10% Appreciation "More Sustainable Than 25%"
When the topic of a bubble is brought up in Seattle, naysayers point south. "Fuel for speculation of a housing bubble, but not proof of one, increased yesterday on a report that strong buyer demand has pushed Central Puget Sound prices up 10 percent or more over last spring's already high numbers."
"But those numbers were modest compared with other metropolitan areas. San Diego home prices shot up 37 percent last year. Las Vegas' soared 52 percent, and Miami reported a 26 percent. Those markets could see price corrections, some experts surmise. "
"'Nine or 10 percent appreciation is certainly more sustainable than 25 percent, so in your market, I don't think there's a bubble,' Steve Smiley said."