2008: RIP
It’s not that there was no good news from the year. The surge in Iraq succeeded spectacularly; Islamic terrorists failed, again, to terrorize on US soil; anthropogenic global warming, as we enter our tenth consecutive cooling year, was delivered the final nail, leaving only the hysterics and The Oregonian as True Believing fans; and we’re treated […]
2009: Real Estate, the Economy and How We Got Here
YYYYAAAAAAWWWWNN.
YIKES!! What time is it?
…
There’s something inherently cleansing about endings and beginnings, even if superficial. Yesterday was certainly Wednesday, today Thursday just like any other week; yesterday it rained, today…it rained; yesterday the malls were open to capture the diminishing remnants of consumer confidence, today the malls are open … you get the […]
September Yawn
Almost entirely as expected. Sales down (roughly) 20%; median price now down 10% from peak to $270k, lowest since October, 2006; MSI staying at 9.9 months. Biggest surprise to me: Homes going under contract were only down 2%.
I still think we’ll need to get to ~ $250k to see an uptick in sales.
As always: click on […]
A Farewell to Farms
Contrary to Bubbler fantasy, it’s impossible to do an adequate job for clients as a part time broker. There’s simply too much involved.
So, for now, I’m sending my license back to Salem. I’ve turned my clients over to my brother John - he’s just closed one, another is in escrow - and will come back only when […]
Community Reinvestment Act: a Legacy
Not long into my real estate life – sometime in 2005 – our office had a meeting at which the in-house loan originator talked at length about the burgeoning Hispanic market and the loan products designed to meet the growing need, including 100% no-doc loans. When I asked what steps were being taken in the […]
A break from politics for some real estate … August Numbers
More of the same. Since last year the September numbers started to reflect the credit crunch, beginning next month there should be a less dramatic decrease in sales, but for now it’s still not pretty.
Note Terradatum has changed format somewhat, now offering one year monthly increments and YoY comparisons. The following is for the Portland […]
The Potential of PhotoSynth
Every real estate agent gets inundated with calls and emails regarding THE LATEST! in new technology. Most of it is designed to wow the agents - lead generation systems, ‘green’ designations - but has little practical use for buyers or sellers. Occasionally, though, something comes along that’s of real benefit, allowing us to get […]
Lake Oswego: Update
I came across a home that’s been on the market in Lake Oswego since March ‘07 that just went pending. I wrote here that because of inordinate new construction LO had more inventory than most areas and that prices would have to drop in order to clear it out. This listing started life at ~ […]
July PDX numbers: More of the same.
July and August, 2007, were the peak months for Portland Metro median price, both @ $300k. The mortgage crisis hit in late August, so I think by September we’ll see a deceleration of the 35% drops in sales and an acceleration of the drop in median price. But not this month.
Median price: $290k, down 3.3%. […]
Portland Metro Housing Affordability
In the interesting but not definitive category:
Each quarter RMLS publishes a little talked about Housing Affordability Index, another due out when they release June numbers in a week or so. It takes into account median family income (via HUD), median home prices and prevailing interest rates; then, assuming 20% down on a thirty year fixed […]
