[BrG]

My opinion.

The flattening of the speculation boom is due in large part to this combination:

-18 continuous quarters of interest rate hikes (not counting the last 2 where they remained flat)

-the meteoric rise in costs of construction over the last 24 months. It's astonishing...and it's passed along to the unit cost of the condos. Everything from steel, to concrete, to window systems has seen a huge increase in cost in the last 24 months.

-demand based increases in land/housing costs. (planned Urban renewal projects coming to fruition, and the availability of low cost loans...)

These all do not jibe with the lack of associated rise in wage income. The percentage of income dedicated to housing in Portland has gone up meteorically for home buyers. Particularly first timers.

Our home is valued at twice what it was 5 years ago, for a buyer today. Most people do not earn remotely close to twice what they did 5 years ago, for doing the same job.