The monthly Case Shiller report (what is Case Shiller?)was released yesterday for December 2009. Standard and Poor’s website was having server problems yesterday and the report was unavailable for some of the day. Portland’s real estate market ended the year flat with a slight drop to 149.95 from November’s 150.38. The questions we can’t quite answer are 1) are we looking at the bottom in April/May and 2) is Portland starting to trend with the national market? It has oft been said, accurately, that Portland lags about a year behind the national market.
I expect we’ll see continued seasonal increased activity and a push to come inside of the $8000 First Time Home Buyer Credit and $6500 Buyer Credit’s April 30th deadline with the assumption that it will not be extended (again). If the Credit is not extended, we won’t have a clearer picture of whether the market can support itself until the end of summer.