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They never really took that much of a down turn. With the exception of new constuction, home prices didn't really fall that much. What we have seen is a return to more normal appreciation rates and times for homes to be on the market before they sell. Properties that are priced correctly are still selling, and there are still buyers out here!
there are still buyers out there in Phoenix, and prices are down 30%...
Seattle is Phoenix 18 to 24 months ago. Realtors just as ridiculous as Jacjquie falls off a cliff said precisely the same things in Phoenix 2 years ago.
Like I give a flying fig what prices in Seattle are ?
Seattle is Phoenix 18 to 24 months ago. Realtors just as ridiculous as Jacjquie falls off a cliff said precisely the same things in Phoenix 2 years ago.<---You see how narrow minded you are. Here's why 1) Seattle didn't hit the subprime mortgage like it did in Phoenix.2) Seattle wasn't speculated market as Phoenix area. 3) Foreclosure in Seattle area is 1 in 1027 as oppose to Phoenix 1 in 132 households. 4) 1 in 5 local jobs in Phoenix is related to housing industry while Seattle is 1 in 17 local jobs are related to housing industry. You see, our local jobs are more diversified. 5) Our local economy are more stable due to big companies in our area like Boeing, Microsoft, Amazon.com, Costco, etc. etc. and of course our "lame duck" Zillow are base in Seattle. Dooming is cheap and you are pretty good in running your mouth off hoping your "cyber followers" will fall for your absurd ideas!
and 2 years ago, foreclosures in phoenix were also 1 in 1000+!!!
you so funny dude!!!
Seattle economy might not get hit as hard, but it is so much more overpriced, that a 25% fall in seattle is equal to a 50% fall in phoenix! a dollar is a dollar bro, no matter how you choose to lose it!
Here's the final deal for you azrob,"so called expert" Month over Month for April surge in Sales per Case
shiller.
april is always busier than march, they don't call it the "spring home buying season" for nothing bro!
Intially I ignored this thread because I though it was obsurd. Prices aren't going up in Seattle according to this sale. If the author had only read the rest of the link he would have seen that there was no reported price at the time. Since then more information has been posted. This house was originally listed 11 months ago for 30k more then the current listing price and we don't know what the current sale price even is. This poster has posted a link that only proves that this house sold for less and took 11 months to sell. So from this he deducts that prices are going up. This is even beyond fuzzy math !!!!!
Seattle didn't hit the subprime mortgage like it did in Phoenix. yeah we did, lol
4) 1 in 5 local jobs in Phoenix is related to housing industry while Seattle is 1 in 17 local jobs are related to housing industry where did ypu get that statistic? crazy, but believable
"april is always busier than march, they don't call it the "spring home buying season" for nothing bro!"
Doomers Nightmare said that home prices are up MOM, not home sales. Why would home prices be seasonable?
"surge in sales" ... doesn't sound like price to me, sounds like number of sales...
You might want to go back up and read what DM wrote (spread over 2 posts):
Here's the final deal for you azrob,"so called expert" Month over Month for April surge in Sales per Case shiller."
Case Shiller tracks prices, not sales. And DM is right. Seattle was 1 of 8 metro areas to see a MOM increase in PRICES according to the Case Shiller index.
[insult removed]
go us! i kindof think a few of our neighborhoods are bubbly(everything North of seattle is way overpriced for being as... well "working class" as it is, lol.
everet and kirkland specificly ought to knock 100k off their prices
Everett and Kirkland specifically ought to knock 100k off their prices
[insults removed]
you use the word "surge" to describe seattle's 0.7% price increase, month over month??? I'd wait 6 months or so, to see if this is a trend, or just a flutter, but hey I'm not desperate to jump to a conclusion...
i am curious, i have always heard that " only desperate sellers sell during the holidays, and that you can "get better deals over the winter" but i never thought to ask: is there a normal price slide over the winter? or is a .02% drop in median home prices going to signal the end of the world
everet and kirkland specificly ought to knock 100k off their prices<---HA! Goodluck with that! You might get lucky if the seller gives you 3% percent towards your downpayment! Sadly, even Homebuilders are not discounting their listing prices but they are giving away upgrades, downpayment assistance or towards closing cost!
"4) 1 in 5 local jobs in Phoenix is related to housing industry while Seattle is 1 in 17 local jobs are related to housing industry where did ypu get that statistic? crazy, but believable"
I don't know the source of this data, but I saw the governor of Arizona on MSNBC a few weeks ago (I am a cable news junkie) and she said that Arizona has a higher percentage of jobs that are housing related than most other states.
alps, I won't disagree with that. You know me, while I may predict housing drops almost everywhere, I am particularly bearish on my own market: Phoenix. I think we will have a worse recession than most other places (well socal, nevada, and florida will be in the running)
When Phoenix pulls out of this, it will be a different city than it is today. Heck, we've got tons of sunshine, maybe solar power will take off. And, we have cheaper cost of living, our median home is down to about 200K now. give it another 6 months, maybe it will be down to 170k or 160k or so, a very reachable number for anybody with an ok job.
Its going to be rough for a while now, but Phoenix will rise from the ashes again, just like whats that legendary bird?
NTETS.....January is ALWAYS our slowest month.....If you lay year over year charts on top of each other, they will track each other almost always, with January slowest, then December, then February.....Etc/......
Don't have the figures at fingertips, but its more than an inconsequential drop....
Azrob, I've noted that the one ingredient you continue to not include in your calculations is the retiring baby boomers. Phoenix as well as the entire state of Arizona is in the sunshine belt. Generally people don't retire to places like New Jersey or Seattle. With the baby boomers being on the verge of retiring I would think that the long term future (next 10 years) for Arizona looks bright. If you can over come your water issues. Then again water shortages could be a god sent. Putting no-growth issues in the fore front. That in turn would drive prices higher. I don't hear to much about your water issues in Arizona but I would find it hard to believe that you don't have significant water issues which eventually will curtail growth.
Our water issues are nothing compared to Los Angeles's water issues, we sell a great deal of our allocation to southern california. The city could probably cut usage by 75% if they raised prices, we still pay very little per gallon here.
I can't see retirees coming en masse to Phoenix, I wouldn't let my mother live here. Its a big crowded fast driving city, with a significant crime problem in the poorer parts. So, you'd have to buy way up from median home, to live in a nice part of town.
Other parts of AZ might well see an influx of retirees: Payson, Prescott, Sedona etc. and other high country towns.
Second off, most potential retirees in America were counting on home equity to fund part of their retirement, I foresee many more people working much later into their golden years than ever before.
... and, it's free and anonymous
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