PacificSource Health Plans posted a profit of $22 million on sales of $687 million in the first half of the year. That is much than profits of $5.2 million on sales of $620 million last year. In 2016, Portland-based Legacy Health bought 50% of the Springfield-based PacificSource for $100 million. PacificSource insures more than 300,000 people and has 3,900 employer clients in Oregon, Idaho and Montana. It employs more than 900 people, including 472 in Springfield and Eugene. (Eugene Register)
As interest rates rise and refinancing falls this could become a trend. Wells Fargo has laid off 72 people at its Vancouver call center due to fewer home foreclosures.
Employees received a 60-day notice on August 10th. They will receive pay and benefits through Oct. 9. The call center will be closed. (PBJ)
New single-family home sales fell 9.4% in July, their lowest level in seven months. The housing market is being constrained by a shortage of properties, land and labor, which are driving up home prices. The inventory of new homes on the market rose 1.5%, its highest level since June 2009. At July's sales pace, it would take 5.8 months to clear the supply of houses on the market, up from 5.2 months in June. A six-month supply is viewed as a healthy balance between supply and demand. (Reuters)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.