Home Sales Rise as Economy Stalls

economy, Portland Real Estate Market
Lackluster holiday spending and low US consumer confidence did not detour home buyers the last quarter of 2012. Home sales are up for the last couple months as buyers take advantage of low interest rates and depressed property values. Local Realtors had a Merry Christmas cashing commission checks in November and December as Portland RMLS reports a 5% month over month gain in sold home volume. MERS and its legal woes have also contributed to reduced inventory; with the embattled company's foreclosure practices now being called in to question in landmark court cases across the nation. MERS Foreclosures Challenged In Landmark Cases The latest burst of closed real estate transactions in combination with the low number of new listings has caused extremely low levels of available inventory. At best the…
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Economic & Job Growth Forecast

2013 Jobs Forecast The Federal Reserve released job data stating the unemployment rate will remain elevated through late 2015. Unemployment and under-employment continue to weigh heavily on the US economy as 17,000 Americans filed new unemployment benefit applications this week. According to the Federal Reserve the US needs over 200,000 new jobs created each month to break even with newly minted graduates entering the work force. 151,000 new jobs were created in November 2012 with 4.5 million Americans unemployed. As such, it seems more than plausible that short sales will remain a part of the economic landscape at least for the time being. Associated Press released its survey of the nation’s top economists which anticipates 2013 GDP growth to be 2.1% below the 3.5% threshold of real economic growth able…
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