Portland Home Values Down Again

The April Case-Shiller numbers are out and Portland's home values dropped 0.6% since March and 16% since last year at this time. The Wall Street Journal has a nice summary. I think the employment situation is really starting to hit the housing market which counters the low mortgage prices and the incentive programs. However, anecdotally, I haven't seen a huge difference in close-in neighborhoods in terms of homes for sale or length of days on market, so my impression is that this is still largely a suburban phenomenon.