Sunday's artice in the Seattle Times about local home prices.
This Sunday the Seattle Times printed an article called "Home prices: from sizzle to simmer".
As we have seen; national house prices have been falling in cities such as Honolulu; Fort Lauderdale, Fla; and Merced, Calif. The National Association of Realtors forecasts prices will decline 1 percent this year.
What does this mean for Seattlites who are have been searching for their dreamhome?
The Northwest has yet to feel the effects of this nationwide condition, but you can't help but to ask if local property values will escape entirely unscathed.
The answer this article stated is that King County has felt the heat- but the result was a 13 percent appreciation rate so far this year.
13 percent appreciation? That hardly seems like a hit- But it is a decrease from the 16 percent appreciation seen in this area in 2006.
Lawrence Yun, the senior economist at the National Association of Realtors, states that Seattle-area prices will continue to climb this year and appreciation will "be above 5 percent. But hitting double-digits in 2007 may be somewhat difficult,".
Above 5 percent.
I hope they keep that information under wraps- otherwise I'm afraid we may find too many people moving to Seattle.
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