06-19-2025  11:55 pm   •   PDX and SEA Weather

  • 1
  • 2
  • 3
  • 4

NORTHWEST NEWS

During Record Eviction Rates, Advocates Decry Possible Slashes to Eviction Prevention

Pulling support will fuel homelessness crisis, advocates warn state leaders.

Juneteenth 2025 Celebrations in Portland and Seattle

Juneteenth is a young federal holiday, but the Black day of independence has been observed since June 19, 1865.

City Council Approves and Increases Central Albina Settlement

Black residents who were forcibly relocated for Emanuel Hospital expansion that never happened, and their descendants, sued over loss of property, wealth and community.

VanPort Mosaic Festival Fights Cultural Amnesia

Two-week event honors survivors of VanPort flood, their descendants and survivors of Japanese Internment in annual festival.

NEWS BRIEFS

Emmy-winning Journalist Launches Juneteenth Series

L.A. Times Columnist/ABC News Contributor speaks w/ Big Sean, Ledisi, more. ...

Former Motel 6 to Open as Delta Park Motel Shelter in North Portland

New shelter will provide 24/7 wrap-around services for unhoused neighbors ...

Oregon Housing and Community Services Awards $8.7 Million in Down Payment and Home Repair for Veterans 

Eligible veterans and their families at or below 100% of area median income can qualify ...

Upcoming Virtual Meeting to Shape Oregon Civil Rights Agenda

Members of the public can participate in the open comment period at the end of the meeting, providing an opportunity for local voices...

Oregon in Multi-State Legal Fight to Protect Genetic Information in 23andMe Bankruptcy Case

AG Rayfield: People did not submit their personal data to 23andMe thinking their genetic blueprint would be sold off to the highest...

OPINION

SB 686 Will Support the Black Press

Oregon State Senator Lew Frederick brings attention to the fact that Big Tech corporations like Google and Facebook are using AI to scrape local news content and sell advertising on their platforms, completely bypassing local news sites like The...

Policymakers Should Support Patients With Chronic Conditions

As it exists today, 340B too often serves institutional financial gain rather than directly benefiting patients, leaving patients to ask “What about me?” ...

The Skanner News: Half a Century of Reporting on How Black Lives Matter

Publishing in one of the whitest cities in America – long before George Floyd ...

Cuts to Minority Business Development Agency Leaves 3 Staff

6B CDFI affordable capital for local investment also at risk ...

AFRICAN AMERICANS IN THE NEWS

ENTERTAINMENT

U.S. & WORLD NEWS

Derek Kravitz AP Real Estate Writer

WASHINGTON (AP) -- Americans bought slightly more new homes in October, a hopeful sign for the troubled housing market. But the median sales price fell to its lowest level of the year, and the overall sales pace is trailing last year's - the worst in half a century.

The report suggests housing continues to drag on the U.S. economy and is a long way from recovering.

New-home sales increased 1.3 percent last month to a seasonally adjusted annual rate of 307,000, the Commerce Department said Monday. That's less than half the 700,000 that economists say must be sold to sustain a healthy housing market.

September's figures were also revised down significantly to show a weaker pace than first estimated.

Last year's 323,000 new homes sold were the fewest since the government began keeping records in 1963. This year isn't faring much better.

While new homes sales represent a fraction of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to the National Association of Home Builders.

Many builders have stopped working on new projects because they can't obtain financing. The number of new homes for sale in the United States fell in October to a record low of 162,000.

They are also struggling to compete against cheaper re-sales, even as they lower their own prices. The median sales price of a new home fell 0.4 percent in October from September, to $212,300.

Steven Wood, chief economist at Insight Economics, said the small number of new homes for sale should help the housing market recover quicker when prices begin to rise. But he said: "A sustained rebound in new home sales appears unlikely."

For many Americans, buying a home is too big a risk more than four years after the housing bubble burst.

Home prices have tumbled, the job market remains weak and unemployment has been stuck near 9 percent for more two years. Some people who want to buy can't qualify for a loan or make the higher down payments that banks are demanding.

Sales are slumping even though mortgage rates are hovering above historic lows.

Yet sales of previously owned homes are also dismal. They rose slightly last month to a seasonally adjusted annual rate of 4.97 million units, the National Association of Realtors said last week. That's below the 6 million that economists say is consistent with sales in a healthy market and barely ahead of last year's totals, which were the fewest since 1997.

In October, sales were uneven across the country. They increased 22.2 percent in the Midwest and 14.9 percent in the West. But they were unchanged in the Northeast and fell 9.5 percent in the South.

© 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.

theskanner50yrs 250x300