With Seattle’s economy still strong, the downturn isn’t caused by layoffs & defaulting mortgages. The fabulous bubble has run out of steam on its own
But this time it’s not a result of a tech bust. That hasn’t happened yet.
Sales decline to steepen, no respite in sight.
Homebuilders, a bedraggled bunch, breathe a sigh of relief, but get crushed anyway.
Seattle house prices drop 4.4% in four months, biggest drop since Housing Bust 1; Prices deflate in San Francisco Bay Area, San Diego, Denver, and Portland.
Existing home sales across the US drop 7% from a year ago, plunge 15.4% in the West.
Peak “Everything Bubble?” The data is piling up.
House prices down $265,000 from peak, down $60,000 from year ago. America’s most majestic housing bubble begins to deflate.
Homebuilder Toll Brothers just said it out loud.
The underlying dynamics changed in August and have worsened since. And this is still the tech boom.