Increase in unemployment, and decrease in medium income?
Has anyone thought about digging into our wonderful state's employment number in real estate/mortgage/construction related field and its associated income?
One of the biggest argument early on in Seattle's market was the fact that we had several booms, one in early 80's and another in 90's, none of which had dramatic downfall afterwards. The recorded real estate busts elsewhere were attributed to big layoff related to oil and other major local layoffs.
It's for fact that real estate had HUGE increase in sales people, office and brokerage. Mortgage was harder to track due to lack of registration/license required. Of course construction had the same boom.
Bottom line is (I am watching football and can't concentrate), I think we're in deep shit.
One of the biggest argument early on in Seattle's market was the fact that we had several booms, one in early 80's and another in 90's, none of which had dramatic downfall afterwards. The recorded real estate busts elsewhere were attributed to big layoff related to oil and other major local layoffs.
It's for fact that real estate had HUGE increase in sales people, office and brokerage. Mortgage was harder to track due to lack of registration/license required. Of course construction had the same boom.
Bottom line is (I am watching football and can't concentrate), I think we're in deep shit.