The November Case-Shiller numbers are out and Portland was one of only five cities to see an increase over the month before. This is a bit interesting because of the high unemployment rater in Oregon. Clearly the two-pronged approach to the housing market - the new homebuyer tax credit and the Fed's intervention in the long term debt market to keep mortgages low - was a big part of the story here. This is evidence that the hosing market in Portland has stabilized for now, but I expect some erosion in values through the winter and unless the pace of job creation picks up significantly I don't see much hope for any near-term sustained increase in values.
Here is the graph of the raw month to month numbers:
Here is the graph of the year-to-year percentage change in home values: