May
08
2008
Although this current Wall Street Journal article does not address Oregon, many of these same market forces are also affecting us. And, many of these market forces point to the bottom of the housing slump. Here is an some excerpt:
“It is really remarkable how much where we are today looks like the bottom we’ve had in the last three cycles,” Mr. Case says. “Every time we’ve gone below a million starts, the market has cleared at that moment.”
Read more of Is Housing Slump at a Bottom?
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Mar
05
2008
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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