The Seattle Times today reports on the most recent Northwest Multiple Listing Service numbers: "The 11 percent decline was the first double-digit year-over-year drop for King County since the subprime-mortgage crisis turned the market on its head."
This means that homeowners who have been counting on their home equity are seeing a big loss, but it also means that people who are ready to buy a home are finding better deals - if they can get the financing.
It also appears that the price declines are hitting the higher end of the market harder:
In West Seattle, the median selling price for single-family homes dropped 13 percent from last August's level, from $428,500 to $374,000. That's partly because lower-priced houses in neighborhoods such as Delridge and White Center are selling well, and higher-priced houses aren't, Howard said.
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