Portland State University’s Center for Real Estate just released its Third Quarter Report. The entire 71 page report can be viewed here. Not all of the report applies to what we discuss here so over the next few days, I’ll post a chapter and we can discuss it.
National Economy & Housing Market by Professor Gerard Mildner, Director, PSU Center for Real Estate is a three page chapter in the report. It seems to offer a good broad view of the overall world and national economies vis-a-vis real estate. Portland is still positive of the last 12 months but comments on this blog and the looming release of the next RMLS Market Action, still more than a week out on official channels, may change that. He concludes the Fed probably can’t continue to lower rates because of inflation fears and that for the first time in 70 years, the average home price will have declined.
Change in Home Prices, August, 2006 to August 2007
Salt Lake City, UT 8.00%
Raleigh-Cary, NC 6.42%
San Antonio, TX 5.89%
Seattle-Tacoma, WA 5.80%
Austin, TX 5.02%
Charlotte, NC-SC 3.92%
Portland, OR-WA 3.06%
Houston TX 2.99%
The list continues into negative numbers.