Just one day after writing a blog post on the Portland metro area running out of residential lots, the news keeps coming in that housing may be turning the corner and is heading for a strong recovery (according tosome). Bloomberg just reported on Zillow’s Home Value Index stating that the index shows a small increase in home prices year over year. This is the first time this has occurred since 2007.
On the local front, this article from the Portland Business Journal suggests that inventory is now under the six-month mark. If all of this is true, a return to a robust housing market might start having a positive effect on the rest of the economy, unlike the drag experienced since late 2006.
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