Percentages and time lines are according to CNNMoney.com http://cgi.money.cnn.com/tools/homepricedata/index.html?market=7WA (FiServ Source)
The forecast for Seattle, Bellevue, and Everett home prices for 2010 is that prices will suffer a decline of -2.3% for the time period of June 30, 2009 – June 30, 2010. Real estate national median home prices are also expected to drop nationwide 11% by June 30, 2010. By 2011, home prices will rise +6.2% in the Seattle, Bellevue, and Everett real estate markets, making it a total increase in homes values of 3.9% by June 2011. Depending on the interpretation of these percentages, this looks like good news. My advice to home buyers looking for homes for sale in Seattle, homes for sale in Bellevue, and other areas where this data is relevant is to focus not alone on these numbers, but to buy real estate based on future returns and looking at real estate as a long term investment. There is no guarantee. Final Thought, I'm not sure what part in these percentages the resetting of Alt-A mortgages takes place, but it will be interesting to see once they start to reset here in 2010 and 2011, how many loans will go into default and follow into foreclosure in Bellevue, Seattle, and other King County cities.
To Search for homes in Seattle, Bellevue and other WA areas, please visit my websites at: www.FreeForeclosedHomeTours.com or Alex Mont-Ros Home Search
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Should be an interesting year for Seattle real estate. The foreclosures surely haven't all been shaken out yet, but there has been some quality buying activity lately.
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