Market Update Courtesy of Glen Bremer, Sterling Bank
QUOTE OF THE WEEK… “I do not think there is any other quality so essential to success of any kind as the quality of perseverance.” –John D. Rockefeller, American industrialist and philanthropist
INFO THAT HITS US WHERE WE LIVE… Everyone working in the housing market certainly has shown perseverance and it seems to be paying off. While the overall economy slows, there are signs of the start of a housing recovery. Bloomberg reports all major home price indexes registered modest national increases. Almost 10% more existing homes were sold in May than a year earlier. The inventory of existing homes has dropped close to a normal level of six months, key to sustaining spring home price gains. Housing starts were up 26% in May over the prior year and the inventory of new homes is back at 2005 levels.
A new survey of forecasters by the Wall Street Journal found “44 believe the housing market has reached its bottom; only three don’t.” Housing is still far from healthy, but these indications of an upturn are welcome amidst the distressing lack of jobs. Economist Chip Case of Case-Shiller said, “A little tail wind is a lot better than a headwind.” Fannie Mae’s latest survey found 73% of Americans think now is a good time to buy a home and 35% expect prices to go up in the next 12 months.
BUSINESS TIP OF THE WEEK… If you aren’t happy with how things are going, the only way to fix the situation is to do something differently. Think of an action to take — then take it!
Glen Bremer
5005 Meadows Road, Suite #400
Lake Oswego, OR 97035
Office: 503-726-3866
Cell: 503-502-5373
Fax: 503-639-0754
