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Saturday, November 28, 1981

Snow Day Open Thread

This is your open thread for today. Please post random links and off-topic discussions here.

Brr!

19 comments:

wreckingbull said...

Party is over for Paccar.

They had a good run, but one would be delusional if they thought it could go forever.

Hmm... that sounds familiar.

Brat said...

This is the result of the change in Fed requirements. Truckers placed orders earlier to avoid the increase in price, the laid off employees likely have been working a lot of overtime. You will see the same at Freightliner. The industry has been anticipating this for a couple years. The industry will turn around once truckers are forced to replace their equipment.

Mikhail said...

A local observation: inventory keeps falling like a rock in East Bellevue. ZipRealty only shows 61 active listings in my area as of Tuesday morning. That is down from the 90s less than a month ago.

Has some sort of buying frenzy broken out? I do notice more "sold" stickers on signs as I ride my bike around the area. Still, it's hard for me to understand why people have been more excited about buying in the midst of the lousy fall weather we've been having than they were during the summer.

Maybe people don't have as many recreational activities to keep them occupied during adverse weather?

Eleua said...

The National Association of Realtors said Tuesday that existing home sales edged up 0.5 percent to a seasonally adjusted annual rate of 6.24 million. It marked the first sales increase since February.

However, the median, or midpoint, price for a home sold dropped to $221,000 in October, a decline of 3.5 percent from a year ago. That was the biggest year-over-year price decline on record. It marked the third straight month that home prices have fallen compared to the same period a year ago, the longest stretch of such declines on record.


We have only begun to set records. Remember, none of the bulls even hinted at this, so disregard their calls for a booming Spring selling season.

This is going to be really, REALLY ugly.

octopuswithafez said...

Northwest Multiple Listing Service dumps Realtor.com

By AUBREY COHEN
P-I REPORTER

The Northwest Multiple Listing Service will stop sending its home listings to the nation's most popular real estate Web site in April.

Local real estate executives disagree over whether the move is about focusing the MLS on providing information to its members or making it harder for smaller brokers to reach home shoppers who use Realtor.com. Many brokers plan to continue sending listings to the site on their own.

From the PI
http://seattlepi.nwsource.com/business/293883_realtor28.html

WaitinginMarysville said...

"A local observation: inventory keeps falling like a rock in East Bellevue"

I think that the inventory drop is more due to the holiday season with people taking their homes off the market than from increased sales. When the sales numbers come out for this month we will know. Also, an area with less than 100 homes for sale will show more volitility than looking at, say, all of Bellevue.

Matthew said...

Meshugy,

Nice "mild" weather we are having!!!

meshugy said...

Pepe said he preferred colder, sunny weather....well it seems his prayers were answered! He's probably so happy now that he'll got out and buy a house...

wreckingbull said...

Brat,

There is no way the market for class 6-8 trucks will return to what it was 2001-2006 anytime soon. A tanking economy, higher fuel costs, and tigher credit will all mean less money for capital spending.

Peckhammer said...

From the Seattle Times:

WASHINGTON — Federal Reserve Chairman Ben Bernanke said Tuesday that risks from inflation or a worse-than-expected housing slump could further complicate things for an economy that already is in slowdown mode.

"The deceleration in economic activity currently under way appears to be taking place roughly along the lines envisioned," Bernanke said in his most extensive comments on the economy since the summer. The slowdown in overall activity mostly reflects the housing slump, he said. As the economy cools, inflation also should continue to gradually ease over the next year or so, the Fed chief added.

MisterBubble said...

I love this weather. It reminds people that they've paid ridiculous amounts of money for homes with drafty windows and poor insulation.

Those granite countertops get cold, dammit!

john_law_the_II said...

how come the story was that sales edged up? the story was the record price decline, folks.

Eleua said...

I thought we might need a translator for what B52-Ben had to say:

risks from inflation or a worse-than-expected housing slump could further complicate things for an economy that already is in slowdown mode.

TRANSLATION: - "We are totally screwed. If we hike, housing tanks thus killing what is left of our economy. If we cut, the dollar gets smoked. We are hoping for some miracle to save us (more Chinese investment).

"The deceleration in economic activity currently under way appears to be taking place roughly along the lines envisioned,"

TRANSLATION: - We knew this was coming the entire time. Housing is the economy and we knew the party couldn't last forever. If you did, you are an idiot.

As the economy cools, inflation also should continue to gradually ease over the next year or so, the Fed chief added.

TRANSLATION: - Big recession is coming, and we are going to cut like it's 2002 all over again. Your dollars are about to become confetti.

AndyMiamiBeach said...

The mainsteam media spin will be that October existing house sales increased by .5% vs. September. However, October sales nationally fell 13% vs. October 05. Furthermore, inventory increased 1.9%, and median price fell 3.5%.

I live in Miami Beach and will be moving to Seattle in June 07. Here in Miami, existing home sales increased by 6% vs. October 05. The reason was Hurricane Wilma which stopped all business for three weeks. A better comparison is October 06 sales of existing homes fell 30% vs. last month (Sept 06).

Lastly, what is the best source to track existing house sales in Seattle? Local NAR posts really late.

Cheers...

Richard said...

Seeing that cash-out re-fi's have actually accelerated this year ($250B in Q3 alone) as prices have stagnated, it seems we can go quite a while before falling home prices affect consumer spending and the economy in general.

Heck, if everyone goes with 125% financing, the "housing economy" can keep on trucking along for another 15 years before the well is completely dry.

There was a line in "Ghostbusters"... something like "Don't worry, everybody has three mortgages today".

PugetHouse said...

andymiamibeach,

Welcome to PNW.

IMHO, you've landed at the best place to track house sales. We're a bunch of geeks (esp. Tim), who posts house sales and more for King County on the Seattle Bubble Spreadsheet. Find it on the main page.

Anonymous said...

Today’s report on Sacramento has been released!
Daily Home Price Analysis

Jackson Wallace said...

yeah, all those foolios who bought in the Issaquah highlands, or, god forbid North Bend are learning what it means to live in the wilderness.
The NW can get pretty dramatic in the winter sometimes, and this is one of those times when you'd rather be living on a concrete island than in a gorgeous soggy meadow. Anyway, condos are easier to heat than a house, so maybe they'll stay in favor. Or maybe their price will collapse.

Lake Hills Renter said...

all those foolios who bought in the Issaquah highlands, or, god forbid North Bend are learning what it means to live in the wilderness.

Some of us would love to live in the wilderness, thank you. I'll probably look at North Bend when I decide to buy. It's about as close as I can get to living in the mountains while still having to work for a living. I can handle some snow.