Home prices rising faster than any other state

[Ultrarunner]

In California it would be the Franchise Tax Board.

[G Easton]

Originally Posted by notnamed

Our realtor is saying that a bubble burst is coming in a year and a half as average incomes are not keeping up.

Article that might be of interest...

Obama is setting us up for another housing crash | New York Post

http://nypost.com/2016/03/12/obama-is-setting-us-up-for-another-housing-crash/

[CrazyDonkey]

Originally Posted by G Easton

Article that might be of interest...

Obama is setting us up for another housing crash | New York Post

Obama is setting us up for another housing crash | New York Post

719 is actually a "good" credit score. Average credit scores are actually going up (currently at 695). Are you claiming that only those with "excellent" credit scores should be able to buy houses? The article looks to be a one-sided political "hit" piece.

For the bubble leading up to the GR, demand from less-credit-worthy buyers (who were heavily "sold" on home ownership, often with predatory "balloon" loans they were promised could be refinanced) was only half the story - the other half was the amortization and leveraging of risk, where most of the gains (and losses) were made, and which was driving the hard sell to recruit new buyers.

The problem in the Seattle area is a combination of high demand and low supply. Buying frenzies here are more likely to be two or more buyers of means (and excellent credit scores) bidding up higher in-demand/shorter in-supply properties (better schools, shorter commutes, and lower crime), pulling up housing values generally. These people aren't likely to be signing sub-prime mortgages with huge balloon payments.

[pnwguy2]

Originally Posted by mhays25

It's legal, but it's not terribly patriotic. It's a loophole to avoid paying your fair share, and putting your own wallet before your country (and state).

However, it is only unpatriotic as it relates to State rights. There is nothing unpatriotic on a national scale about crossing State borders to save money. But these are word games at the end of the day.

The biggest tax savings are on major appliances, furniture, or other big ticket items. Vehicles and boats don't count, and you will be flagged on those purhcases. Liquor is another biggie with prices about 40% higher in WA over OR and ID. This is why residents of Vancouver, Tri-Cities, Walla Walla, Clarkston, and Spokane make trips across the border for cheaper alcohol. However, OR is considering similar privatization, which likely would allow them to greatly increase their tax.

[Upthewazzu]

Housing prices have skyrocketed here in Pullman. My neighbor bought his ~1700sq ft house in '09 (new build) for $170k and sold it last summer for $245k. You can't get anything decent for under $225 and even that is really pushing the low end. A "normal" house will set you back $300+.

It really really sucks if you're a first time home buyer (like we were in '09). I have no idea how you could afford a house these days.

[CrazyDonkey]

Hopefully supply will catch up to demand, causing values to at least plateau and give the average consumer's income a chance to catch up. Public policy needs to encourage or mandate adding supply in other segments than the top of the market.

Still, what has been usual, a house and a yard in the suburbs, might increasingly be the exception in the future.

[mhays25]

Originally Posted by pnwguy2

However, it is only unpatriotic as it relates to State rights. There is nothing unpatriotic on a national scale about crossing State borders to save money. But these are word games at the end of the day.

The biggest tax savings are on major appliances, furniture, or other big ticket items. Vehicles and boats don't count, and you will be flagged on those purhcases. Liquor is another biggie with prices about 40% higher in WA over OR and ID. This is why residents of Vancouver, Tri-Cities, Walla Walla, Clarkston, and Spokane make trips across the border for cheaper alcohol. However, OR is considering similar privatization, which likely would allow them to greatly increase their tax.

It's gaming the system to not pay your fair share, which seems unpatriotic to me. Which level of government isn't terribly important.