Real Estate Blog - Blog Archive: August, 2014

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August 2014

Found 2 blog entries for August 2014.

Core Logic Market PulseCore Logic's Chief Economist Dr. Mark Flemming's "Welcome to the New Housing Normal" in the latest Market Pulse gives great explanatory structure to the market that seems to be emerging in the Portland Real Estate market.  Many cities are now showing more acute signs of a faltering recovery.  These trends eventually show up in Portland.  Housing activity in July was noticeably softer than the preceding months; perhaps we're already seeing signs of the emerging "normal" market in Portland.

Fleming credits pent up supply and demand constraints for the recovery slow-down.   There are three underlying conditions impacting the new normal supply of homes for sale:

  1. The shadow inventory that accumulated after the financial crisis has been sold off,
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Home prices across the U.S. slowed sharply to a single-digit pace in May on a year-over-year basis, said the S&P/Case-Shiller Home Price Index survey released Tuesday. The 20-city price index increased 9.3% from May 2013 to May 2014. Portland beat the averages, rising 10.01% . On a month over month basis the 20-city composite increased 1.1% from April 2014 to May 2014, and Portland increased 1.19% from April to May.

 07-2014 Portland Case-Shiller Report

Portland has risen 29.53% since the low-point in March 2012. Increases in home prices have eroded housing affordability both nationally and in Portland. Portland home prices, however, are still below the four percent long-term trend line, so fears of another bubble seem misplaced. Assuming that mortgage rates remain low we think

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