But sales were up...a lot.

Mixed string of news about the market over the past year, which is why I'm so hesitant to say we have recovered. The economic and housing situation is not simple; many factors still at play that are influencing pricing, demand from buyers, and supply of housing being released.

Quoted: According to data collected by the Northwest Multiple Listing Service (NWMLS), the average sale price of a home in King County last month was $415,581, down from $421,521 in October and well off the average sale price of November 2008 of $440,062. The median (half sold for more, half for less) sale price in King County last month was $337,000, down from $349,950 in October and down from $365,000 in November 2008.

Short sales and foreclosures affect homeowners differently depending on individual situations, but the experts generally agree that short sales are less damaging to one's credit.

Quoted: You have to keep in mind that credit scoring is accumulative, everything is factored to come up with those three scores that are suppose to reflect your current credit. The only real good news about credit scoring is that your scores are temporary–they are changing constantly. Pay down a credit card, establish good payment history on your installment loan and your scores will improve over time.

The worry is that, just like the cash for clunkers program, we're attracting all first-time buyers to buy now to buoy the health of the market, but that will reduce the amount of first-time buyers down the road, which could again hurt the market.

Quoted: Thanks in part to an $8,000 tax credit, first-time buyers accounted for a record 47 percent of all home purchases this year, according to the National Association of Realtors.

Quoted: The problems started after mortgage giants Freddie Mac and Fannie Mae decided to take steps earlier this year to limit exposure in what it viewed as a risky lending segment that’s been loaded with foreclosures, Sachenbacher says.
As a result, the two biggest insurers of mortgage loans now require 70% of a condo property’s units to be sold, up from 51% less than a year ago, before it will insure or buy the loan, thereby allowing it to be sold on the secondary market.

FHA funding for condos is changing big time - times will be tough for condo buildings in a price range that appeals to first-time buyers using FHA financing

Quoted: The spot approval process will be eliminated for all case numbers on or after Feb. 1, 2010 under the new guidelines. The FHA created the process, allowing consumers to purchase a unit in a non-approved condominium project that has limited FHA involvement.

Quoted: Sold on its square footage -- Quadrant advertisements run during the housing boom presented a family lost in its living room -- the house lacked a heater powerful enough to warm all that space, Sigafoos said. Sections of the home had been left without insulation by crews working for the Weyerhaeuser Co.-owned developer, he claimed, and wet materials used during the house's rushed construction provided a foothold for mold.

Quoted: According to RealtyTrac, an online foreclosure database, 6,495 properties entered some stage of foreclosure in the Seattle-Tacoma-Bellevue region in the third quarter of this year. That translates into a 38 percent increase from a year ago, putting the region 95th out of 203 metro areas that RealtyTrac gauges.

Quoted: Aided by the home buyer tax credit, the outlook for housing and the economy appears headed for a sustainable recovery, the National Association of Realtors said Friday.