Economist says housing will improve in 2010, but commercial real estate will still be down.
Oregon’s housing market will see an improvement in 2010, but commercial real estate will remain “weak” according to state economist John Mitchell.
Falling inventories of unsold homes and increased resales and affordability are contributing to the state’s improving market. But Mitchell said commercial real estate still has a long way to go.
“You’ve had falling employment, rising vacancy rates, falling rents, falling values,” he said. “Why would you race out to build more?”
According to a summary of the state’s most recent Economic and Revenue Forecast, published Nov. 19, Oregon’s housing market was hit hard the past few years, though not as badly as other Western states such as California, Nevada and Arizona.
Read the full story at the Daily Journal of Commerce.
{biztweet}Oregon housing real estate market{/biztweet}
