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March 29. 2006
Page A 7
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Lower Housing Prices Possible
Figures show '
market cooling
(A P) — Sales o f new homes
plunged by the largest amount in
nearly nine years in February
w hile the median price of a new
hom e dropped for the fourth
straight month, providing fresh
evidence that the n ation's once-
booming housing market is cool
ing off.
The Commerce Department re
ported that sales of new single
family homes dropped by 10.5 per
cent last month to a seasonally
adjusted annual sales pace of 1.08
million homes. It was the second
straight monthly decline and was
much bigger than the small 2 per
cent dip that Wall Street was ex
pecting.
The drop in new home sales
follow ed new s T hursday that
sales o f previously owned homes
actually rose by a stronger-than-
expected 5.2 percent last month
follow ing five straight monthly
declines. Analysts said the trend
in both reports pointed to a slow
ing housing market after five
record-setting years.
The slowdown in sales was
putting pressure on prices. The
median price of a new home sold
last month dropped to $230,400,
down by 1.6 percent from Janu
ary and o ff 2.9 percent from Feb
ruary 2005. The median is the mid
point where half the homes sold
for more and half for less.
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Analysts believe sales will de-
cline this year as the housing boom
slows under the impact of rising
mortgage rates. Experts also be-
lieve that the growing backlog of
unsold homes will start to put more
pressure on home sellers to reduce
prices in the months ahead.
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Author Offers Home Buyer Tips
Book addresses
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Amazon.com best-selling author
Dr. T affy W ag n er is taking
hom eow nership education one
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for minority homeownership titled
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Homeownership is the A m eri
can Dream, yet according to sta
tistics taken from the National
A s s o c ia tio n
of
R e a lto rs ,
hom eow nership for both African
A m e ric a n s and H isp a n ic s is
about 20 percent below the na
tional average o f 68 percent.
Low and moderate-income fami
lies are the g ro u p s th at
homeownership eludes the most.
“H om eow nership is not just
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Welcoming Diverse Populations
Workshops tackle gentrification issues
The city of Portland and of its
advocates on neighborhood issues
have com m itted to addressing
gentrification, the so-called dis
placement of one population with
another, in a series of public work
shops aimed at supporting diverse
neighborhoods with good leaders
and organizations.
The following three workshops
are sponsored by Neighborhood
Involvement in partnership with the
Northeast Coalition of Neighbor
hoods, R esolutions Northwest,
Central Northeast Neighbors and
Southeast Uplift:
northeast Portland will talk about cultural backgrounds affect partici
how gentrification has impacted pation in neighborhood groups?
their lives. The topics include, How groups can better welcome
what has happened? W ho’s been and retain new members? And how
harmed and how? And what can to recruit diverse neighbors and
be done to repair the harm? Par keep them engaged?
ticipants will be invited to join
Building Bridges: Reaching
sm all-group discussions to bet Out to Diverse Members of O ur
ter understand and consider ideas Communities
to repair the harm caused by
W ednesday, May 31 from 6:30
gentrification.
p.m. to 9 p .m . at Southeast Uplift,
Creatinga Welcoming Environ 3534 S.E. Main. Topics sched
ment for Your Neighborhood O r uled for discussion include, new
ganization
perspectives on neighborhood
Tuesday, May 2 from 6:30p.m. to livability issues, outreach strate
9 p.m. at Central NENeighbors.415 gies and meeting styles from the
Gentrification: A Restorative N.E. 87th Ave. The workshop will point of view o f diverse com m u
Listening Circle
push for new ideas for engaging nity leaders.
Wednesday, April 19 from 6:30 the unique voices and perspectives
Space at all three events is lim
p.m. to 9 p.m. at the First AME of under-represented neighbors ited and registration is needed.
Zion Church, 4304 N. Vancouver who’ve traditionally not been ac Contact N ickole Cheron at 503-823-
Ave. African-American residents tive in neighborhood associations. 2036 or email nickole.cheron®
and leaders o f inner north and Group exercises will focus on how ci.portland.or.us
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To Place Your Advertisement
In Our Special Editions
Contact a sales representative at
Phone: 503 288 00 33
Fax: 503 288 0015
e mail: classifieds@portlaridobserver.com
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(Ohserucr
www.pdc.us/homepurchase
Your Partner for Home Purchase, Repair & Renovation
I m u h i* n
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