{"id":519660,"date":"2010-04-07T18:05:41","date_gmt":"2010-04-07T22:05:41","guid":{"rendered":"http:\/\/seattletimes.nwsource.com\/html\/northwestvoices\/2011550243_firstinchinkingcountyhomepricessince2008.html?syndication=rss"},"modified":"2010-04-07T18:05:41","modified_gmt":"2010-04-07T22:05:41","slug":"first-inch-in-king-county-home-prices-since-2008","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/519660","title":{"rendered":"First inch in King County home prices since 2008"},"content":{"rendered":"

Not so fast on praising rebound<\/strong><\/p>\n

This is a response to [\u201cHousing has more spring in step,\u201d page one, April 6].<\/p>\n

Though cautionary in expressing optimism about a rebound in the residential real-estate market, The Times fails to portray what the housing market could look like without the federal tax incentives for first-time and repeat homebuyers.<\/p>\n

Furthermore, The Times forgets to mention the so-called surge in home sales via the government program cleared out some potential demand in the future. The buyers jumping in today because of tax incentives are the buyers who would have waited to buy tomorrow without an incentive. Hence, a weakening of Seattle and national housing markets in the near future should be expected.<\/p>\n

To top it all off, the future of all real estate looks bleak with a second wave of mortgage resets starting to flood the housing market once again, along with a commercial real-estate tsunami pulling under scores of local and regional banks.<\/p>\n

Though the deposits of these institutions are insured by the Federal Deposit Insurance Corporation (FDIC), the FDIC is effectively bankrupt. In May 2009, Congress authorized the Treasury to set aside $100 billion as \u201cbackup insurance\u201d for the FDIC. How long will that last after having depleted $53 billion it had in reserves in 2008? Is there no end in sight?<\/p>\n

Buyers needing a home to live in is one thing, but buying and hoping that a home will retain its value and not fall is the worry for today. With the landscape still soaked from the last inundation of foreclosures, buying a house or condo should be a last resort and a very good buy.<\/p>\n

\u2014 Dan Piecora, Kirkland<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Not so fast on praising rebound This is a response to [\u201cHousing has more spring in step,\u201d page one, April 6]. Though cautionary in expressing optimism about a rebound in the residential real-estate market, The Times fails to portray what the housing market could look like without the federal tax incentives for first-time and repeat […]<\/p>\n","protected":false},"author":2861,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-519660","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/519660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/2861"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=519660"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/519660\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=519660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=519660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=519660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}