If you live in the Seattle area, savor this time. It seems to me you and I live in a lush oasis of relative prosperity, surrounded by a grimy desert of gloomy economic news. There are no guarantees. Enjoy it while it lasts.
Oasis Seattle ~ Michael J. Parks
Homeowners in negative equity are driving prices up in certain U.S. markets by sitting on the sidelines and refusing to sell at a loss, CoreLogic suggested in its July MarketPulse report. The end result is a lower inventory of certain homes and rising prices on what homes do go up for sale.
“Negative equity is keeping many potential sellers out of the market, which keeps a lid on inventory and combined with the reduced flow of REO properties has led to much tighter market conditions for lower priced properties, particularly in the hardest hit markets,” CoreLogic said.
Long-shrinking homes begin to grow again ~ Seattle Times
Under Water ~ KBTC Public TV (video)