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Friday Night Lites
Just a few news items to wrap up this week in Portland real estate:
Portland real estate prices stay level, sales on modest climb for May
RMLS official tabulations for May 2009 will come out next week, but my early review shows that closed sales continue a small month-over-month increase (a seasonal effect), and median and average sale prices were essentially flat from the previous month. Closed sales will show to be up 10% over April, but down by ~30% from one year ago. Both median and average sale prices are around 13% off levels from a year ago. Come back early next week for a full report.
Oregon foreclosures nearly double in a year
A recent tabulation of foreclosure activity in Oregon shows a nearly 90% increase compared to May 2008. One out of every 525 Oregon homes received a foreclosure filing in May–the nation’s 12th highest rate.
Oregon to get a head start on recovery?
Really? Why? From research by Moody’s:
High-tech industry is one element. A slowdown in technology spending in 2008 and 2009 has created a pent-up demand for technology — businesses that know they need to upgrade and are waiting for the ability to spend.
“States that have a high concentration in tech-related industries are well positioned to take advantage of this trend, which is particularly true of Colorado, Idaho, Oregon and Washington and to a lesser extent Texas,” said economist Andrew Gledhill of Moody’s Economy.com.
I certainly hope the prediction is true, but I suspect digging out of a 12% unemployment hole will take longer than expected. (And wasn’t Moody’s one of those rating companies that suggested those mortgage-backed securities were AAA rated?)
Bike community letting it all hang out
Last, but not least, the Portland bike community celebrates it’s version of the World Naked Bike Ride on June 13 with a series of events. If you’re in the vicinity of NE 39th and Glisan around 2PM, you’re bound to get an eyeful during the Sunny Nekkid Ride (fair warning!). The big event is at midnight, and last year, 2,000 riders participated.
Photo by jd.inaz. Used under Creative Commons license.
Comments
One Response to “Friday Night Lites”
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Hi Ron,
I’m just viewing a lot of blogs lately from different states and most are saying that the market is on a climb. I’m looking forward to your full report this week or next week. Anyway, the SUnny Nekkid run looks fun. I would love you if you post your picture participating in the event.
Just kidding. Cheers!
-Nicole