Wednesday, September 05, 2007

Why write about Seattle real estate now?

http://www.blogger.com/img/gl.link.gifWhy would anyone want to write about Real Estate now, especially Seattle real estate at this point? I would, because the numbers are getting bad to worse, and as i write the Pending Home sales June to July down 12.2% from June. Check out the latest at http://realtycheck.cnbc.com. Year to year trend is down heavily, and the numbers are likely to be driven by fear. The west was down 20%, meaning west is always the latest.

Where is the bottom? I think we are at the close to the bottom. The Fed now needs to help the real estate market. So what is the deal with Seattle Washington real estate? Here is an article of the real estate market from Associated Press yesterday.

Here is the link to the article, I received this along with Keller Williams North Seattle real state agents in the office I use to work in. I am so confident that the real estate market in Seattle. "Washington state led the nation with the number of cities in the top 20 for appreciation with five. In order, there are: Wenatchee (up 23.54 percent), Longview (up 13.6 percent), Seattle/Bellevue/Everett (up 9.89 percent), Tacoma (up 9.34 percent) and Spokane (up 9.3 percent). And, the state had no cities in the bottom 20, which were located primarily in California and Florida.

Washington state ranked third, with appreciation at 9.12 percent, behind Utah at 15.28 percent and Wyoming at 12.84 percent."

http://seattletimes.nwsource.com/html/realestate/2003860505_webhomeprice30.html

yes, I have been blogging about Seattle real estate market bubble, on my real estate blogs for the last 4 years.

4 Comments:

Blogger sdfsbo said...

Hi, interesting blog. Thanks for the read!

I just noticed in today’s headlines that the Realtors pending home sale index fell by 12.2% for July 2007. This is a huge drop especially considering that most economists thought it would only be off by 2%.

Today I noted in a San Diego real estate broker’s blog (http://www.brokerforyou.com/brokerforyou/) an interesting post about this as well as some really eye opening statistics for the San Diego real estate market.

You definitely want to view the chart posted on August 27th showing the one year value decline for condominiums in the San Diego area. This chart shows that in one zip code, values were off by over 34.2% in just this time period. When one considers that the top of the market was actually sometime around the summer of 2005, there is a good possibility that before this is over, some real estate values could be off by 50% or more from their peak.

4:59 PM  
Blogger sdfsbo said...

Hi, interesting blog. Thanks for the read!

I just noticed in today’s headlines that the Realtors pending home sale index fell by 12.2% for July 2007. This is a huge drop especially considering that most economists thought it would only be off by 2%.

Today I noted in a San Diego real estate broker’s blog (http://www.brokerforyou.com/brokerforyou/) an interesting post about this as well as some really eye opening statistics for the San Diego real estate market.

You definitely want to view the chart posted on August 27th showing the one year value decline for condominiums in the San Diego area. This chart shows that in one zip code, values were off by over 34.2% in just this time period. When one considers that the top of the market was actually sometime around the summer of 2005, there is a good possibility that before this is over, some real estate values could be off by 50% or more from their peak.

4:59 PM  
Blogger Joe Kennedy said...

I'm still blogging about real estate in the Seattle area (mostly the Eastside) because I feel it to be my duty to call BS on the so called "professionals" who say that our area is bubble proof. See recent post at: http://aaalistshomes.com/index.php?option=com_content&task=view&id=19&Itemid=2

The most recent troubles for real estate in our area are just begining and are nowhere near the bottom.

4:30 PM  
Blogger myTypes said...

Good Job, I have been guilty of being too radical honest about the coolade served by most real estate agents. I think consumers need the truth, but I am not sure how much longer the real estate bottom will last. Usually real estate is like everything else, it's about the jobs and macro and micro mixes of economic growth. Thanks for posting and I will link to your site from our main blog website later at www.MyTypes.com, we are doing a system update there. We have over 2,400 blogs on that system. Growing faster than we thought we would.

5:29 PM  

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