CNBC, Fox News & Chicago Tribune all had great stories recently about optimism in the Housing market. This is truly great to hear. It’s not that there hasn’t been good housing stories to report, but that several sources are reporting how things are turning around and not beating negative stories into the ground.
The Chicago Tribune story reads, “Reports from two major banks suggest housing market is on the mend.” It went on to read, “Wells Fargo issued 54% more mortgages than a year ago and took 84% more applications.” The Fox News’ story reads, “US home-buying season finally signaling a recovery.” and, “many people seem to have concluded that prices won't drop much further. In some areas, prices have begun to tick up.”
Our local RMLS Market Action report shows that we are down to 5 months of inventory in the Portland Metroplex. We haven’t seen inventory this low since June of 2007! Some areas closer into the core of the city are experiencing inventories much lower.
This has been a long schlogg and it is exciting to see things turning up.