In a normal real estate cycle, Portland typically hits the highest and busiest week of the year toward the end of May. We did so last year and it looks like we're repeating that pattern again this year. Expect prices and activity to moderate in the coming months- unless rates drop back down to the 5's.
The number of New Transactions dipped for the first time in 6 weeks - in line with last year's market activity.
Interest rates remained above 6.5% for the 30-year fixed loan (with most lenders in the 7's) - despite passing the debt ceiling debate.
The number of bank-owned properties on the market decreased by 3 and short sales (pre-foreclosure home) increased by one. The number of "Notices of Default" (the first step in the foreclosure process) came in at a mere 10 and 7 over the past 2 weeks. No signs of a wave of foreclosures coming yet.
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