Seattle, Portland and Charlotte have bucked the trend partly because each has a relatively healthy local economy, and all three continue to draw newcomers, which keeps demand steady.
Seattle has three ingredients that work together to keep home prices high, according to Seattle-area real estate blogger Larry Cragun: "lakes, mountains and liberals."
The lakes and mountains don't need explaining. The liberals, Cragun said, have created such an anti-development atmosphere that available land for building homes is extremely limited.
"When you only have a certain amount of land to build on, the value of that land tends to run up," said Cragun, who has been in the local real estate and mortgage business for three decades and blogs at RealEstateUndressed.com. But Seattle has "experienced the worst of it" already, he said, and will rebound early in the new year.
As for the Dittmaiers, they continue to hold their front door open to prospective buyers.
The holidays have been rough. In addition to the usual hustle and bustle, the Dittmaiers and their two young children have been busy packing their belongings. They have already purchased a new house nearby.
The family has been moving to the new place little by little. But the transfer won't be complete, Kristen Dittmaier said, until their old house sells. Not to mention that the couple soon will be forced to make two mortgage payments if the Wedgwood house remains unsold.
Dittmaier said she had not seen the latest home-price report in the newspaper. And it's just as well. "I don't need to read a report to know houses are not selling as quickly as they used to."
--
tomas.alex.tizon@latimes.com
