Posted on 10/09/2023 7:29:31 AM PDT by ChicagoConservative27
So, how many are people looking to get out of Portland?
However, they can not afford to live in Sun River or Bend.
“no one wants to take out a 8% mortgage unless they are forced to.”
This is the elephant in the room.
Interest rates rose so quickly that there are millions of folks with existing 3% mortgages who would be insane to “trade up” to a 8% mortgage.
That puts large chunks of the housing market in grid-lock.
In most cases it is a loser to relocate for a company raise or promotion.
That is why unemployment would have to go up to have a major effect on the real estate market.
IF you lose your job and are forced to relocate to get a job then you have to sell whether you want to or not. Then we start getting short sales and foreclosures. Now, if you are forced to sell you will still have equity unless you bought your house in the last couple years in certain markets.
With 3.6% unemployment people typically do not have to relocate. Especially when so many jobs allow you to work from home.
Couldn’t put a number to it. Most seem like intel, nike, other hitech pros. Not a lot of riff raff at those prices.
I think you're on to something there...
No, I mean people that live currently in the city of Portland, and want to get OUT.
Hillsboro is out where it is safe to live. They are still employed in the city, but do not want to live there anymore.
Or their employer moved their offices out to Hillsboro, Tigard or one of the other western suburbs.
Agreed—what we are drifting towards is a society where it is very difficult to change your “caste”.
If you are a homeowner and/or have a job where you can work from home you can arbitrage the housing market (including moving to lower cost areas as needed/wanted).
If not you are in trouble.
Yeah that’s what I meant. I have no idea how many are bailing out of pdx. But I used to make the drive into downtown and it took 45 or so to get there on a good day and up to an hour and a half to get home. Snow? Forget about it. Work 10 minutes from my office now. Things are good.
My parent company is in Tigard.
They moved away from the city years ago.
I know several companies in the lumber industry that used to be in the city. Several right on Front street. One used have a building right on the Willamette River. They all moved out.
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