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I remember the 90's and the great migration from CA to Washington state well. I had in-laws move up to Whatcom Co. up by the Canadian border. That was a real nice place. I went up there and stayed there. Rural and nice. I was going to move there years ago after planning retirement. But now everyone is leaving that place. Also the prices have gone sky high and the laws have become as bad as CA laws.
Things are always constantly changing. I wish we could find someplace that didn't.
Bellingham has absurdly expensive housing prices with mediocre median household income levels.
I remember the 90's and the great migration from CA to Washington state well. I had in-laws move up to Whatcom Co. up by the Canadian border. That was a real nice place. I went up there and stayed there. Rural and nice. I was going to move there years ago after planning retirement. But now everyone is leaving that place. Also the prices have gone sky high and the laws have become as bad as CA laws.
Things are always constantly changing. I wish we could find someplace that didn't.
As a life long resident if Whatcom county, I wish this was true. But, no one is leaving. The opposite is true. They continue to move here in droves. Retirees, climate refugees, WFH people, outdoor types looking for cheap rent, etc. Yes, RE prices continue to climb and, yes, our laws are becoming more restrictive and politics more to the left.
As a life long resident if Whatcom county, I wish this was true. But, no one is leaving. The opposite is true. They continue to move here in droves. Retirees, climate refugees, WFH people, outdoor types looking for cheap rent, etc. Yes, RE prices continue to climb and, yes, our laws are becoming more restrictive and politics more to the left.
That's the problem. The prices continue to rise, laws become more restrictive and the politics go south because of the left.
So what are the single family homes going for now in Whatcom County? Rural areas like Custer?
Buyers make offers sight unseen within minutes as Boise-area home market defies virus
One aspect of this type of thing its that the contracts have been changing over the years to include more generous due diligence terms to the buyers. Though earnest money is still required, the buyers have some period of time to have the house inspected and everything examined, and can still back out of the contract up to the end date of the due diligence period and get their earnest money all back. So the risk to buyers is much lower to do this than it was some years ago.
BTW, this type of price pressure is in many places as the 'double V effect' (virus and violence) drives folks to flee the big urban areas. Posting/reading in the Maine subforum has the same thing happening there with people jumping on houses very quickly, paying premium prices, and signing contracts sight-unseen. Inventory is down there as well. Watching prices in several local markets around ID/MT/WY/ME shows that they are all going bonkers right now. (I am switching to a holding pattern for now and shifting back to a 'build' plan.)
You seem to enjoy the thought of the nations housing market collapsing based on your posts.
Do you own, is your mortgage ok? What is your connection to Boise or Idaho?
Syringa: Did you even read the article? Are you a realtor? Look, everyone needs to eat, including realtors. I get that. But we need to realize the idea that "housing always goes up" is just a myth promoted by the real estate bizness.
Last edited by Socalbabe208; 07-16-2020 at 11:29 AM..
Worthwhile article; thanks very much. But, IMHO, it needs some careful interpretation and perspective. The large spike in early stage delinquencies only will become a significant factor if it turns into a long term problem. 30-59 day delinquencies being higher than the same rise back in 2008 is not significant if this turns out to be just a transient situation; we are yet to learn this and see what happens with long term employment of homeowners. What we don't have now, like what we DID have in 2008, is a huge number of mortgagors who never should have been mortgagors in the first place.
And like in 2008, the impacts will be locality specific, and will vary hugely. In the last recession, some of the western markets and vacation markets got hit much, much harder than the overall eastern markets, and the Washington DC market hardly got touched at all. So the Boise situation may not budge down much at all for pricing if the demand to 'get out of Dodge' stays up.
The detailed CoreLogic Housing Price Insight report predicts a 6.6% average US price drop for the 12 months, but that varies widely from -20% to only -1.3% for individual markets that have shown strong price growth in the last year. They do indicate that Boise is overvalued (by at least 10% per their definition of 'overvalued'), and it is not in their top 10 increasing markets.
FWIW, I would expect this type of report to be somewhat 'unstable' (changing directions rapidly), with the various pressures on prices and people moving, etc. It is pretty clear that Boise is a destination city right now.
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It Starts: Mortgage Delinquencies Suddenly Soar at Record Pace
