{"id":8032,"date":"2009-11-20T06:44:49","date_gmt":"2009-11-20T14:44:49","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=8032"},"modified":"2009-11-20T06:44:49","modified_gmt":"2009-11-20T14:44:49","slug":"home-prices-going-back-down-in-2010","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2009\/11\/20\/home-prices-going-back-down-in-2010\/","title":{"rendered":"Home Prices Going Back Down in 2010?"},"content":{"rendered":"<p>An <a href=\"http:\/\/www.calculatedriskblog.com\/2009\/11\/few-house-price-forecasts.html\" title=\"A Few House Price Forecasts\">interesting post on Calculated Risk this morning<\/a> points out a few notable near-term home price predictions:<\/p>\n<p>Housing consultant Ivy Zelman <a href=\"http:\/\/www.nytimes.com\/2009\/11\/20\/business\/20mortgage.html\" title=\"U.S. Mortgage Delinquencies Reach a Record High\">via the New York Times<\/a>:<\/p>\n<blockquote><p>&#8230;home prices are going back down.<\/p><\/blockquote>\n<p>Moody&#8217;s chief economist Mark Zandi <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&#038;sid=akUXumKHhBNw&#038;pos=3\" title=\"Housing Recovery in U.S. Set Back to 2010 as Market Wanes\">via Bloomberg<\/a>:<\/p>\n<blockquote><p>I think we\u2019re going to see another leg down.<\/p><\/blockquote>\n<p>And Goldman Sachs chief economist Jan Hatzius:<\/p>\n<blockquote><p>Our current working assumption is a 5%-10% drop in home prices through the middle of 2010.<\/p><\/blockquote>\n<p>Note that these forecasts are all nationwide.  In most parts of the country home prices began falling a good year before Seattle, and had fallen further than Seattle before the <a href=\"http:\/\/seattlebubble.com\/blog\/2009\/10\/08\/8k-tax-credit-inefficient-expensive-economically-stupid\/\" title=\"$8k Tax Credit: Inefficient, Expensive, Economically Stupid\">inefficient, expensive, and economically stupid<\/a> tax credit put the brakes on the full return to affordable housing.<\/p>\n<p>If nationwide average home prices do indeed drop another 5-10% in the coming year, I suspect that Seattle area home prices will probably be down 10-15%.<\/p>\n<p>Oh and by the way, in case you didn&#8217;t see the news; as expected, a couple weeks ago <a href=\"http:\/\/globaleconomicanalysis.blogspot.com\/2009\/11\/45-billion-boondoggle-of-which-33.html\" title=\"$45 Billion Boondoggle of Which $33 Billion Goes To Homebuilders\">Congress passed an extension and expansion of the idiotic tax credit<\/a>.  The move was tacked onto a completely unrelated extension of unemployment benefits to assure that no congressman could vote against it (crap like that should be illegal), and is estimated to cost another $10 billion that we don&#8217;t have (so you can expect it to cost <em>at least<\/em> $20 billion).  Oh, and just for kicks they threw <b>$33 billion<\/b> in tax refunds to homebuilders into the bill, too.  Because the national debt just wasn&#8217;t big enough already.  Super!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An interesting post on Calculated Risk this morning points out a few notable near-term home price predictions: Housing consultant Ivy Zelman via the New York Times: &#8230;home prices are going back down. Moody&#8217;s chief economist Mark Zandi via Bloomberg: I think we\u2019re going to see another leg down. And Goldman Sachs chief economist Jan Hatzius:&#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":[198],"tags":[14,513],"coauthors":[],"class_list":["post-8032","post","type-post","status-publish","format-standard","hentry","category-news","tag-predictions","tag-tax-credit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Home Prices Going Back Down in 2010? \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\/2009\/11\/20\/home-prices-going-back-down-in-2010\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home Prices Going Back Down in 2010? \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"An interesting post on Calculated Risk this morning points out a few notable near-term home price predictions: Housing consultant Ivy Zelman via the New York Times: &#8230;home prices are going back down. Moody&#8217;s chief economist Mark Zandi via Bloomberg: I think we\u2019re going to see another leg down. And Goldman Sachs chief economist Jan Hatzius:...\" \/>\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\/2009\/11\/20\/home-prices-going-back-down-in-2010\/\",\"url\":\"https:\/\/seattlebubble.com\/blog\/2009\/11\/20\/home-prices-going-back-down-in-2010\/\",\"name\":\"Home Prices Going Back Down in 2010? \u2022 Seattle Bubble\",\"isPartOf\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\"},\"datePublished\":\"2009-11-20T14:44:49+00:00\",\"author\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\"},\"breadcrumb\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2009\/11\/20\/home-prices-going-back-down-in-2010\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/seattlebubble.com\/blog\/2009\/11\/20\/home-prices-going-back-down-in-2010\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2009\/11\/20\/home-prices-going-back-down-in-2010\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/seattlebubble.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Home Prices Going Back Down in 2010?\"}]},{\"@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":"Home Prices Going Back Down in 2010? \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\/2009\/11\/20\/home-prices-going-back-down-in-2010\/","twitter_card":"summary_large_image","twitter_title":"Home Prices Going Back Down in 2010? \u2022 Seattle Bubble","twitter_description":"An interesting post on Calculated Risk this morning points out a few notable near-term home price predictions: Housing consultant Ivy Zelman via the New York Times: &#8230;home prices are going back down. Moody&#8217;s chief economist Mark Zandi via Bloomberg: I think we\u2019re going to see another leg down. And Goldman Sachs chief economist Jan Hatzius:...","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\/2009\/11\/20\/home-prices-going-back-down-in-2010\/","url":"https:\/\/seattlebubble.com\/blog\/2009\/11\/20\/home-prices-going-back-down-in-2010\/","name":"Home Prices Going Back Down in 2010? \u2022 Seattle Bubble","isPartOf":{"@id":"https:\/\/seattlebubble.com\/blog\/#website"},"datePublished":"2009-11-20T14:44:49+00:00","author":{"@id":"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f"},"breadcrumb":{"@id":"https:\/\/seattlebubble.com\/blog\/2009\/11\/20\/home-prices-going-back-down-in-2010\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/seattlebubble.com\/blog\/2009\/11\/20\/home-prices-going-back-down-in-2010\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/seattlebubble.com\/blog\/2009\/11\/20\/home-prices-going-back-down-in-2010\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/seattlebubble.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Home Prices Going Back Down in 2010?"}]},{"@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-25y","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/posts\/8032","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=8032"}],"version-history":[{"count":0,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/posts\/8032\/revisions"}],"wp:attachment":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/media?parent=8032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/categories?post=8032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/tags?post=8032"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/coauthors?post=8032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}