Tuesday, April 15, 2008

How High Can a Dead Cat Bounce?

The top story in The Bulletin's business section this morning trumpeted the news that single-family home sales in March were up sharply over the previous

Posted By on Tue, Apr 15, 2008 at 2:42 PM

The top story in The Bulletin's business section this morning trumpeted the news that single-family home sales in March were up sharply over the previous month.

"Bend home sales up as prices drop," said the headline. The smaller headline under that one added: "Houses spend fewer days on market."

Based on the Bratton Appraisal Group's monthly report (available to subscribers only) the story noted that "home sales jumped more than 64% from February to March and ... Bend homes spent fewer days on market, falling from 193 in February to 137 in March."

So let's pop the champagne corks and sing a rousing chorus of "Happy Days Are Here Again," right?

Well, maybe not. The statistic that The Bulletin story didn't quote, but that you could discover if you took the trouble to study the graphs accompanying it, was that the big 64% jump was from an anemic 56 sales in February to a still-puny 92 sales in March. That's about 40% below the 154 sales recorded in March 2007 and 54% lower than the 200 sales in March 2006, when the boom was really roaring.

One encouraging fact mentioned in the story is that the median price of Bend homes sold in March dropped below $300,000 for the first time since September 2005, a possible indication that sellers finally have figured out that the bubble is over and they need to price their homes more realistically. But there's a hell of a lot of unsold inventory still out there.

Will the median home price in Bend eventually fall below $200,000, as the BendBubble blog predicts? Or will The Great Rebound occur on April 25, as Dana Bratton prophesied in February? To use the hackneyed editorial writer's phrase, time will tell.

  • Pin It

Comments (5)

Showing 1-5 of 5

Add a comment

Subscribe to this thread:
Showing 1-5 of 5

Add a comment

More by H. Bruce Miller

  • Who is John Galt? Who Gives a Crap?: Atlas Shrugged's tea party flops hard

    Members of the Ayn Rand cult have waited 54 years for a movie version of her magnum opus, Atlas Shrugged. They finally have one that's true to the letter and spirit of the book. And that's the problem.
    • May 11, 2011
  • LandWatch Goes to the Mattresses Over Resorts

    The fight over Deschutes County's new destination resort rules isn't finished yet: Central Oregon LandWatch has put the county on notice that it plans to challenge them. LandWatch filed ìnotices of intent to appealî Thursday with the state Land Use Board of Appeals, charging that the county's new rules for determining what lands are eligible for resorts ìactually increase the development potential in the county.
    • Aug 23, 2010
  • Waste and Fraud: Walden Goes After the Big Game

    Eastern Oregon's own Rep. Greg Walden and a couple of other Republican congressmen have unleashed their righteous wrath on a federal program that helps low-income folks heat their homes.
    • Jul 2, 2010
  • More »

Latest in The Wandering Eye

  • Moonshine Magic in Bend Still on the Down Low

    Get ready for our great close-up on the home distilling community out next week in our "Best of" issue. We interviewed a mixed bag of legal and anarchist distillers in Bend to find out why distilling is so very, very against the law in one's home.
    • Aug 9, 2012
  • The Eye Wanders Off Into the Sunset

    I’m really sorry to break the bad news to them during this season of peace and goodwill, but after this week the right-wingers in Bend and vicinity won’t have The Wandering Eye to kick around anymore. The decision to stop writing this blog was my own, and it was prompted by several factors.
    • Dec 26, 2010
  • DADT, Gay-Bashing and the "Icky-ness" Factor

    For the past week or so, “Zeo” of the NW Republican blog has had his jock strap in a knot over the prospect of Congress repealing the military’s “Don’t Ask Don’t Tell” rule. To hear Zeo tell it, if DADT is repealed and gays are allowed to serve openly in the US military it will mean the end not only of our armed forces but of America, its economic system and civilization in general.
    • Dec 19, 2010
  • More »

© 2016 LAY IT OUT INC | 704 NW GEORGIA, BEND, OREGON 97703  |   Privacy Policy

Website powered by Foundation