We also learn today that consumer confidence is up, surprisingly, perhaps as oil prices retreated a bit. But inflation is a concern and wages are not keeping up. To me this all points to prolonged malaise in the US economy - I don't see it getting better until well into 2009. As for Portland housing market. If I were to guess, I would expect that prices will fall again int he winter, but not by that much and then, next spring we will start to see a recovery.
As for my field experiment - I have collected new data, but I shall report on this later once a resolution has been reached.