In a store today, the owner (a friend of mine) was conversing with a local real estate guy, who was telling her that nothing, but nothing is selling here. I joined in the conversation and he opined that housing is just too expensive - local people cannot afford it. Now that Californians aren't pouring over the border with big bucks, that's it.
Talked to another realtor yesterday on the phone and he sang the same song. Said that the ranks of realtors are going to thin out, as well.
New houses are now listed under "Houses for Rent".
How is it doing in P'land?
Basically, the same old stuff. A brand new condo development sits totally empty. It looks abandoned. No cars are parked in the driveways. The builders have new signs up saying "Zero Down!" and "Prices Reduced!" Television ads are running on week ends advising people to buy foreclosures. Mortgage ads still run 24/7 on the radio. They are still pitching teaser rates of 2.5% and zero down loans.
Hmmm...I wonder if that mean rents will go down, rather than up, as real estate continues to decline. If what you're saying represents a trend, that means there will be a glut of rental properties in the not too distant future.