Retail real estate may be the next to feel the economic pain. Wickes filed for bankruptcy while their Grand Opening banner was still up in Tanasbourne. Though it seems like the writing was on the wall, many were caught off guard and this chart shows that we have a considerable amount of shopping per capita.
The basic reasons that people are selling and I think it might be 90% correct. I would add Displacement to his 4 D theory. Few people are selling to move up.
November year to year numbers are not great but I expected them to be bad. When the bailouts started in Septmeber everyone put the brakes on and that pretty much continued through the election and holiday. Case-Schiller says we are down 11% and I bet different Portland Metro neighborhoods are down even more.
Even though November numbers are down sales are up nationwide as people picked up “bargains” – I use the quotes because a bargain will be determined later. Portland couldn’t be a part of that number if we wanted because of Snowpocalypse 2008.
