Corelogic reports home prices are 6.6% higher compared to a year ago, and they were up 1.2% from April to May. Renting is not getting cheaper. The cost of rent is growing faster than inflation and wages. Overall single-family rents rose 3.1% for the year in May, while rental costs in the affordable single-family rental segment , which includes properties with rents less than 75% of the regional median, grew 4.7% and wages rose 2.5% in May compared to a year ago, according to the Labor Department. CoreLogic forecasts home price appreciation of 5.3% over the next 12 months. Oregon was up 9.0% over the last year, behind Colorado at 9.7%, Utah at 10.4%, and Washington at 12.6%.
The Commerce Department reports factory orders fell 0.8% in May following 0.8% drop in April. Economists expected only a 0.7% decrease. The Commerce Department previously reported orders for durable goods fell by 1.1%. Inventories rose 0.2% for the 10th gain in the past 11 months. And shipments increased a revised 1% in May.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
