Writings and observations

41% down

This was totally predictable – we predicted it here – but it is still apt to come as a shock: Home sales in Seattle are off 41% from last year, and house prices are dropping fast too, with western median prices off by a quarter.

Prices were shooting up far higher and faster than all but a sliver of people could afford. How could the end result of that bubble be anything other than what we’re seeing now?

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