Lawrence Yun on Seattle: No market recovery in sight.

The_Tim

Pending Sales Surge Where Foreclosures Purge (emphasis mine)

Forbes.com wrote:

Yun described the trend [of declining home prices] as a "positive" noting that the areas with recovering planned sales also have high rates of foreclosure. In contrast, sales in areas such as Austin, Nashville and Seattle, where home prices peaked a year ago and continue to hang on, there is no market recovery in sight. Yun said: "Buyers are simply unable able to afford these higher prices."

Wow, that's quite a change of tune for Mr. Yun, who just four months ago said this:

Lawrence Yun wrote:

You may even say Seattle is underpriced if you believe Seattle is becoming a superstar city. Seattle is underpriced in relation to other West Coast markets.

sorin

Thanks for the link. Wow, so even the NAR's chief economist is publicly saying that Seattle is overpriced and due to drop. Apparently he forgot to drink his pink kool-aid and started looking at the data.

Really though, it isn't hard to see that affordability is shot. It's about time the NAR started acknowledging that a price correction is necessary.