Seattle Home Values Doing Better Than Reported

Clueless on Seattle home values? Stable real estate markets thought to be immune to steep home price declines are finally feeling the same pain that cities like Phoenix have been suffering through for the last three years, according New York Times. Home prices in Seattle plummeted 4.7 percent in the last year, an even bigger drop than for houses in the foreclosure capital of the world, Las Vegas.

Um, not so fast, says Jonathan Miller, real estate guru and number cruncher for MRIS, the largest database of housing data in the U.S.