“Dead reckoning” is an old navigation method to find one’s present bearings by projecting from a known past position. What is our dead reckoning in the real estate industry at the end of 2007? Nationally, sales were down this year from last year by more than 10 percent, and existing home prices are expected to slip by 1.3 percent by the end of 2007 with a median price of $219,000. For new homes, the median price is expected to drop 2.1 percent to $241,400 this year.
How is Oregon fairing? Oregon thus far has escaped much of the turmoil from the sub-prime loan crisis, compared to other states. In addition, more people are employed in Oregon than ever before, according to the U.S. Department of Labor, Bureau of Statistics. Wages and productivity are trending up in the state and unemployment is trending down. Oregon startups raised more venture capital in 2007 than the state attracted in any of the prior five full years. Strong job and population growth fuel demand for houses and Oregon is one of the fastest growing states, according to the U.S. Census Bureau.
Thoughts above were gleaned from "Navigating a Changing Market" by Sherron Lumley of Oregon Realtor Magazine Winter 2007
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