Construction: A set of infographics posted yesterday on the Regional Multiple Listing Service blog show Clark County is still struggling with some overhang of new construction compared with the rest of the Portland metro.
Among the listing service's active listings in Clark County, 15.7 percent are ready-to-build planned houses, 2.8 percent are in-construction houses and 11.2 percent are new, vacant houses.
In the Portland area as a whole, proposed construction makes up only 3.6 percent of active listings. New houses are 6.5 percent, and in-construction houses are 3.2 percent.
New construction has made up an outsize chunk of the excess supply of homes over the past several years. However, much of that supply has been sold, and inventory levels have crashed, finally putting a limit to how far home prices can fall.That's true in Clark County, too, where there's a 5.4 month supply of homes at June's sales rate. Six months is considered a balanced market, with anything below showing demand outpacing supply. And the median sale price in June was 7.9 percent higher than a year earlier.
Fannie Mae: The mortgage investor earned $2.2 billion in the year's second quarter. In the same period a year ago, it lost $5.2 billion. Taxpayers have spent $170 billion rescuing Fannie and Freddie Mac since their 2008 bailout.
Home prices: Two more reports released Tuesday showed gains in home pricing in the Portland area.
?Elliot Njus
Source: http://www.oregonlive.com/front-porch/index.ssf/2012/08/construction_overhang_still_ha.html
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