The following article is gleaned from http://www.housingpredictor.com/oregon.html.
New businesses moving to the state produced record high home prices in Oregon, but the times have been changing in Oregon real estate. Housing sales have slacked off. Home auctions are becoming more common place and the once burgeoning economy is beginning to weaken.
Oregon has been high on the list with many appreciating housing markets for more than three years, but the boom days are long over. A glut of unsold homes is depressing prices, and the growing inventory will have a major impact on the state’s markets, according to the Housing Predictor forecast.
Don’t look for Oregon housing markets to crash any time soon, however, as newcomers continue to move to Oregon for jobs and buy homes to have a roof over their heads.
In Eugene, which has exploded with growth in the last five years with new developments, the housing market has also slowed. But a major new employer is moving to Eugene to supply a breath of fresh air to the economy.
The housing slow down has resulted in layoffs at lumber companies, which is one of the region’s largest employers. The down turn has effected the area’s home prices, and is readying to send Eugene homes 8.0% lower in 2008, Housing Predictor forecasts.
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