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July 25, 2007


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And this scenario is being repeated all across the country.

Your Mileage May Vary. In my area, home prices have plateaued but are not falling, and rents are soaring.

I hope my area follows suit! We're still at 200K+ for a starter home.

"Your Mileage May Vary. In my area, home prices have plateaued but are not falling, and rents are soaring."

Yes, in Minimum Wage's area, college graduates are flooding into the job market en masse, causing rampant unemployment and underemployment. The relatively low wages and poor job prospects availible, however, do not seem to deter people from moving there and buying very expensive houses or paying excessive amounts of rent.

Can we officially call "liar" on MW at this point?

I will have to dig out the last issue of Apartment Manager, the Portland-area landlord newspaper, but it does say pretty much exactly what Jake thinks is a lie. (I will quote from the article verbatim when I find it.)

This aforementioned issue had a lead article screaming, "Investors Strike Gold!" and celebrating the continued influx of twentysomethings who (according to the article) are coming here for the lifestyle, not for great jobs and high pay. This issue also reported a projection that local residential rents would rise 8.5 percent this year and an additional 6 percent next year.

While unemployment WAS indeed quite high two or three years ago, the job climate has improved dramatically, so unemployment is low today, but wages are lagging. Other than that, Jake nailed the local economy.

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