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Housing prices falling around the nation, including the Seattle area

A sign advertises a new price on a home for sale in Seattle's Queen Anne neighborhood, Tuesday, Jan. 27, 2009.
Ted S. Warren
/
AP
A sign advertises a new price on a home for sale in Seattle's Queen Anne neighborhood, Tuesday, Jan. 27, 2009.

http://stream.publicbroadcasting.net/production/mp3/kplu/local-kplu-960609.mp3

A "...boatload of loans, sitting in foreclosure," or on the verge of being taken back by the banks. Those are thewords of one economist, talking about what's happening in the real estate markets of major cities, nation-wide. The greater Seattle area is no exception.

The numbers come from the Case-Schiller indexand they're not pretty.

In the metropolitan area that includes King, Snohomish and Pierce counties, home prices have fallen back to the same level they were at 7 years ago (in 2004). They've lost more than 6.5% of their value compared to one year ago.

The reason?

Borrowers who got in over their head, and now banks and lenders who can't keep up with the paperwork needed to get the market moving again.   

(I wrote about this last year in a national story for NPR) .

One local headline, on seattlepi.com, points to a double dip recession in the housing market. 

Economists agree real estate is at the center of recovery for the nation as a whole. 

On the bright side, affordability is up for people who have the means to buy real estate now.  Good quality of life continues to bring newcomers to the region where many northwest companies, including Amazon.com and Boeing, have been on a recent hiring spree.

The Seattle Times has a cool new interactive section on its site, with economic indicators for the region. 

Bellamy Pailthorp covers the environment for KNKX with an emphasis on climate justice, human health and food sovereignty. She enjoys reporting about how we will power our future while maintaining healthy cultures and livable cities. Story tips can be sent to bpailthorp@knkx.org.