December Case Shiller Report

28 12 2010

We have been on this ride before.

Portland, Oregon Made Headlines This Morning on a national scale.  Along with Atlanta, Charlotte, Seattle, Miami and Tampa, Portland hit a average sales price below the previous lows of Spring 2009.

“The double-dip is almost here, as six cities set new lows for the period since the 2006 peaks. There is no good news in October’s report. Home prices across the country continue to fall.” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “The trends we have seen over the past few months have not changed…”

 

Apparently the ride is still going on.

The economy and poor business climate of this state has affected our market.  Without jobs and a stable economy, those people who have to sell must sell at whatever price they can in order to get out.  Never did 11 months of inventory feel so lop-sided in our general marketplace.

The good news is that it is all local, even within the boundaries of the Portland Metro region.  Some areas of town are still low on inventory and actually seeing price increases according to RMLS data.  The other great news is that perhaps home buyers are moving into areas where prices have kept them away and boosting the local schools and struggling municipal services available to them.

As the sign in your dentist’s office reads on the ceiling, “Hang In There Baby!”

December 28, 2010 Case Shiller Chart



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