{"id":741,"date":"2007-03-29T16:58:00","date_gmt":"2007-03-29T23:58:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=741"},"modified":"2007-03-29T16:58:00","modified_gmt":"2007-03-29T23:58:00","slug":"spot-the-fundamentals-addendum","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2007\/03\/29\/spot-the-fundamentals-addendum\/","title":{"rendered":"Spot the Fundamentals, Addendum"},"content":{"rendered":"<style>.CNNTable {margin: 5px auto;} .CNNTable td {padding: 0px 5px; text-align: center; font-size: .9em;} .top_row {font-weight: bold;}<\/style>\n<p><b>Fact:<\/b>  As of 2005, Seattle area per capita income is the 15th highest in the nation (<a href=\"http:\/\/www.bea.gov\/scb\/pdf\/2006\/09September\/0906_Metro.pdf\" title=\"Personal Income for Metropolitan Areas for 2005\">source<\/a>).<\/p>\n<p><b>Fantasy:<\/b> &#8220;That pretty much says it all.&#8221;  i.e. &#8211; Incomes in the Seattle area are so high, that it doesn&#8217;t matter how slowly they are growing.  High incomes alone will keep home prices from falling.<\/p>\n<p><b>Reality:<\/b> Of the six metro areas with higher per capita incomes than Seattle in 2005 that are included in the S&#038;P\/Case-Shiller Home Price Index, <b>all six<\/b> have experienced YOY home price declines in the past year (<a href=\"http:\/\/www2.standardandpoors.com\/spf\/pdf\/index\/032707_homeprice.pdf\" title=\"The New Year Begins With Negative Returns According To The S&#038;P\/Case-Shiller\u00ae Home Price Indices\">source<\/a>).  Three of the six have experienced a <i>smaller<\/i> total increase in home prices since 2000 than Seattle.<\/p>\n<p>The table below shows Seattle and the six other metro areas with larger per capita incomes that are also covered by the S&#038;P\/Case-Shiller Home Price Index.  &#8220;S&#038;P HPI&#8221; values are normalized to 100 in January 2000, so the present value (January 2007) indicates how much home prices have risen since then.<\/p>\n<table class=\"CNNTable\" border=\"1\" cellpadding=\"0\" cellspacing=\"0\">\n<tbody>\n<tr class=\"top_row\">\n<td>Rank<\/td>\n<td>Metro Area<\/td>\n<td>S&#038;P HPI<\/td>\n<td>YOY Chg<\/td>\n<\/tr>\n<tr>\n<td>2<\/td>\n<td>San Francisco, CA<\/td>\n<td>211.77<\/td>\n<td style=\"color: #FF0000; weight: bold;\">-1.4%<\/td>\n<\/tr>\n<tr>\n<td>4<\/td>\n<td>Washington, DC<\/td>\n<td>238.05<\/td>\n<td style=\"color: #FF0000; weight: bold;\">-3.9%<\/td>\n<\/tr>\n<tr>\n<td>5<\/td>\n<td>Boston, MA<\/td>\n<td>168.28<\/td>\n<td style=\"color: #FF0000; weight: bold;\">-5.6%<\/td>\n<\/tr>\n<tr>\n<td>8<\/td>\n<td>New York, NY<\/td>\n<td>211.50<\/td>\n<td style=\"color: #FF0000; weight: bold;\">-0.9%<\/td>\n<\/tr>\n<tr>\n<td>13<\/td>\n<td>Denver, CO<\/td>\n<td>135.86<\/td>\n<td style=\"color: #FF0000; weight: bold;\">-1.1%<\/td>\n<\/tr>\n<tr>\n<td>14<\/td>\n<td>Minneapolis-St. Paul, MN<\/td>\n<td>167.98<\/td>\n<td style=\"color: #FF0000; weight: bold;\">-0.9%<\/td>\n<\/tr>\n<tr>\n<td>15<\/td>\n<td>Seattle, WA<\/td>\n<td>183.92<\/td>\n<td style=\"color: #008000; weight: bold;\">+11.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Seattle definitely sticks out as an apparent winner, for now.  Honestly, I don&#8217;t know the reason that prices are continuing to rise here, but I do know some things that are <i>not<\/i> the reason, and &#8220;high incomes&#8221; is one of those things.<\/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>Fact: As of 2005, Seattle area per capita income is the 15th highest in the nation (source). Fantasy: &#8220;That pretty much says it all.&#8221; i.e. &#8211; Incomes in the Seattle area are so high, that it doesn&#8217;t matter how slowly they are growing. High incomes alone will keep home prices from falling. Reality: Of the&#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":[],"tags":[90,61,62],"coauthors":[],"class_list":["post-741","post","type-post","status-publish","format-standard","hentry","tag-seattle_is_special","tag-fundamentals","tag-income"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Spot the Fundamentals, Addendum \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\/2007\/03\/29\/spot-the-fundamentals-addendum\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Spot the Fundamentals, Addendum \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"Fact: As of 2005, Seattle area per capita income is the 15th highest in the nation (source). Fantasy: &#8220;That pretty much says it all.&#8221; i.e. &#8211; Incomes in the Seattle area are so high, that it doesn&#8217;t matter how slowly they are growing. High incomes alone will keep home prices from falling. Reality: Of the...\" \/>\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\/2007\/03\/29\/spot-the-fundamentals-addendum\/\",\"url\":\"https:\/\/seattlebubble.com\/blog\/2007\/03\/29\/spot-the-fundamentals-addendum\/\",\"name\":\"Spot the Fundamentals, Addendum \u2022 Seattle Bubble\",\"isPartOf\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\"},\"datePublished\":\"2007-03-29T23:58:00+00:00\",\"author\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\"},\"breadcrumb\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2007\/03\/29\/spot-the-fundamentals-addendum\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/seattlebubble.com\/blog\/2007\/03\/29\/spot-the-fundamentals-addendum\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2007\/03\/29\/spot-the-fundamentals-addendum\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/seattlebubble.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Spot the Fundamentals, Addendum\"}]},{\"@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. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.\",\"sameAs\":[\"http:\/\/SeattleBubble.com\/\",\"http:\/\/facebook.com\/is.totally.pointless\",\"https:\/\/x.com\/The_Tim\"],\"url\":\"https:\/\/seattlebubble.com\/blog\/author\/timothyellis\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Spot the Fundamentals, Addendum \u2022 Seattle Bubble","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/seattlebubble.com\/blog\/2007\/03\/29\/spot-the-fundamentals-addendum\/","twitter_card":"summary_large_image","twitter_title":"Spot the Fundamentals, Addendum \u2022 Seattle Bubble","twitter_description":"Fact: As of 2005, Seattle area per capita income is the 15th highest in the nation (source). Fantasy: &#8220;That pretty much says it all.&#8221; i.e. &#8211; Incomes in the Seattle area are so high, that it doesn&#8217;t matter how slowly they are growing. High incomes alone will keep home prices from falling. Reality: Of the...","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\/2007\/03\/29\/spot-the-fundamentals-addendum\/","url":"https:\/\/seattlebubble.com\/blog\/2007\/03\/29\/spot-the-fundamentals-addendum\/","name":"Spot the Fundamentals, Addendum \u2022 Seattle Bubble","isPartOf":{"@id":"https:\/\/seattlebubble.com\/blog\/#website"},"datePublished":"2007-03-29T23:58:00+00:00","author":{"@id":"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f"},"breadcrumb":{"@id":"https:\/\/seattlebubble.com\/blog\/2007\/03\/29\/spot-the-fundamentals-addendum\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/seattlebubble.com\/blog\/2007\/03\/29\/spot-the-fundamentals-addendum\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/seattlebubble.com\/blog\/2007\/03\/29\/spot-the-fundamentals-addendum\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/seattlebubble.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Spot the Fundamentals, Addendum"}]},{"@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. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.","sameAs":["http:\/\/SeattleBubble.com\/","http:\/\/facebook.com\/is.totally.pointless","https:\/\/x.com\/The_Tim"],"url":"https:\/\/seattlebubble.com\/blog\/author\/timothyellis\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p6wh0F-bX","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/posts\/741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/comments?post=741"}],"version-history":[{"count":0,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/posts\/741\/revisions"}],"wp:attachment":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/media?parent=741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/categories?post=741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/tags?post=741"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/coauthors?post=741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}