The Case Shiller Index for January 2010 in Portland is 147.29.  That’s a drop from December of 1.8% and a 12 month decline of 4.9%.  The current index is about the same as May/June 2005.  That’s in contrast to the 10 City Composite and 20 City Composite indices which have both returned to “autumn 2003 levels.”  Portland reported and index of 120.49 in September 2003.

The graph to the right is a compressed version of the lower graph.  The question is whether Portland’s real estate market is late to the party and will continue its decline or if now that the Composites have returned to roughly Portland levels the trio will continue to track closer in the future?

Ryan Frank reported on The Front Porch this morning in more detail about the report.