(If Seattle ever gets another NBA team, will players be able to afford to live there?)
Some direct quotes from the latest article in the Seattle Times about the Not-A-Bubble in real estate…
““I think that’s just going to become the new norm. There are no signs of it slowing down”
“Some buyers are even coming out and saying ‘I am willing to buy X dollars over appraised value just to close the transaction”
“brokers say buyers are “over-confident” that they can sit on their houses and sell later because prices keep going up.”
With only the tiniest hint of incredulity (“the greater Seattle real estate market…somehow keeps picking up even more steam“), the article’s accepting tone is almost as revealing as the cited facts themselves. There is not even a passing mention of the unraveling of the real estate market at the end of the previous decade. (The question of a whether a bubble can form- let alone whether there already is one- gets addressed briefly, only to basically be dismissed.) There is no mention of how interests rates are STILL lower than the supposedly reckless 1.0% that Alan Greenspan left the Federal funds rate for roughly a year. (Rates have now been LOWER than that for EIGHT years.) Heck, there is no mention of interest rates AT ALL- just low inventory. I guess that explains the whole thing, huh?
What else can be said, that hasn’t been said so many times already…