I recently got back from the NAR show - the National Association of Realtors trade show in Orlando, Florida.  I was honored to be asked to speak to two large groups of agents but the best part is I got to hear what is going on around the country, and I am now trying to figure out how that will affect our market here in Portland, Oregon.

On the one hand, I understand that in some areas of California, particularly Orange county sales are up, way up.  Many of them are REO (bank owned) homes.  This is a good thing in that it eats up all the inventory and then people will buy owner occupied homes next.  It is also good as it could be signaling a bottom.  In some areas such as Las Vegas and areas of Florida and the California central valley as much as 75% of the homes sold of late are either bank owned or short sales, but they ARE selling now.

Indications are with the new administration there will be SOMETHING done to get people more comfortable about buying homes, and with the inventory lowered and builders out of business, it could get busy.  Here in Portland, we are down about 7% on our number of Realtors for the year, and indications are another 15-25% will not renew their license January 1st 2009.

I want you to know that I AM here, that sales are down from last year but we are selling homes, more than any other Prudential agent in the greater Portland area, and that we WILL be here to help you with all your real estate needs.

John Mitchell a Portland economist thinks that the recent uptick in sales if it continues could signal an end.  His recent article in the Portland Oregonian can be found by clicking HERE.