WASHINGTON — Sales of new homes plunged in February to the slowest pace on records dating back nearly half a century, a dismal sign for an already-weak housing market. – Derek Kravitz, Huffington Post (article below)
Yesterday, for a giggle, I googled foreclosure rates in Oregon and in Molalla:
The State of Oregon in Feb. 2011 had a foreclosure rate of 1 home per 676. That means that one out of every 676 homes in Oregon got a foreclosure notice in Feb. 2011. That’s bad enough but wait – look at Molalla’s 97038 Feb. 2011 foreclosure rate:
One home out of 321 in Molalla’s 97038 got a foreclosure notice. That is over double the foreclosure rate of Oregon as a whole. Molalla’s 97038 is in the worst of the worst category – along with Bend and a couple other “on fire” foreclosure bright red listings.
LOL! Fake planner Potter is going to go next Monday to County to try to defend his ridiculous population projection in light of these totally damning figures?
On Monday, the Clackamas County Planning Staff recommended that the Planning Commission and the BCC DENY the ridiculous overblown Molalla urban reserve proposal. Talk about an anti-climax! Talk about wasting HUNDREDS OF THOUSANDS OF PUBLIC MONEY ON GARBAGE.
The public gets the fun of dragging in and watching pathetic Molalla plannin’ beg and whine at a couple of public hearings. Then it will be all over but the nasty memories of all the years and money wasted on CRAP. PHEW! If this were the private sector, there would be no question about retaining Potter and Atkins, who have produced nothing but FAILURE for years – AND A PLANNING DEFICIT OF OVER $400,000.
Can you hear the deficit meter ticking away as Potter and whatever expensive help he drags to the hearings rack up more overtime charges to plead their LOSING CAUSE at County hearings! That’s a travesty! Where is the Council to pull the plug! It’s over, get the spending in check and learn the facts about affordable, professional County contract planning.
I hear that for less than $20,000 a year, Estacada, Gladstone and Damascus use the County for their planning. That means that County could do years of planning for Potter’s current salary. Never forget, Potter is NOT A PROFESSIONAL, he is ‘a guy’ with a title who has made a botched mess out of everything he has touched. Get professional contract planning, don’t allow another cent to be wasted on planning TRASH!
Now what, sleazy ‘manager’ Atkins and fake ‘planner’ Potter? How much more will you spend selling the citizens’ future down the rat hole of bankruptcy for legally indefensible planning to please your good ole boy masters – your greedy land speculatin’ insider trader buddies?
Are you actually sending Potter up to the plate at the County hearing. Or are you going to send EXPENSIVE CONSULTANTS AND LAWYERS in for extra, extra DEFICIT SPENDING? Bring the video cameras to Oregon City at 6:30, March 28. It’s hard to believe how long Team Loser Molalla Plannin’ tries to stay in the game, long after everyone else on the planet knew it was always going to be a great big ZERO in the Molalla scoresheet. But wait – Molalla is the only ‘team’ on earth that gets to play for minus scores. That scorecard should read:
Molalla plannin’: MINUS $400,000 OF THE TAXPAYERS’ MONEY AND COUNTING BACKWARD SO FAST IT MAKES YOUR HEAD SPIN.
Don’t let County see these facts, either:
NEW HOME SALES PLUNGE TO A RECORD LOW IN FEBRUARY
Derek Kravitz, Huffington Post
WASHINGTON — Sales of new homes plunged in February to the slowest pace on records dating back nearly half a century, a dismal sign for an already-weak housing market.
New-home sales fell 16.9 percent last month to a seasonally adjusted annual rate of 250,000 homes, the Commerce Department said Wednesday. It’s the third straight monthly decline and far below the 700,000-a-year pace that economists view as healthy.
New-home sales now account for just 5 percent of total home sales so far this year. They typically represent closer to 15 percent in healthier housing markets. There were just 186,000 new homes available for sale in February, the lowest inventory in more than four decades.
The median price of a new home dropped nearly 14 percent to $202,100, the lowest since December 2003. The median is now 30 percent higher than the median price of resold homes – twice the typical markup.
In response, homebuilders are cutting their selling prices and building more inexpensive homes, pushing down sales prices. They are struggling to compete with a wave of foreclosures, which has lowered the price of previously occupied homes. High unemployment, tight credit and uncertainty over prices have also kept many potential buyers from making purchases.
“Falling housing prices of existing homes are robbing demand for new houses and until that changes, the housing market will be in trouble,” said Yelena Shulyatyeva, an analyst at BNP Paribas.
Last year was the fifth straight year of declines for new-home sales after they reached record highs during the housing boom. Economists say it could take years before sales return to a healthy pace.
Poor sales of new homes mean fewer jobs in the construction industry, which normally powers economic recoveries. Each new home creates an average of three jobs for a year and $90,000 in taxes, according to the National Association of Home Builders.
Many builders are waiting for new-home sales to pick up and for the glut of foreclosures to be reduced. But with 3 million foreclosures forecast this year nationwide, a turnaround isn’t expected for at least three years.