Weakening economy? Falling house prices? Credit Crunch? (Seattle, Lynnwood: short sales, foreclosures)

[Freebird2007]

Apparently not in the Seattle area.


Homes in Lynnwood, Mill Creek, Mukilteo have barely been reduced with the most being around $10k. Houses are still being built and they are being sold as well. No signs of foreclosures other than the 1930s style rambler that belonged to some deadbeats.

So where are these people that can't afford to make housing payments? Or desperately need to sell their houses? Some people are scoffing at reducing their prices by $20k or more.

[Ira500]

There are currently 600+ homes in King County that are being sold as short sales( pre-foreclosures) and plenty in Snohomish and Pierce County as well.
Freebird, do you have any statistical evidence to back up your claim?
I run into newer homes in the Seattle area where prices have been dropped by 60-80 thousand dollars, and inventory of unsold homes is at it's highest level in many years.
Yes, areas very near major employment centers are doing pretty well, but to single out a place like Lynnwood as a place defying the national trend somehow seems a little naive.

[Freebird2007]

Originally Posted by Ira500

There are currently 600+ homes in King County that are being sold as short sales( pre-foreclosures) and plenty in Snohomish and Pierce County as well.
Freebird, do you have any statistical evidence to back up your claim?
I run into newer homes in the Seattle area where prices have been dropped by 60-80 thousand dollars, and inventory of unsold homes is at it's highest level in many years.
Yes, areas very near major employment centers are doing pretty well, but to single out a place like Lynnwood as a place defying the national trend somehow seems a little naive.

I am looking to buy a house....so cold hard statistical facts...don't have any. I am just going by simple observation. Chase, Wells Fargo, Wamu don't have much listed for foreclosures and according to the www.NWMLS.com ( I have access) there aren't that much short sales either (decent homes that is...not the 80yo ramblers)


Sure I have seen cases of prices dropping $40-70k....but those houses were multimillion dollar houses in Mukilteo. Look around the new developments around the Lynnwood area....you will see that most have been reduced by no more than $10k, and supplies are dropping.



Did I single out just Lynnwood? If I am not mistaken, I also listed Mill Creek and Mukilteo.

[Freebird2007]

FYI, from todays news
W. Washington home sales climbed in June | KOMO News - Seattle, Washington | Local & Regional

[CityGirl72]

The foreclosures are also determinant on which area of King County you are looking in

We don't have hardly any ( if at all) in the Greenlake Ravenna area

[Ira500]

Freebird,
Sorry if my last post came off as knowitallish, having reread my post I didn't like my tone.
It's interesting how the media spins things. What you cited had the headline "Sales up in June", but what it didn't say was that sales were WAY down from June a year ago, and that sales are almost always up in the summer.
And, you're also right about current home prices in those areas not dropping much in price. but I'm not sure what that indicates. If would be more telling to find similar homes that were sold a year ago and compare the selling prices then to what the asking prices are now. My guess is that the asking prices now are lower, so even though the sellers haven't "lowered" their prices, the asking prices might be significantly lower than asking prices were a year ago.
Again, I'm sorry for my tone, I'm usually much friendlier than that.

[happycamper5]

where have u been? it started 8 years ago!

[happycamper5]

Have no fear obama is here!.....lol

[Freebird2007]

Originally Posted by Ira500

Freebird,
Sorry if my last post came off as knowitallish, having reread my post I didn't like my tone.
It's interesting how the media spins things. What you cited had the headline "Sales up in June", but what it didn't say was that sales were WAY down from June a year ago, and that sales are almost always up in the summer.
And, you're also right about current home prices in those areas not dropping much in price. but I'm not sure what that indicates. If would be more telling to find similar homes that were sold a year ago and compare the selling prices then to what the asking prices are now. My guess is that the asking prices now are lower, so even though the sellers haven't "lowered" their prices, the asking prices might be significantly lower than asking prices were a year ago.
Again, I'm sorry for my tone, I'm usually much friendlier than that.

No prob.


Yeah the media spins a lot but there are some truths. And yes, home sales are down....but that doesn't necessarily mean a bad thing. It could mean some people have decided not to sell their homes because of depressed prices or buyers are waiting longer to see how much more it will fall (like me!)

With all this moaning about subprime woes I figured there would be more foreclosures, houses selling for waaaay cheaper. But thats not the case in the southern part of Snohomish County.



thats all I was saying....an observation

[VeronikaW]

There are some nice new foreclosures all over the Highlands, my mom sent me the listings.

V. =)