Seattle Equity Locusts Plague Small Western Towns!

[TJ_98370]

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Equity locusts from Seattle and a quote from Ben Jones!




...."The Pacific Northwest was a little bit late coming to the party," said Andrew Leventis, an economist with a federal housing agency. "The extreme appreciation over the past five or six years in the country only just began in the Northwest a few years ago."....

.....Bob Seltzer, a local real estate agent, said the boom in Wenatchee is being fueled by an influx of retirees from rain-plagued Seattle who are looking for warmer weather.

"The economy here does not support high-paying jobs," said Seltzer. But "people can come from Seattle and buy an equivalent house for half the price.".....

...."It's pretty plain to me that the same patterns that have played out in all these other inflated markets are playing out in the Northwest," said Ben Jones, a consultant who runs http://www.thehousingbubbleblog.com. "It's almost unavoidable. They (builders) are going to continue to build until there is no longer any profit in it."...
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