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If you've got a pulse, its likely you've heard about the mortgage industry "melt-down". This kind of reminds me of a story I heard when I was a little kid.
Chicken Little.
No, the sky isn't falling, and the world isn't coming to an end just yet.
While it's true there has been a lot of controversy surrounding the sub-prime lending market, it hasn't caused any major waves in the Puget Sound Area and likely never will.
The reason this problem hasn't affected us dramatically here in the Pacific Northwest is simply that we have a very strong local economy, job growth is very good and our region never really got behind the sub-prime market as strongly as many other areas across the country.
It's important to understand that the real estate (and mortgage industry) markets are all very localized. Further, they're even localized within their respective markets. This is readily apparent to anyone who's looking to purchase real estate in our area.
As always, there will be "hot spots" and not so hot spots in every market, in every city across the USA. This is primarily due to the law of supply and demand. Supply and demand affects pricing, time on the market, and terms available as related to real estate.
This is an inescapable truth that we have to accept if we are to truly understand and make sense of what's going on the the financial markets. The fact of the matter is, there really is no mystery, It's simple cause and effect, or supply and demand.
Our market has enjoyed a very strong economy and it doesn't appear to be falling off anytime soon. It's this strength that has helped to insulate us from the disaster that's been predicted by the national media. Let's face it, shock value gets people's attention. It sells. Selling is what the news media is all about.
If you've been waiting for the market to correct itself, your wait is over. Our market has stabilized and suffered little as a result of the mortgage industry problems.
For more information regarding our local real estate market and the mortgage industry, please visit the following links:
Real Estate:
http://www.warealtor.org/images/Strong_market_West.pdf
Mortgage:
http://www.warealtor.org/channels/steve_francks_strong_market_editorial.pdf
It's my hope that this post will stimulate some discussion. Your comments are welcome.
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