Page A3
S E B I. 3, 1997
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P o rtla n b
OObserrier
Skid may come to booming
housing maket
Less Driving =
Generation-X means less first-time buyers but,
immigrants may pick up some demand
More Time Shopping and Dining in NW
etting around in North
west Portland on Tri-
Met is now easier and
more inviting. The Nob Hill Busi­
ness A ssociation and Tri-M et
have teamed up to make it more
convenient for customers, visi­
tors, employees and residents to
take the bus to the neighborhood.
“ The simpler we make riding
the bus to Northwest Portland,
the more attractive an option it
becomes for everyone,” explains
Steve Fosler, NHB A Transporta­
tion Manager. “Our partnership
with Tri-Met is part of a larger
effort by the business association
to reduce parking pressures, im­
prove air quality and provide trans­
portation options for all segments
of the Northwest neighborhood.”
The partn ersh ip generated
publication of a walking map and
transit guide, the “Free Ride NW ”
program sponsored by the mer­
chants, expanded bus information
at shelters, and employee transit
incentives.
Partnership highlights:
G
* NW Portland Walking
Map and Transit Guide.
Great for visitors to the neighbor­
hood, this colorful piece features
a listing of NW merchants along
with their locations denoted on an
area map. Transit service to and
within the area is detailed, in addi­
tion to locations of Tri-M et trip­
planning kiosks and tare outlets.
The W alking Map and Transit
Guide is available at Northwest
merchants, downtown hotels, the
Convention Center and through
the Portland Oregon Visitors As­
sociation.
* Free Ride NW. Another
great find for shoppers in the North­
west district, a free Tri-Met ticket
for their ride home! showing their
Tri-M et transfer to the cashier
when making a purchase of $ 10 or
more at a participating merchant,
will gain shoppers a free all-zone
ticket.
Participating businesses are
identified by a “Free Ride NW"
placard in their window.
at the National Association of Home
Builders. The industry “is now oper­
ating at its dem ographic potential.”
James Glassman, senior economist
at Chase Securities Inc, noted that
demographic conditions are slow to
passes to their customers.
high reached in the 1980s and the 2 .1
he interest-rate sensitive
The Stadium Fred M eyer re­
million peak of the 1970s, economists
U S . housing industry’s
cently joined the ranks and began
said.
pronounced expansion is
selling passes and tickets to the
Housing
starts largely reflect the
being stymied by a force more pow
­
public in April 1997. Efforts to re­ erful than the Federal Reserve
rate of household formation.
cruit additional outlet continue.
“There is a demographic cap,’
demographics.
♦ Indoor Trip-Planning The population of typical first-
noted Robert Van Order, chief econo­
mist at Freddie Mac. “The average
Kiosks. A self-service Tri-M et time homebuyers, aged 25-35, is rela­
American woman is having just barely
trip-planning kiosk in the lobby of tively small and maxxed out on its
enough children to keep the popula­
Gtxxl Samaritan Hospital (NW 22nd home purchasing, experts said
and Lovejoy) has seen frequent use
tion constant.”
“Generation-X is just not as large
Immigrants, eventually,could pick
since its installation two years ago. as the generation in front of it. the
up some of the slack as they shift from
A second kiosk will soon be in­ Baby-Boom types,” noted Russell
renting to owning homes.
stalled at Coffee People (NW 23rd Sheldon, Mellon Bank senior econo­
But at least for the rest of this
and Hoyt). A trip-planning kiosk mist. “There has been a long period of
decade, “1 don’t think you’ll see m a­
looks like an ATM machine, and prosperity and most people have al­
jor fluctuations in (birth-rate) demo­
features a computerized program ready bought their homes.
which can tell a person what route(s)
graphics”
Any Fed tinkering to cut interest
That would portend much more
they would take to their destina­ rates could spur trade-ups to bigger,
expansion in homebuilding, said Van
tion, how long the trip would be, more expensive homes. So could fur­
Order. "W hat may be more important
and the cost. The machine prints ther gains from the so-called wealth
is what will happen with immigration
out the trip plan and other pertinent effect,” in which a booming stock
and how immigrants move up the
information for the customer.
market lines pockets and builds
T
* More Sales Outlets for
tickets and Passes. Purchas­
* Transit subsidies For spendable income.
But it would probably be the Baby-
Employees. Although quite a few
ing monthly passes or books ol
Tri-Met tickets net riders a nice
discount. These items are avail­
able locally at the Stadium Fred
Meyer (NW 20th Place & Burnside )
and Food Front (NW Thurman &
23id).
Food Front has long been a Tri-
Met supporter, selling tickets and
employees in NW Portland already
walk, bike or take the bus to work,
employers are expanding their ef­
forts to promote alternative com ­
mute modes. Several em ployers
have started a transit subsidy pro­
gram and pay for part or all of their
employees’ Tri-Met passes and tick­
ets.
Boomers, who are in their 40s and 50s,
not first-time buyers, that would ben­
efit.
What that means is that annual­
ized housing starts will peak at 1.5
million units in the 1990s, just above
July’s 1.45 million pace, economists
agreed. That level would represent a
steady erosion from the 1.8 million
change.
"W e’ve been chugging along at
this high level ever since the reces­
sion ended,” he said. 'M ost people
arc getting the sense that it doesn t
get much belter, but it could get
worse.”
If homebuilding does not shrink
much, it would suggest that rates
were neither stimulating nor restrain
ing economic growth, economists
housing ladder.”
Home builders agreed that pent-
up demand lor new houses has about
reached a lim it forced by this
generation’s population size.
“W e’re operating — both new and
existing home sales— at a really high
level and one that is close to what we
think is the maximum sustainable
pace,” barring a dramatic rate plunge,
said David Seiders, chief economist
said.
“It would tell you that interest
rates aren’t an obstacle for housing,
said Glassman
However, waiting for reduced
mortgage rates to refuel the housing
boom could be a long-term prospect.
“A lot of people think interest
rates are the whole story, that if
rates go dow n housing will soar,
G lassm an observed. In a recession,
rates are critical in quashing hous­
ing activity.
“ But when w e’re out o f reces­
sion, the main story is dem ographic
trends,” he said.
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HAST ANNUAL GRAPHIC AUTIST FAIR
s s n a n a tR » . » 9 7
Í.-30 M l - 9:00 M l
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0130 a . w u ic o u m
LJD
W e ’ll get you hom e.
U.S. Dept. of Housing and Urban Development
RRM H M M
ormruMTY
To qualified buyers only Closing costs and feet additional Actual monthly payments w ill vary bated on price ol home and terms