The Case Shiller Index for Portland remained flat in March 2010. The Index for Portland is 143.61, down .08 from February. Seasonally adjusted, the Index was up .16. The Index is at the same level as April/May 2005.
Since March of 2009, the Portland Index has dropped from 147.68 to 143.61. The National 20 Composite climbed from 140.60 to 143.35 during the same period . The Composite 20 Index peaked at 206 in July 2006. The Portland Index peaked at 186 in July 2007. According to this month’s Case Shiller report:
New York, May 25, 2010 – Data through March 2010, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that the U.S. National Home Price Index fell 3.2% in the first quarter of 2010, but remains above its year-earlier level. In March, 13 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were down although the two composites and 10 MSAs showed year-over-year gains. Housing prices rebounded from crisis lows, but recently have seen renewed weakness as tax incentives are ending and foreclosures are climbing.
My post yesterday regarding lockbox activity underscores that there was a drop off in showings after the tax incentives expired. Case Shiller reporting lags three months so “renewed weakness as tax incentives are ending” doesn’t make a lot of sense vis-a-vis their own reporting as they are reporting 90 days back and eligibility for the incentives expired 25 days ago. Foreclosures are a valid concern.