View Single Post
Old 04-25-2012, 11:58 PM   #27
Marin
Scraping Paint
 
City: -
Join Date: Oct 2007
Posts: 13,745
Quote:
Originally Posted by Budds Outlet View Post
News today on Seattle radio station was that in King County (Seattle) over 40% of homes were distressed sales, that is they were being sold for less than what was owed or already bank owned. In the neighboring counties the number was over 50%.
Right, BUT...... according to friends of my wife's who are in the high end of the real estate business, while prices are low the distressed sales are the result of people buying too much house several years ago betting the value would go up and then the bottom fell out and they are now upside down with their mortgages. So the making of the situation that was reported on the radio is not something new, but is something that was set up to happen several years ago.

What's happening today, according to people we know in the full-time real estate business, is that there is an increasing shortage of housing in the Puget Sound area, particulary in the greater Seattle-Bellevue-Redmond-Woodinville-Issaquah area and the competition for houses is getting fierce. Heard a realtor on the radio today saying that while many of the houses for sale are distressed or short sales, he is now getting multiple bids on every house he lists and the potential buyers are starting to bid the prices up again. The overall market is wonderful for buyers because the prices are still much lower than they were before the crash, but the prices are starting a steady climb upwards now.
Marin is offline   Reply With Quote