Seattle sees another housing bust

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As the list of major metro housing markets that continue to break below the 2009 government sponsored housing bounce continues to mount, take a look at the pitiful state of Seattle as seen by the Radar Logic daily home price series.

Fueled by the first-time home buyer tax scam, quantitatively eased mortgage interest rates, foreclosure mitigation and other exceptional efforts, Seattle home prices bounced in the first half of 2009 peaking out in early summer and then resuming the downward trend.

Not even the expiration of the initial housing tax gimmick could permanently thwart the decline with prices bouncing into November and then resuming the downward trend ever since.

Seattle is now some 12.97% below the mini price peak of June 2009 bringing the price level back down to levels not seen since early 2005.

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