Follow us:

Northwest Voices

Seattle Times letters to the editor

November 11, 2008 at 4:03 PM

Northwest real estate

We’ll bounce back

Your recent front-page headline “Fear sinks homes sales” [page one, Nov. 7] is dangerously misleading. As a community, we need to come to grips with the realities of the real-estate situation in the Northwest. The fact is that prices went up too far and too fast. This rapid appreciation was not based on fundamental improvements in the economy, but rather a mixture of irrational exuberance and creative lending.

As the rest of the country is painfully learning, real-estate valuations can and do fall. For some reason, however, Seattle residents seem to be in denial that we will avert this crisis and home prices will rise again in the near future. Given our current economic environment and lack of available financing, sustainable growth in the industry will continue to be a fleeting memory for many years to come.

While I hate to be the bearer of bad news, I believe the sooner we accept this reality, the sooner we can get back to being a vibrant economy. That entails having real-estate valuations at a level where young adults can afford to buy a home. Only then will we have some semblance of stability in the markets. It is unclear where the pendulum needs to swing in order to make that a reality, but if the rest of the country is any indication, we are far from it in the Seattle region.

— Scott Weitz, Kirkland

Comments | More in Economy

COMMENTS

No personal attacks or insults, no hate speech, no profanity. Please keep the conversation civil and help us moderate this thread by reporting any abuse. See our Commenting FAQ.



The opinions expressed in reader comments are those of the author only, and do not reflect the opinions of The Seattle Times.


The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►
The Seattle Times

To keep reading, you need a subscription upgrade.

We hope you have enjoyed your complimentary access. For unlimited seattletimes.com access, please upgrade your digital subscription.

Call customer service at 1.800.542.0820 for assistance with your upgrade or questions about your subscriber status.

The Seattle Times

To keep reading, you need a subscription.

We hope you have enjoyed your complimentary access. Subscribe now for unlimited access!

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Activate Subscriber Account ►