But for the markets: “No Data is Good Data”
But these are still the good times.
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.