Odds of Homes Prices Continuing to Fall in Greater Seattle Area Elevated to “VERY HIGH”Posted by Cary W Porter on
What's going on? High-cost tech hubs, like San Francisco and Seattle, are getting hit hard by the tech slowdown. Not only are their high-end real estate markets more rate sensitive, but so are their tech sectors.
Back in June, Fed Chair Jerome Powell made it clear to reporters: The Pandemic Housing Boom was over. Heading forward, he said, spiked mortgage rates would push the U.S. housing market into a slowdown.
“We saw [home] prices moving up very very strongly for the last couple of years. So that changes now. And rates have moved up. We are well aware that mortgage rates have moved up a lot. And you are seeing a changing housing market. We are watching it to see what will happen. How much will it really affect residential investment? Not…
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