Nobody around here has been saying the market is rosy and that all is well but even the worst comments and predictions have matched this. We haven’t seen this month’s RMLS Action yet but Smart Money puts Portland as the #7th most over inflated of the 150 markets surveyed (the print verison is slightly different than the online version). Well now. They say we’re 47% overpriced. What do we make of that (no fair saying “I told you so” because no one has put a number that high out there in the past)? It was only three weeks ago that CNN/Money Magazine rated Portland as the best place to retire… I have to ask myself if I don’t buy Smart Money’s stats because I am biased and vested by being a property owner and Realtor, whether it is media hype selling magazines and anybody can manipulate numbers to make the numbers do what they want them to do or are we all toast (numbers like that will hit renters too as owners can’t absorb the hit)???
Not to worry, the report also snags our neighbor to the north:
Some of these markets are newcomers where home prices have been strong recently, among them Seattle; Portland, Ore.; and Provo, Utah. But 15 of the 25 are in California and Florida…
According to the report, we should all be buying in Dalas.