Sunday, June 22, 2008

New Month – New Bottom

We can add a few more bottom callers to the list this month. The first is from the chairman of the RMLS board of directors, John Van Loo.

Sales also increased from April to May, prompting ReMax branch manager John Van Loo to express cautious optimism that the worst of the real estate market slump is ending.
“It looks like we could be at the bottom of the decline,” said Van Loo, who is also chairman of the RMLS board of directors.

The other bottom caller is across the river in Vancouver:

Clark County home prices inched upward from April to May, but remained below sales figures from a year ago, according to a report released Thursday.
The median home sale price in May was $251,000, up from $249,764 in April. But the most recent figures show that sale price was 5 percent lower than the $264,000 median price in May 2007.
Dick Riley, owner of the Vancouver real estate appraisal firm Riley & Marks Inc., called the monthly increase in median price a good sign that a rebound might be close. He predicted home values would begin to increase within the next three to six months.
But Riley hedged on that prediction. He said the county, as well as the rest of the country, is dealing with record breaking gas prices, a rising cost of living and declining consumer confidence.

With inventory are record levels in both Portland and Vancouver I don’t see how this is even close to a possible bottom.