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|Saturday, September 01, 2007|
STATEWIDE Summer, thy name was volatile. The stock market, the subprime mortgage industry, the national housing market — the “v” word was the one-size-fits-all way to describe the downs and, well, downs that touched nearly every corner of the U.S. economy. But in Oregon’s real-estate market, that interaction comes in a surprising way.
It’s no secret home sales are shrinking. In the Willamette Valley, sales are down by 2.3% from last year; in Central Oregon, they’re down a fanny-spanking 40.2%. In mid-August, the National Association of Realtors hemmed and hawed and then lowered its projections for 2007 home sales for the eighth time this year — as of this last estimate it’s a 6.8% drop compared to last year.
But here’s the surprise: Oregon, and especially the Portland region, is one of the few places in the nation where homes are bucking the median-sale-price depreciation trend. By the beginning of summer, the national median price had fallen 1.8% compared to last year. Not the Portland region. There it was up 9.3%. Eugene, Roseburg and other cities had similar increases.
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