Mark Trahant: More gloomy prospects for economy

Monday, March 5, 2007  

"Remember the housing story? It was supposed to be the narrative about how housing declined in every part of the country -- except here in the beautiful Pacific Northwest.

It was an easy story to sell because it seemed to be supported by data, this region boasts of a strong economy, good job market and growing population. Even now the region is showing a modest price increase for a typical house, while nationwide prices have declined.

But the data has always been more complicated because it also reflected a large number of homes available for sale (or even off the market) and a steep rise in foreclosure rates. On top of all that: It's now clear that credit standards are tightening -- and that will make it more difficult for many would-be homeowners to make that purchase in the near future.

The changing (or should I say, changed) housing narrative has huge policy implications. In his recent testimony to Congress, Fed Chairman Ben Bernanke said: 'A number of indicators point to a slowing in the housing market. Some cooling of the housing market is to be expected and would not be inconsistent with continued solid growth of overall economic activity. However, given the substantial gains in house prices and the high levels of home construction activity over the past several years, prices and construction could decelerate more rapidly than currently seems likely.'"

Get the Story:
Mark Trahant: Housing narrative keeps changing (The Seattle Post-Intelligencer 3/4)

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