02-08-2023  4:05 pm   •   PDX and SEA Weather
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NORTHWEST NEWS

Oregon Governor Tina Kotek: Agency Leaders Used Jobs for Personal Gain

Kotek on Wednesday asked the board of commissioners of the state's marijuana and alcohol regulating authority to remove its executive director and other leaders

Arrest Made in Stolen Yacht Rescue, 'Goonies' Fish Incident

Oregon police called it a series of “really odd” events along the Pacific Northwest coast spanning 48 hours that concluded Friday night with the arrest of a Canadian man.

Portland Cop Fired for Leaking False Allegations Against City Commissioner Reinstated

Mayor Ted Wheeler fired Brian Hunzeker after he leaked a false complaint saying city Commissioner Jo Ann Hardesty had been involved in a hit-and-run crash.

Hundreds of Portland City Workers on Strike for Better Pay

Workers represented by the union Laborers’ Local 483 have been without a contract since June. Negotiations over a new four-year deal broke down in December

NEWS BRIEFS

Open Call for PNW Emerging Artists

'Timescape' submissions due March 15 ...

Merkley Applauds President Biden’s 2023 State of the Union Address: America is Stronger When We Come Together to Lift Everyone Up

If there’s one takeaway tonight that will stick with me, it’s how much stronger our country can be when our leaders focus on...

Washington State Arts Commission and Department of Veteran Affairs Partner to Support Veterans Through the Arts

0,000 in grants will support arts programming across four Veteran Homes ...

The Black Business Association of Oregon Hires its First Communications Director

Previously, Sommer Martin was director of downtown marketing for the Portland Business Alliance ...

Allen Temple C.M.E. Church Announces Annual Unsung Heroes & Heroines Award Luncheon

The purpose of the award is to acknowledge and honor individuals and/or organizations who are unsung heroes/heroines who make a...

Family, community still searching for missing crabber

LONG BEACH, Wash. (AP) — Family and members of the community are still searching for a missing crabber days after two others were rescued from a boat that sank near southwest Washington’s Willapa Bay, officials said. The Pacific County Sheriff’s Office said Wednesday that the...

Famed Portland goats let loose in protest of homeless sweep

PORTLAND, Ore. (AP) — A herd of city goats well-known in Portland, Oregon, were temporarily set free Tuesday morning in what appeared to be an act of protest against a planned sweep of a nearby homeless encampment. The fence of the goats' enclosure in north Portland was cut,...

Missouri has 4 in double figures, beats South Carolina 83-74

COLUMBIA, Mo. (AP) — Kobe Brown scored 19 points to lead four in double figures as Missouri rolled past South Carolina 83-74 on Tuesday night. Missouri (18-6, 6-5 SEC), which rebounded from a 63-52 loss at Mississippi State, has won four of its last five games while South Carolina...

DeVries scores 32 as Drake downs Murray State 92-68

MURRAY, Ky. (AP) — Tucker DeVries' 32 points led Drake over Murray State 92-68 on Tuesday night. DeVries also contributed six rebounds for the Bulldogs (20-6, 11-4 Missouri Valley Conference). Roman Penn scored 18 points while going 7 of 12 and 4 of 5 from the free throw line, and...

OPINION

Updates That May Affect Your Tax Season

The IRS released a statement that taxpayers should brace themselves for small tax refunds due to no economic impact payments ...

Unaffordable Rental Costs Now Plague 44 Million People in Every State Economic Inequality Places Most Risk of Eviction on Blacks and the Poor

For the first time in more than two decades of research, every state now has renters who are nearing a financial breaking point in housing affordability. ...

The Beating and Murder of Mr. Tyre Nichols, A Black Man

Time to Abolish the Criminal Injustice System ...

It's Time to Irrigate the Fallow Ground of Minority Media Ownership

In 2023, one aspect of civil rights and racial justice that barely remains addressed is racial inclusion in media ownership. ...

AFRICAN AMERICANS IN THE NEWS

Stella Jean quits Milan Fashion Week over lack of inclusion

MILAN (AP) — The only Black designer belonging to Italy’s fashion chamber withdrew Wednesday from this month’s Milan Fashion Week, alleging a lack of support for diversity and inclusion after the chamber “abandoned” a project to promote young designers of color working in Italy. ...

Arkansas Gov. Sanders slams Biden for 'woke fantasies'

LITTLE ROCK, Ark. (AP) — Arkansas Gov. Sarah Huckabee Sanders painted a dystopian portrait of the country in her rebuttal to President Joe Biden’s State of the Union address Tuesday night, leaning heavily into Republican culture war issues and accusing Biden of pursuing “woke fantasies.” ...

Douglas Emmett: Q4 Earnings Snapshot

SANTA MONICA, Calif. (AP) — SANTA MONICA, Calif. (AP) — Douglas Emmett Inc. (DEI) on Tuesday reported a key measure of profitability in its fourth quarter. The results did not meet Wall Street expectations. The Santa Monica, California-based real estate investment trust said it...

ENTERTAINMENT

At last: Streisand memoir 'My Name is Barbra' coming Nov. 7

NEW YORK (AP) — Barbra Streisand's very long and very long-awaited memoir, a project she has talked about for years, is coming out this fall. Viking, a Penguin Random House imprint, will release “My Name is Barbra” on Nov. 7. Her memoir, fitting for a superstar of the grandest...

After ticket flap, Springsteen's fan magazine shutting down

NEW YORK (AP) — A magazine and website that has served Bruce Springsteen's fans for 43 years is shutting down, with its publisher writing that he's been disillusioned by the debate over ticket prices for their hero's current tour. Backstreets had been an unusually robust publication...

Dudamel to become NY Philharmonic music director, leave LA

NEW YORK (AP) — Gustavo Dudamel will become music director of the New York Philharmonic for the 2026-27 season, ending a heralded tenure with the Los Angeles Philharmonic that began in 2009. The 42-year-old Venezuelan conductor agreed to a five-year contract as New York’s artistic...

U.S. & WORLD NEWS

Microsoft's Activision deal hurts gamers, UK watchdog says

LONDON (AP) — Microsoft’s stalled .7 billion deal to buy video game company Activision Blizzard has hit a...

Day care in Canada struck by city bus; 2 children dead

A city bus crashed into a day care center north of Montreal on Wednesday, killing two children and injuring six,...

Will Ferrell, Alicia Silverstone star in Super Bowl ads

NEW YORK (AP) — The Super Bowl is advertising's biggest, glitziest stage. Big name advertisers...

Danish queen to undergo 'major back surgery'

COPENHAGEN, Denmark (AP) — Denmark’s Queen Margrethe II, whose half-century reign makes her Europe’s...

Blaze at US drone plant in Latvia; arson not suspected

HELSINKI (AP) — Firefighters worked for a second day Wednesday to fully extinguish a blaze at a U.S. company’s...

Stella Jean quits Milan Fashion Week over lack of inclusion

MILAN (AP) — The only Black designer belonging to Italy’s fashion chamber withdrew Wednesday from this...

Chris Isidore CNN Money

NEW YORK (CNNMoney) -- Home prices continued their recovery, rising 8.1% in January, although a separate report showed a slight slowdown in new-home sales.

The S&P Case-Shiller index, which tracks the 20 largest markets in the nation, showed the biggest year-over-year gain in prices since June 2006.

"This marks the highest increase since the housing bubble burst," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.

In a separate government report Tuesday, new homes sold at a 411,000 annual rate in February, down nearly 5% from the January sales pace but up 12% from year-earlier levels. The typical price of a new home sold in the month was $246,800, up about 3% from both the January and a year earlier.

Joseph LaVorgna, chief U.S. economist for Deutsche Bank, said that bad weather in February could be partly responsible for the slowdown in sales. But he said market fundamentals suggest that the market for new-home sales should remain strong.

"Despite the pullback in sales in February, the uptrend in housing remains clearly intact," he said. He is forecasting even stronger sales in the second half of this year.

The Case-Shiller report shows the recovery in home prices is widespread. All 20 markets posted a year-over-year gain, and the pace of increase picked up in every market except Detroit.

Some of the markets hurt the most by the bursting of the housing bubble have enjoyed the biggest gains, led by a 23% rise in Phoenix. Prices were also up more than 10% in San Francisco, Las Vegas, Detroit, Atlanta, Minneapolis, Los Angeles and Miami, all markets that had been hit hard by foreclosures.

New York posted the smallest rise, up only 0.7%.

Even with the recent rise in home prices, the overall index is down 28.4% from the 2006 peak.

But experts say they see a lot of strength in the current market.

"The market still has a long way to go nationally, but the healing process -- and a return to a normalized housing market -- is definitely well underway," said Jim Baird, chief investment officer for Plante Moran Financial Advisors.

Home prices have been helped in recent months by a number of factors, including tight inventory of homes available for sale, near record-low mortgage rates and a drop in homes in foreclosure. A decline in unemployment is also helping the housing recovery.

The housing recovery itself is helping support overall economic growth, as builders scramble to hire workers to meet the renewed demand. The lift goes beyond the impact of increased construction on the economy, as the rise in home prices lifts household wealth.

Rising home prices also reduce the number of people owing more on their mortgages than their homes are worth. That, in turn, can help them to refinance those loans at a lower rate, freeing up money to spend on other goods and services.

 

MLK Breakfast 2023

Photos from The Skanner Foundation's 37th Annual Martin Luther King, Jr. Breakfast.