housing Barometer: Bubble"},"content":{"rendered":"<p>To find this story, I went from <a href=\"http:\/\/blog.seattlepi.nwsource.com\/realestate\/archives\/106261.asp\" title=\"&quot;Exotic&quot; mortgages, bubble talk and real estate\">a post on the P-I RE Professionals blog<\/a>, to <a href=\"http:\/\/www.inman.com\/blogger\/2006\/08\/bubble-trouble-john-burns-real-estate.aspx\" title=\"Bubble Trouble?\">an Inman blog post<\/a>, to a Google News search, where I finally located a substantial story.  I&#8217;ll admit that I&#8217;ve never heard of John Burns Real Estate Consulting, and considering the relative lack of coverage of their most recent study, I&#8217;m assuming they&#8217;re not exactly a big name in the industry.  That being said, the study is at least worth mentioning.  According to <a href=\"http:\/\/www.realestateconsulting.com\/hcb.html\" title=\"Housing Cycle Barometer&#0153;\">Mr. Burns&#8217; Housing Cycle Barometer&#0153;<\/a>, <a href=\"http:\/\/www.cepro.com\/news\/editorial\/14925.html\" title=\"Report: 84% of Metro Housing Markets Are Overpriced\">Seattle is one of the top ten bubble markets in the country<\/a>.<\/p>\n<blockquote><p>According to a just-released study by John Burns Real Estate Consulting, one of the preeminent researchers in the field, of the 100 largest metropolitan areas (based on annual permit activity):<\/p>\n<ul>\n<li>13 markets are below their historical median affordability level<\/li>\n<li>3 are exactly at their median<\/li>\n<li>84 are above the median.<\/li>\n<\/ul>\n<p>&#8230;<br \/>Nine markets have even worse affordability levels than when mortgage rates were 18 percent+ in the early 1980s: New York, Washington, D.C., Los Angeles, <b>Seattle<\/b>, Portland (Oregon), Baltimore, Edison (New Jersey), Nassau (New York) and Naples, Fla.<\/p>\n<p>Burns&#8217; methodology compares current affordability in each market to historic affordability in the market to determine whether housing is more or less expensive in the market than in price downturns.<\/p><\/blockquote>\n<p><i>Excellent<\/i>.  But don&#8217;t you worry your little head, because <a href=\"http:\/\/seattlebubble.blogspot.com\/2006\/06\/seattle-soft-landing-do-math_19.html\" title=\"Seattle Soft Landing: Do The Math\">wages will catch up<\/a>, <a href=\"http:\/\/seattlebubble.blogspot.com\/2006\/04\/super-smart-seattle.html\" title=\"Super Smart Seattle\">our education will save us<\/a>, and <a href=\"http:\/\/seattlebubble.blogspot.com\/2006\/05\/lets-talk-jobs.html\" title=\"Let's Talk Jobs\">our job market is invincible<\/a>.  There&#8217;s no bubble here&#8230;  there <i>can&#8217;t be<\/i>.<\/p>\n<p>(<i>Jason Knott, <a href=\"http:\/\/www.cepro.com\/news\/editorial\/14925.html\" title=\"Report: 84% of Metro Housing Markets Are Overpriced\">CEPro<\/a>, 08.31.2006<\/i>)<br \/>(<i>John Burns, <a href=\"http:\/\/www.realestateconsulting.com\/hcb.html\" title=\"Housing Cycle Barometer&#0153;\">John Burns Real Estate Consulting<\/a>, 08.31.2006<\/i>)<\/p>\n<div class=\"blogger-post-footer\">\n<div style=\"margin: 0 auto; padding: 2px; font-size: 12px; width: 150px; text-align: center; border: 1px dashed #4386ce; background-color: #D5E2F1;\"><a href=\"https:\/\/www.paypal.com\/xclick\/business=paypal%40timandjeni.com&#038;no_note=1&#038;tax=0&#038;currency_code=USD&#038;lc=US&#038;item_name=Seattle%20Bubble%20Donation\" title=\"Seattle Bubble Tip Jar\">Seattle Bubble Tip Jar<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>To find this story, I went from a post on the P-I RE Professionals blog, to an Inman blog post, to a Google News search, where I finally located a substantial story. I&#8217;ll admit that I&#8217;ve never heard of John Burns Real Estate Consulting, and considering the relative lack of coverage of their most recent&#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":[1],"tags":[1113],"coauthors":[],"class_list":["post-381","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Seattle&#039;s Housing Barometer: Bubble \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\/2006\/09\/01\/seattles-housing-barometer-bubble\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Seattle&#039;s Housing Barometer: Bubble \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"To find this story, I went from a post on the P-I RE Professionals blog, to an Inman blog post, to a Google News search, where I finally located a substantial story. I&#8217;ll admit that I&#8217;ve never heard of John Burns Real Estate Consulting, and considering the relative lack of coverage of their most recent...\" \/>\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\/2006\/09\/01\/seattles-housing-barometer-bubble\/\",\"url\":\"https:\/\/seattlebubble.com\/blog\/2006\/09\/01\/seattles-housing-barometer-bubble\/\",\"name\":\"Seattle's Housing Barometer: Bubble \u2022 Seattle Bubble\",\"isPartOf\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\"},\"datePublished\":\"2006-09-01T15:51:00+00:00\",\"author\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\"},\"breadcrumb\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2006\/09\/01\/seattles-housing-barometer-bubble\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/seattlebubble.com\/blog\/2006\/09\/01\/seattles-housing-barometer-bubble\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2006\/09\/01\/seattles-housing-barometer-bubble\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/seattlebubble.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Seattle&#8217;s Housing Barometer: Bubble\"}]},{\"@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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I&#8217;ll admit that I&#8217;ve never heard of John Burns Real Estate Consulting, and considering the relative lack of coverage of their most recent...","twitter_creator":"@The_Tim","twitter_site":"@SeattleBubble","twitter_misc":{"Written by":"The Tim","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/seattlebubble.com\/blog\/2006\/09\/01\/seattles-housing-barometer-bubble\/","url":"https:\/\/seattlebubble.com\/blog\/2006\/09\/01\/seattles-housing-barometer-bubble\/","name":"Seattle's Housing Barometer: Bubble \u2022 Seattle Bubble","isPartOf":{"@id":"https:\/\/seattlebubble.com\/blog\/#website"},"datePublished":"2006-09-01T15:51:00+00:00","author":{"@id":"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f"},"breadcrumb":{"@id":"https:\/\/seattlebubble.com\/blog\/2006\/09\/01\/seattles-housing-barometer-bubble\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/seattlebubble.com\/blog\/2006\/09\/01\/seattles-housing-barometer-bubble\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/seattlebubble.com\/blog\/2006\/09\/01\/seattles-housing-barometer-bubble\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/seattlebubble.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Seattle&#8217;s Housing Barometer: Bubble"}]},{"@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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