"But the good news for homeowners..."
Leave it to the O. The residential real estate market hits "a record low for a year-over-year decline in April," but in the next breath they have to have "good news" -- April was a little better than March. "A potential sign that prices bottomed out."
Really?
They are so desperate over there to hold onto what's left of their classifieds. So desperate.
| Posted at 2:07 PM | Permalink |
|
Comments (10)
Quite a few realtors and developers in this town have Ryan Frank's lipstick on their *****.
Posted by squeezed | June 24, 2008 5:13 PM
As the wise old Wall Street adage goes: Nobody rings a bell at the market bottom.
Posted by John Rettig | June 24, 2008 6:26 PM
I always thought the saying was, "Nobody rings a bell at the top..."
Historically, a real estate cycle only bottoms after a period of rising interest rates levels off, and then starts back down.
I am afraid that traditional 15 and 30 year fixed rate mortgages are likely to increase another 1% to 2%, thereby pushing home prices even lower. Rates could move even higher if the inflation genie gets out of the bottle.
Posted by Oh my | June 24, 2008 6:40 PM
I always thought the saying was, "Nobody rings a bell at the top..."
I was quoting from memory, but I found it logged here. But the way you remembered it is probably true as well.
I first heard it about 30 years ago from an interesting guy who had survived the 1929 crash.
Posted by john rettig | June 24, 2008 10:56 PM
"April was a little better than March. "A potential sign that prices bottomed out."
That IS TOTAL NONSENSE and further demonstrates the absolute incompetent, inaccurate and always way behind reporting on real estate around here.
I'll predict a revised number with more declines through all of next winter with the bottom, perhaps late srping early summer in 09.
Posted by Howard | June 25, 2008 7:13 AM
A study came out recently describing how down cycles last 6-12 years, on average, if I remember right. No down cycle in any major US city ever has only lasted 2-3 years.
Posted by James | June 25, 2008 8:10 AM
I find the BOREGONIAN'S real estate predictions little more than pure garbage. If this idiot Ryan Frank had taken the time to read the national report in the Wall Street Journal, he would already know the residential real estate market still has a long way to go before it hits bottom. In additon, the current month is generally regarded as one of the stronger selling months of the year. I can't wait to see what their excuses will be in October and November.
Posted by Dave A. | June 25, 2008 9:32 AM
Foreclosures are a boon for classified ad depts. Especially when the legal description consumes significant space in the many foreclosure notices they publish now.
Posted by genop | June 25, 2008 11:18 AM
I read this morning that the Fed is worried about inflation.
I'm no economist, but the O's statement: "A potential sign that [housing] prices bottomed out." is literally "incredible".
Charging people subscription prices for propaganda and advertising is a dying business model. Does the O really have subscribers dumb enough to pay for what they write?
Sorry for the rhetorical question.
Posted by David Smoot | June 25, 2008 4:04 PM
We only have another 25% to go…hold on people…
Posted by Portland Housing Blog | June 25, 2008 4:26 PM