There are a couple of articles in the Wall Street Journal this month that seemed to think that we were at, or very near, the bottom of the real-estate cycle.  We mentioned one of those articles last week (Has Central Oregon’s Housing Slump Reached a Bottom?). Typically at the bottom, you can notice a high number of investors getting in, which seems to be happening now. Only time will tell. Here is the second article from May 6th:

The Housing Crisis Is Over

By CYRIL MOULLE-BERTEAUX

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So you’ve purchased a new home (let’s hope from us!). You’re in no doubt some sort of situation like this:

• Just married… so you have two of everything
• Moving in but still have all of that stuff you collected in college
• A hybrid of these two situations

So now that you have a brand new shiny place… you want to decorate it! However, with a “recession” looming, you don’t want to break the bank to decorate your new place.

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Read a very interesting article over at the Realty Times site this afternoon about the outlook of the real estate market after the latest federal rate cut. You can read Mr. Kenneth R. Harney’s article here. Found this quote from the article particularly note-worthy:

“Now despite all this, there continue to be clear signs that the housing market itself is finally bottoming out of its nearly three year post-boom correction…”

Hmm, does that sound familiar…? Anyway, very good article!

Popularity: 5% [?]

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Bend, Oregon, the energetic city, is located in the foothills of the Cascade Mountains in Central Oregon. As a city, it was incorporated in the year 1905. The city is situated at an altitude of 3,623 feet and stretches 32.2 square miles. The climate is a typical desert type with sunny days and cool nights.

The city attracts a large amount of tourists and is often referred to as the recreational Mecca of Central Oregon. To begin with, The Mount Bachelor Ski Resort attracts tourists from all over the world. The Cascades Lake is a great gathering place for hitchhikers to enjoy a little peace and unwind.

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Last week at the annual Central Oregon Forecast breakfast, local appraiser Dana Bratton, called for the market bottom out April 25th. Wow, that guy has guts! I’m not saying I disagree with him, but it takes a tremendous amount of chutzpah to make that sort of prediction.

Really, if you look at the numbers, he may not be far off. Last month in Bend, there were only 11 single family permits pulled. That is off of a high of 271 in June of ‘05 and 81 in January of last year. What that means is that virtually no new homes are being built, and if you factor in sales per month, and existing inventory, we should work through the overhang in inventory by about mid summer putting us back to an equilibrium.

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