Trouble in River City

A while back I was pretty sanguine about the Portland housing market, saying that it would not be until the spring numbers started to come in that I would really be able to evaluate. Well, they are coming in and they are not pretty. So consider me concerned. We have dived off a pretty big cliff since December. I still don't think the low will be terribly bad since the high never got terribly high, but these numbers are painful. Again, they mask a lot of heterogeneity across Portland, but the overall picture is a bit bleak

Couple this with an increasingly sluggish national economy and we could be in for a pretty rough 12 months at least.