The sky may be falling in real estate markets across the country but Case-Shiller reports again that Portland and Seattle aren’t following the national market:
Home prices fall at fastest rate in 13 years
Case-Shiller index shows prices down 1.5% in past year
By Rex Nutting, MarketWatch
Last Update: 1:05 PM ET Apr 24, 2007
WASHINGTON (MarketWatch) — U.S. home prices continued to fall in February, with prices down 1.5% in 10 major cities compared with a year ago, according to the S&P/Case-Shiller home price index released Tuesday.
Home prices depreciated year-over-year for the second straight month, falling at the fastest pace since late 1993. A year ago, prices were rising 14%…
Prices fell year-over-year in 13 of the 20 cities, led by Detroit (down 7.8%), San Diego (down 5%), Boston (down 4.7%) and Washington (down 4.3%). On the other hand, prices have risen 10.6% in the past year in Seattle, 7.7% in Portland, Ore., and 7.3% in Charlotte, N.C.
We still like our market for being the lowest priced major west coast market, having property prices protected by the Urban Growth Boundary and being a nice place to be. We can’t predict whether Portland will get on the national train and decline or if lending rules will torpedo the market…