As it draws to an end, 2009 continues its slow advance toward recovery. We’re probably all in agreement on this one; 2009 has been a formidable year for the economy. The Southern Oregon real estate market joins the nationwide real estate market with unsettled issues regarding the Housing Sector as we approach 2010, and yes, there is good news. The good news for the stock market is that the Dow Jones is inching over the 10,400 mark and appears to be gaining strength. The good news for the housing sector is that the numbers for sales and median home prices have shown steady increases for the last three months in a row. But the overall recovery news is mixed. The unemployment rate has pushed over 10% and is responsible for the continuing wave of foreclosures. And the road to full recovery will solidify only after the residual effects of foreclosures on the commercial real estate market nationwide are addressed by the marketplace.

Commercial real estate generally lags behind the residential sector as an economic indicator. Before defaulting on their mortgages, commercial owners tend to tighten their belt, lower rent, and do whatever possible before allowing their commercial properties to go into foreclosure. Owners of commercial real estate in the Southern Oregon real estate market are no different, and as the recession rolls into 2010, there is an increasing possibility of distress for commercial real estate owners and for those who hold their mortgages.

As a socially conscious real estate consultant, I will keep a close eye on the commercial real estate market which will undoubtedly undergo dramatic challenges in 2010.

Michael Masters

A Socially Conscious Real Estate Consultant

     

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This entry was posted on Friday, November 20th, 2009 at 9:00 am and is filed under the category Grants Pass Real Estate, Green Real Estate, Michael Masters, Real Estate, Southern Oregon Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.