Well, at least our market isn’t on the verge of collapsing…

On this gray, dreary January Monday — where the weather isn’t even cold enough for snow in the mountains, at least not those elevations reachable by chair lift — I thought I’d pass along this “glass is half full” insight. First the bad news — which is no surprise at all: home values here in King County are now at 2005 levels, plus sales volume remains significantly depressed (by historical standards, putting aside the risk of a “new normal”). Not good. Sorta like the weather.

On the plus side, though, it could be worse. Much worse. Apparently, the hardest hit markets in the nation (Michigan, Nevada, perhaps others) appear to be heading towards total collapse. Yep, that’s right, values continue to depreciate until they reach… zero (or something in that neighborhood). OUCH! That’s neither a buyer’s nor a seller’s market. Rather, its a market from which everyone should extricate themselves as soon as possible. Run for the exits!

Obviously, this is just an opinion, and undoubtedly there are some rosier viewpoints. But I think this article makes a pretty compelling argument that some parts of the national housing market really will never, ever recover — at least not in the lifetime of a potential buyer or seller.

Photo Friday: Understanding Place

Continuing on my adventure of trying out different themes each day, I thought I’d try a multi-media Friday…

And zefrank leads us off with an interesting video about place and context via a tour of Vegas:

Athol continues on his quest to collect the worst of MLS photos… This photo highlighting the photographers thumb is a classic!

Let the hype begin… Where will you be at 7pm on Sunday?

I created a RE.net photo group on Flickr. My idea with the group is that bloggers could/would post group photos from events, seminars, and/or meetups. I added all the relevant photos from my Flickr stream and would love to see some others get involved! (Just ask for an invite!). I plan to continue to add photos of the different events I attend (and host) and would love to see others… (Photos from the upcoming Sellsius duo’s cross-country trip come to mind!).

Beignets at Cafe Du Monde, originally uploaded by tyrsdomain.

(signing up for the RE.net group should be easy enough (you’ll need a free yahoo account), but this is the first time I’ve set up a Flickr group. I’d be curious to know if you’re having any issues with the process!)

A chateau in Texas?… Yours for just under $60M (via Luxist)