Experts are saying that the housing market will recover from it's current down turn, unfortunately it is going to get worse before it gets better. There is just too much inventory right now so when those homes start to sell off, in 2009, the market will start to perk back up. Therefore, 2008 is going to be a rough one.
Economist Jerry Johnson expects sales will be off 15 to 20 percent and the new housing construction 20 percent. People keep moving to Portland but job growth is plateauing. There is still extra inventory which will take quite some time to get rid of.
Expect to see a decline in house prices in 2008. If ever there was a time to consider a career other than real estate, now would be it. Yet economists still think we'll make it to 2009 without a recession.
Oregonian, Ryan Frank
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