So here are a couple of recent articles regarding the seattle/bellevue housing market:
http://www.kristv.com/Global/story.asp?S=7164834
http://blog.seattlepi.nwsource.com/r...ves/125867.asp
Not really sure what to make of it. Right now renting is cheaper than getting a 30yr 400k 6% mortgage, but its getting closer.