Home Loans in Kenmore WA - pre- approval

The Tim' asks What kind of amusing home ilitsng action have you seen in your neighborhood? I'm not sure if this is amusing, expect in a tragicomic sense, but this presents a classic example of the bubble.It's in a housing development carved out of a wooded area in 1999. It was during the county-wide push for higher density and the developer was allowed, if not encouraged, to cram way too many homes into the development. Relative to other eastside SFH's, these houses have tiny front porches, tiny yards, and tiny backyards. As a result, they have huge turnover relative to the surrounding neighborhood, providing a great opportunity to watch the bubble in action.The history of this particular house is bit strange since it was part of an inventory of houses for a corporate relocation company, but there are several other houses that have sold once or twice during the 8 year period. Sales HistoryNov 17, 1999 $435,282Mar 28, 2000 $449,600Sep 08, 2005 $695,000Listing Price HistoryFeb 14, 2008 $850,000Feb 28, 2008 $800,000Mar 20, 2008 $750,000Mar 27, 2008 $700,000Apr 17, 2008 $650,000Apr 24, 2008 $600,000 The sad part to see is the crashing expectations of this poor homeowner; from $850k to $600k over a 4 month period. Once it finally sells, the homeowner will be losing over $100k (maybe $200k) in real money, not paper profits, from what was probably a $100k initial investment.I don't know this homeowner, but I doubt that he knew that he might be signing up for this kind of ride down when he signed those papers in 2005. The disclosure of the possibility of this sort of loss should be a required step in the RE purchase process just like the standard disclosure when purchasing stocks or mutual funds; Past performance does not guarantee future success . Right now it seems to be the opposite. Oh no, believe me, this area is really hot. It's just going to keep appreciating. I'll bet Seattle's not looking so special to this guy. Someone buy him a pony.