In a free enterprise system, markets go up and markets go down. This is the cycle. Out here in Washington state, especially in King and Pierce Counties, and even here in Clallam County on the Olympic Peninsula, in 2005 homes and land sold quickly at greatly appreciated prices. In rapid appreciation, builders over build, and the mortgage market gets creative, coming up with new ways to get otherwise unqualified people qualified for loans. The party had to end. Now we wait to see how long the hangover will last. But, and this is the good news, those with money now or who can get the funds, stand to make a lot of money investing in real estate NOW, because the market eventually will return to steady and slow appreciation. Houses are still selling, because there are qualified buyers moving into the area. In the long run, real estate has been a strong and reliable investment in western Washington.
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