Portland Case Shiller Index Retreats to August 2005 Level
Case Shiller released their report for January today and I don’t think that it will be a surprise to anyone that the January 2009 Index dropped from December’s 158.5. At 153.8, it’s about the same level reported in August of 2005. The 20 city index is down 19% from January 2008. Portland is down 14%.
Is that the bottom? Maybe, maybe not. RMLS reported lower inventory in February, it seem like lending is getting easier with lower rates, and the First Time Buyer Credit is now really a credit and not an interest free loan. Weighing in heavily on the other side is unemployment, the uncertain fate of GM and Chrylser, war, etc.
This link was post on Realtor.org as a reposting of a Newsweek story: “Top Economists See Recovery Differently.” Link added (1:30PM)
April 2nd, 2009 at 9:41 pm
wow. where did all the people go?
April 3rd, 2009 at 12:02 am
Can’t say you weren’t warned. Those of us who told the rest of you that it would end in disaster were laughed at, cajoled, ridiculed as having missed the boat, having sour grapes. “They’re not making any more land.” “Buy now or be a renter forever.”
Now look at what the real estate industry in collusion with the lenders and Wall Street have done. They’ve destroyed he economy and sent us on a direct path to a new Great Depression.
I hope you all had fun for those 5 or 6 years. We’re in for many years of pain and suffering as a result.
April 3rd, 2009 at 12:52 am
i think the next killer market will be setting up and flipping victory gardens in people’s yards. key transfer advice: fix up the worst garden in the best neighborhood and many golden goose eggs will follow.
April 4th, 2009 at 10:03 am
Yam yam, good to see you are still around:O)
Where are all the people? I think it finally sunk in that ‘all’ the people moving here ain’t gonna save us and Portland does NOT have strong fundamentals like some proclaimed.
I do hope you were all prepared for this:O(
April 4th, 2009 at 10:17 pm
yeah, wife and i are hanging onto our fixed rate mortage for the long term. no desire to flip. just live, enjoy, and raise two kids. i’ve perused this blog for a few years, and it’s uncanny to see how a local, pdx blog activity mirrors the national economy.
once hot, now it’s not! take care, all.
April 6th, 2009 at 11:25 pm
I think the new Mississippi Ave Lofts came out spectacular. What a transformation in that neighborhood. Thank god they didn’t listen to all those whiners who said it was to tall, this city needs all the housing density it can get close in.
PS we’re at the bottom in PDX, enjoy another month of gloating, then secretly hate everyone who gets 12% appreciation on their new loft next year AND gets to live over Pasta Works.
PS II Spent some time in Seattle recently, lack of hipster dufuses and people who can’t get over how incredibly ironic they are was remarkably refreshing.