Friday, April 24, 2009

Finally- an 'economist' gets called out by the Oregonian

From the Oregonian:

Tim Korkeakoski just childproofed his first home.
Korkeakoski isn't a new father or about to become one. He's a homebuilder in Wilsonville and he's desperate for work -- any work.
"I got a call asking if I could do it and normally I might be too busy for something like that, a job so small," he said. "Not any more. I had nothing else on my plate and told them I'd be happy to do the work."

Korkeakoski is part of a real estate industry in Oregon that has shed thousands of jobs over the past year as the economy has soured, stilling builders, stalling sales and leaving some people wondering if, rather than when, the recovery will arrive.
"There is life out there but it's spotty," said Ernie Platt, director of local and government affairs at the Home Builders Association of Metropolitan Portland.
"It's very spotty. People are fearful and are concerned about when things are going to get better."
At the association's December conference on the market outlook for 2009, Jerry Johnson, a real estate market and regional economic development consultant, predicted that "we have found the bottom" and that the "fundamentals are not likely to get worse."
The next month, things did get worse.
According to the Regional Multiple Listing Service, January 2009 saw a 32.5 percent drop in closed sales from the year before. Pending sales dropped 26.1 percent, and the average sale price fell 13.3 percent.


Thank you Oregonian! Thank you for calling out the horrible predictions that too often slip by.


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