According to the Oregonian, "The Portland-area median home price reached $274,700 in July--nearly 15 percent higher than the same month a year ago, but 2 percent lower than June's median. That month-to-month downtick--which hasn't occurred in the strong summer selling season since 2002--along with rising inventories locally and nationally, has economists saying the Portland area's housing market has seen its hottest days."
These next couple of months should prove interesting. As more Sellers realize "their" market is over, there might be a bit of a flood of listings. Surprisingly, 40% of sales in 2005 were investor or second home purchases. This gives a reason to sell before the spectre of any reversal of prices can appear.
About Me
- Mike Rohrig
- I am the Principal Broker for Rio Realty, LLC. I have been in Real Estate since late 2000 watching the ups and downs of the market. cell 503-750-6494 email mike@mikecandoit.com
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1 comment:
Do you think that increases by the Fed, thus increasing all those ARM's will also have an effect?
I've read some articles that talks about people selling because they bought too much house with an ARM and even with the yearly caps, their payment just keeps going up.
Have you seen an increase in the number of forclosures or desperate sellers who have to get out due to this type of situation?
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