Case-Shiller March 2011 From Portland, Oregon

29 03 2011

 

Ben Bernake must live in Detroit...

If you are looking for someone to cheer you up today, stay far away from David Blitzer, Chairman of the Index Committee at Standard & Poor’s, who says,“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future.”

 This is merely a confirmation of what we are already seeing locally with a decline in real estate prices; however the “Dr. Doofenshmirtz” of the Case-Shiller Report out today is not that bad for us in Portland, Oregon.  The Nation as a whole is depreciating further and pursuing a double-dip in home prices; and, it is now close to Summer 2003 levels.  Some of the cities which make up the composite are actually under year 2000 levels!

Still, we are faring decently compared to them.  Portland’s Case-Shiller number is roughly equivalent to January/February 2005.  Seattle is near September 2004, LA is near October 2003, San Diego is near March 2003 and San Francisco is hovering around April 2002.  It doesn’t feel good, but it could be a lot worse for Portland.

The Regional Multiple Listing Service average sales price for Portland, Oregon is between September& October 2004.

Dustin Miller

Realty Trust Group

DustinM@RealtyTrust.com

The Full Case-Shiller Report for March 29, 2011

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