www.dailytidings.com/2008/0109/stories/0109_housing.php -
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Published on: 1/9/2008
Last Visited: 1/9/2008
J. Adam Bogle of Coldwell Banker Pro West said overall 2007 was a "significant year for real estate in Southern Oregon," partly because the local housing market showed "resilience thus far to larger national negative trends," including the national credit crunch and a tide of home foreclosures, particularly among so-called subprime borrowers.
Although there was a nationwide drop in home sales in 2007 to a 10-year low, the total dollar volume of real estate sold last year was the fifth largest volume in Jackson County history, Bogle said in a year-end market analysis provided to the Tidings.
"Fundamentally, the market is sound, with prevailing interest rates still at historic lows, lending practices are continuing to correct themselves and bringing forth the buyers truly qualified to purchase homes more in line with their income levels, thus reducing future foreclosure probabilities," Bogle wrote.
"Sales volumes are lower than average sales expectancies for a given year, however with much larger sales volumes in the '04 and '05 years, it could be a couple more years of lower sales before the inventory returns to normal levels and demand returns to somewhere in the region of 2,500 homes per year being sold," he added.
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