Tuesday, April 28, 2009

The Portland Housing Market: The February Case-Shiller Numbers

Sigh...here we go again.  The Case-Shiller numbers are out and they are grim.  There is no end in sight to the erosion of home values in Portland, we just seem to be picking up steam.  Here is a graph of the the raw numbers for PDX, Seattle and the 20 city composite:

Here are the year to year percentage changes in the Portland numbers:

However you look at it, the story is not pleasant. The usual caveats - these are February numbers, heavily influenced by property values in suburban developments, etc. - all apply. But with unemployment so horrendous, it is hard to see where and when it will all end.

Update: From Calculated Risk, something to make you feel better.

1 comment:

christopher lee said...

it's getting scary. my family's trying to find a place to rent but all we're seeing is stuff for sale and we just keep saying, "are you kidding?"
i wonder when people are gonna start squatting in these vacant properties and how the city will treat them.
also frightening is the potential for smart investors to buy up properties en masse when the prices bottom out and then exploit home buyers again because of a monopoly on the market.