Seattle sees steep slide in home prices
"It looks like the Seattle market, which had been holding on through the early part of this year, is now beginning to buckle," said Lawrence Yun of the National Association of Realtors.
There is just no way I can remain silent after reading that. That's hitting a bit close to home, pun intended. I'm really starting to think I was being way too optimistic yet again. That's just so hard to believe. I'm about the most bearish person I know and have been since 2004. I started this blog thinking things would get very bad, but things got much worse than that though.
I never thought I'd see the day when the NAR admits that a market is beginning to buckle. By using the word "beginning" it implies that the NAR expects even more buckling. Wow. Do they not want their real estate agents to have any work here in Seattle? Who would buy a house if even more buckling is on the way?
Let me put this another way. The captain of the Titanic was not told the ship was "beginning to buckle" once the ship had already sunk and was resting on the ocean floor. Right? That would be a fairly useless warning. No, beginning to buckle is an early warning of what's to come. It is possible that hindsight will show that it was a false warning, but it is a warning just the same.
Seriously. I just can't get over it. Here's what my reaction would be if anyone ever told me something was beginning to buckle and I was even remotely near it.
I'd get the heck away from it!
It reminds me of Ghostbusters. We've finally reached the dogs and cats living together stage. Beginning to buckle is something I would expect a bear to say, not a pollyanna with a vested interest to put the most positive spin on the situation as was humanly possible. If the pollyannas are saying that the Seattle housing market is beginning to buckle, then what should the realists be saying? I hope it isn't...
This city is headed for a disaster of biblical proportions. - Dr. Peter Venkman
Human sacrifice, dogs and cats living together... mass hysteria! - Dr. Peter Venkman
Retail Standout Buckling Under To Recession
There are no guarantees, but teen apparel retailer Buckle (BKE) just might have put in a bottom. The stock buckled 70% in the two months through Nov. 20. It has since recouped up to 40% of that dive, although the stock has been sliding in recent weeks.
Slip sliding away
Slip sliding away
You know the nearer your destination
The more you're slip sliding away
And on that note...
Happy New Year!
2008 is finally behind us. 2009 here we come! Buckle up!
A Few Comments on September Existing Home Sales - A few comments ... • Once again housing economist Tom Lawler's forecast of 5.14 million SAAR was closer than the consensus (5.05 million) to the NAR report...
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