Seattle-area home prices experience fastest drop in U.S.

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Home prices in the greater Seattle area are falling faster than anywhere else in the U.S., our online news partner The Seattle Times reported.

Single-family home costs across the Seattle metro area declined 1.3 percent in September from a month prior, according to the Case-Shiller home-price index, released Tuesday. That follows a 1.6 percent drop the month before, and a 0.5 percent drop the month before that. No other metro area saw prices tick down more than 0.3 percent in the past month, The Times said.

Home prices are at $473,000 in Snohomish County, $335,000 in Pierce County and $334,000 in Kitsap County, all down slightly from the high-water marks set earlier this year.

You can read more in The Times story here.

5 Replies to “Seattle-area home prices experience fastest drop in U.S.”

  1. I feel like I was a lone voice, warning us about this. However, a point or two isnt what I’m talking about. Homes here could lose 40% their value. Vegas is the Seattle model.

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    1. Your lone voice was preaching what was already obvious to most of us. What went up the most is likely to come down the most.

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      1. Practically no on in real estate has ever heard of the Big Unwind. There are trillions of dollars of mortgages that are in a holding pattern on the Fed balance sheets. It’s arguably not possible to raise federal funds rates without affecting the market (that’s intuitive as you say), but in the context of both raising rates and deleveraging the balance sheet, there is no good outcome. The real estate industry is obtuse.

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  2. Not to speak of trillions in outstanding student loans and car loans. There was an article in the Seattle Times of 5/20/2018 (business section) about car repossessions: “Repo agents … in the $1.2 trillion U. S. auto loan market, which last year saw its highest delinquency rate since 2012.” Borrowed money, borrowed time…. till the next collapse. So, if a person sells his/her home and has several hundred thousand in the bank, what should that person do with the money? Buy real estate, buy bonds, buy stocks, bitcoin?

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    1. I also called the bitcoin collapse. I saved a friend a lot of money. Elena, you’re right. Low interest rates have encouraged tremendous mal-investment. The Great Depression was catalyzed by sub-prime tractor loans. There is a pantheon of mal-investment today. It could be the end of this country, in the same way Detroit ended, the country could be ended. The most solvent states could secede from the Union and could close their boarders. Republicans have really failed to follow through on any rhetoric.

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