Is Seattle facing the brunt of downturn finally?

It has become an old story already that the United States of America is reeling under the sinister pressure of ongoing downturn and the real estate sector in the realm of the country is one of the worst affected sectors. Is there any other story therefore? If not, why is this article being written? Well, there is no end of new stories. A number of new areas that happened to be quite secluded or were able to shield themselves against the recession even some months back are also becoming preys or targets (allegedly). This is the main focus of this article and one of them is Seattle.

There are, indeed, speculations that Seattle, the most important port of entry and the largest city in Washington, has also included itself in the list although the bulk of investors and real estate agents are refuting this allegation. However, not all and real estate agents like Ardell DellaLoggia seem to accept this. How can one be so sure? Ardell DellaLoggia is an associate broker with Coldwell Banker Bain and also an editor of the Rain City Guide real estate blog where she has already stated, “We’re at bottom.” What’s more she also wrote in the blog, “While we wouldn’t expect to see prices bottom with continued bad news as to layoffs, buyers are consistently calling the bottom at 20 percent under peak pricing” (not including houses that are not in foreclosure or being sold as part of an agreement to avoid foreclosure). Can this be regarded as a sufficient specimen?

Well, one may certainly differ but through this very writing a definite standpoint has come out undoubtedly. According to her, only that house sells, if it’s priced at least 20 percent below what it would have been expected to fetch at the market’s peak in the summer of 2007. She has also admitted that houses priced at larger discounts are attracting more than a few offers but this scenario has hardly been able to push the sales price above 20 percent under peak.

This has been known, again, through her blog only. She wrote, “There are many, many houses for sale with asking prices that are much higher than 20 percent under peak.” “But unless it is a distressed property or an especially miserable location or condition, there are NO houses sitting on market without an offer, where the seller is asking 20 percent under peak pricing.”

One, as already said, has the right to differ but there is the need of greater analysis. Is anyone willing to do?