A national report is showing a dip in national housing prices, and it also shows that Portland is one of the hardest hit cities. The new report out Monday shows Portland home prices fell 7.6% in the past year. The Standard and Poors Index ranked 20 top cities. Portland had the third-worst drop among surveyed cities.
But, going forward, the trend may be turning around in Central Oregon. The national story may sound bleak, but the President of the Central Oregon Association of Realtors says local agents are seeing more positive signs that should support better pricing in the near future. Lester Friedman explains: “We're seeing a lot of activity, a lot of buyers who've contacted realtors who are looking. Anecdotally, all the realtors that I speak with in our association say have told me they are busier than they have been, so that bodes well.” At the same time, Friedman says they are starting to see foreclosures come back on the market after the banks had withdrawn them as they sorted through legal questions over the mortgage electronic registration system or "MERS": "But inventories are still low, and as buyers look for houses, with fewer to choose from, it helps support pricing.” The drop put home prices in Portland at levels not seen since the fall of 2004. Seattle was one of only two cities on the list to show year-to-year growth in home prices.