Big day for filings, first GM deals with their mess and now Seattle Mayor Greg Nickels files for re-election. It's not like we didn't see (or hear) this coming, now it's just official. In order to get to his third term, he'll be facing down a former ally from City Council, a former Sonics player, and a T-Mobile executive in the August primary.
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Yesterday the Seattle Times reprinted a New York Times article on the "third wave" of foreclosures--foreclosures on people who had good credit and reasonable mortgages, but who have fallen behind due to job loss or pay or hours reduction. The first wave came when flippers and speculators got caught by plunging real-estate prices, and wave number two arrived when option-ARM mortgages reset at higher rates. Foreclosures are terrible for the value of surrounding homes. In Seattle, says the PSBJ, the "average price of a Seattle home dropped 16.4 percent in March from a year earlier, which is moving closer to the national average decline of 18.7 percent." more ›