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Case Shiller October numbers out today..

deeplennondeeplennon
edited December 2007 in Seattle Real Estate
The October stats for Seattle...

YOY +3.30% (down from +4.69% in September)
MOM -0.94% (the worst MOM since Feb 1991)

Seattle is now off 1.27% from it's July 07 Case Shiller peak and has posted it's third and ever increasing MOM decline. The 3.3% YOY appreciation is the lowest since December 1996.

All 20 Case Shiller markets had price declines from September. The 10 city index posted a 6.7% YOY loss, the 20 city index was down 6.1%. Seattle is second for the second consecutive month behind Charlotte in over all appreciation after being top dog for quite some time. Portland rounds out the trio of YOY gaining markets, which is down from the quintet of gaining markets in September.

Comments

  • fasterfaster
    PI's article on it.

    http://seattlepi.nwsource.com/local/344 ... ing27.html
  • deejayohdeejayoh
    The sound off comments are pretty funny. same old tired arguments.
    These gloom and doom articles are so stupid and has the market here popped? No. It's slowing a bit, but in no way is Seattle in the same shape as Phoenix, Las Vegas, etc.

    The economy is reasonably strong here and so, these articles are just simply another way for the PI to get viewership on it's site and to sell newspapers.
    Sorry guys prices will not fall far. I would think they will probably not be this low again. You are not talking Detroit, where noone wants to live or even a Denver that has lots of space. You are talking about Seattle. Beautifull place, loads of stuff to do. The problem is there is no land left. With no new land to develop, increacing population, there is only one way houses will go and that is up up up.
    The "we're following Miami and San Diego" crowd is far too selective in their logic.

    To go their route, inventory would need to be much higher than ours. San Diego also has a much worse ratio of prices to incomes. Seattle has growth management, which has kept inventory from going nuts.

    The reduction we're seeing might be due to the difficulties with "jumbo" mortgages alone. Price drops at the high end reflect mortage rates a whole point higher for those properties.
    There is very little availiable property in the greater Seattle area. 130,000 new people have moved into the area since 2003. The economy is booming.

    And my personal favorite (as if politics had anything to do with it)
    Does this make sense to you?
    If not you are probably a Lib?
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