The May Case-Shiller numbers are out and the news is good for Portland. Portland saw a month over month and a year over year increase in home values. This picture above, of the seasonally adjusted C-S numbers shows the plunge and subsequent bumping along the bottom.
Here is another graph of the month-to-month percentage change in seasonally adjusted C-S numbers.
Way too early to say we are starting to see sustained appreciation but things are starting to look like we might start to see housing make a modest comeback this year.
1 comment:
with OR having one of the highest un and under employment rates in the country, how is it that we're talking about a turn around in home values? It seems like your last post is in direct contrast with this idea of a housing recovery.
Is it possible the banks are not letting go of their REO inventory because its currently marked to miracle and just keeping them on their books at those values so they can keep pretending to be solvent? http://www.oregonlive.com/front-porch/index.ssf/2012/04/portland-area_foreclosures_rea.html
I'm of the mind that this uptick is due to a lack of liquidation of REO properties rather than fundamental price movement.
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