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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: John Vosilla who wrote (304411)2/22/2011 8:20:55 PM
From: tejekRead Replies (1) of 306849
 
I would still expect most any area that shot up a lot during 2003-05 to have given most of it back in nominal terms by the time this is over....

But that's just it.......Seattle didn't shoot up......in fact, it lagged the nation during that time in terms of its median going up. Having said that, Seattle's median was already pretty high when the housing boom hit thanks to the migration of Californians to the area, enviromental concerns and a growing shortage of land.

Folks might not feel it as much there in price as Florida but the debt burden, exotic loans with little principle paydown the next 5-7 years and very high overall cost of ownership versus renting will hurt IMHO.

I got a straight loan @ 6% and put down half the purchase price. That's not that unusual here. Remember, Seattle has experienced a lot of startups in the last 20 years....MSFT, AMZN, FFIV, IMNX, DNDN, SGEN, EXPD.....that have created a lot of new millionaires. And given the area's socialist bent........a lot of average workers have become rich. I know a woman who worked for AMZN for 5 years as a shipping clerk and ended up with a 1000 shares which she cashed in at $110 per pop. She didn't get rich but she came up with some good cash she wouldn't have normally.

Here in FL people walk away from $300-400k mortgages of 2005 and another family member with still good credit buys a smaller home perhaps not as nice today for $60-80k setting up a much stronger foundation for little stress and successful equity accumulation this next cycle.

There are no cheap houses here inspite of what the median is saying. Plus what houses are cheaper are not in very good areas.....or are too far out. BTW the median for the city of Seattle has not dropped nearly as much as it has for the metro area. The houses that are seeing teh worst price drops are those in the collar counties or in first rin g suburbs that are not doing well.
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