FOR IMMEDIATE RELEASE
Media Contact:
Caia Caldwell, Public Relations & Media Specialist
Master Builders Association of King and Snohomish Counties
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Sen. Palumbo, Matthew Gardner to Speak at Housing Solutions Breakfast

There is growing momentum in Olympia for housing reform in the upcoming 2019 legislative session. Come hear a wide range of views from the Seattle area’s top housing experts as we work to increase housing supply and address our housing affordability crisis. Featuring Sen. Palumbo and chief economist for Windemere Real Estate, Matthew Gardner, the breakfast will include researchers, policy makers, and business professionals. Legislative priorities will be discussed, including condominium liability reform and the establishment of an urban net density standard in residential zones. Sen. Palumbo will make himself available to the media following his presentation. #HousingActionNow

More information on speakers and panelists: mbaks.com/hsb

About MBAKS

Founded in 1909, the Master Builders Association of King and Snohomish Counties has grown to become the largest residential homebuilders association in the United States. With nearly 3,000 member companies, the association is dedicated to membership value, housing advocacy, community service, and financial stewardship throughout the Puget Sound region. 

How Well Does Seattle Recover From Disaster?

Turns out, pretty well.

80.5 percent* is the percentage of Seattle metro area homes that have recovered to peak pre-recession value, according to a recent Trulia article.

What does this mean, exactly?

It means that the Seattle area has recovered quite well compared to a large amount of the United States. The region ranks #22 nationally in recovery percentage (a bit surprising we're that low), currently sitting behind Colorado smoking buddies Denver (#1, with an impressive 98.7 percent recovery rate) and Colorado Springs (#7, 93.4 percent), San Francisco (#2, 98 percent), and Oklahoma City (#3, 94.3 percent—and give us back the Sonics, please).

Other cities beating us at the moment include Dallas (#9, 92.5 percent), Honolulu (#11, 91.5 percent), and Portland (#13, 90.3 percent—grrrr).

Find the full list here.

Among the areas with the lowest recovery rates, including the bottom tier of Las Vegas—#101, with just 0.6 percent of homes back to pre-recession value), Tucson (100, 2.4 percent), and Fresno (99, 2.5 percent), it's no surprise to find that these cities have seen the worst income growth in the years spanning December 2009 to January 2017.

And guess what?

The cities with the strongest recovery rates, including our beloved Seattle, also have the strongest income growth. With the median Seattle proper home price currently clocking in at $638,000 (and $426,000 in the Seattle metro area), that's no big surprise, really. It takes a heavy wallet (or a lot of big wallets) to help dig us out of such a monumental disaster, especially considering that just 34.2 percent of all homes nationally have fully recovered to their pre-recession peak value.

The three big factors that set the tone for quicker recovery include, alongside income growth, job growth and population growth, as well as post-recession vacancy rate.

It's a bit humbling to see just how far into the hole the housing market was just eight years ago, spurred by the foreclosure crisis that was so big it now has its own major motion picture. The good news is that, according to Trulia, U.S. home recoveries have been steadily—albeit slowly—climbing since the stuff that hit the fan began to get cleaned up, to the tune of 5 to 6 percentage points per year. While Trulia's data suggests we won't see 100 percent of homes fully recovered until September 2025, the fact that we can again use terms like "thriving" and "booming" when it comes to the housing market and our economy feels good. Let's hope we can keep wearing these buzzwords out.

Now, if we can only figure out where to house all these home-hungry folks…

*All data courtesy of Trulia.com

MBAKS held its annual Housing Solution Breakfast on October 17, gathering elected officials, industry leaders, city staff and housing partners to elevate the importance of successful middle housing implementation. The event emphasized the partnership it will take to do it right. We used the program to strengthen our messaging on middle housing policy and acknowledge the hard work ahead for many cities.

This year we were joined by 140 guests with over 35 public officials in attendance. The program opened with a video featuring MBAKS homebuilder members and Redmond Mayor Angela Birney. The video highlights the importance of our shared work implementing House Bill 1110 at the local level.

Our Keynote speaker, Morgan Shook, Senior Policy Analyst and Partner at ECONorthwest, provided an overview of Oregon’s middle housing efforts, what’s working and what’s not. Key takeaways include:

• Graduated floor area ratio (FAR) limits encourage the development of more small units.
• Removing minimum parking requirements is another way to facilitate middle housing.
• Local governments should use caution when regulating frontage improvements or other infrastructure upgrades. These costs are substantial and impact financial feasibility, creating an unsurmountable barrier and resulting in fewer homes.
• View the full slide presentation here.

Attendees also had the opportunity to hear from Josh Brown, Executive Director at Puget Sound Regional Council and Cathy MacCaul, Advocacy Director at AARP of Washington. Each brought their unique perspective and emphasized why this work is so important for meeting our region’s housing needs.

To learn more about MBAKS’ efforts on Middle Housing implementation, please see MBAKS Middle Housing Implementation Plan.

And don’t forget to read about middle housing in the news! MBAKS and members partnered to publish three editorials this year in support of successful middle housing implementation. Read more here.