Sunday, February 19, 2006

Ready to Pop?
The Seattle Real Estate Blog I

Today the Seattle Post-Intelligencer published an article by staff reporter Elizabeth Rhodes entitled
Ready to Pop? This article pertains directly to the bubble issue we wrote about in the last post, and you can find the article in the Real Estate section on page G1 of the PI.

Lawrence Yun, the senior economist for the National Association of Realtors, was quoted throughout the article, as were economist and Publisher of the Puget Sound Economic Forecast Dick Conway and local labor economist Roberta Pauer. Yun stated that, "getting double digit appreciation will be an easy task for Seattle" for the next two years.

Yun cited the significance of our labor market, especially the quality of jobs that are available in Seattle, and the fact that our recent appreciation rates have been moderate compared to other west coast cities as factors encouraging the stable growth of real estate values in our fair city. A tight supply of existing homes and a shortage of available land for new construction were also cited in the article as important factors. While Yun's forecast for growth of real estate prices in Western Washington is more optimistic than the predictions of Conway and Pauer, all three agree that we are likely to significant continued growth in our region's real estate prices.

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