The July 2012 Case Shiller Index was released this morning and Portland continues to climb.  At 140, the Index has climbed back up to November 2010 levels from its January through March 2012 low of 129.  That’s an eight percent increase but we have to look at 2011 for potential warning signs: in 2011, the Index peaked in September and then lost ground for six consecutive months.  It appears that most of the other market indicators are stronger than they were this time last year so maybe we can optimistic that the a strengthening market can outweigh normal seasonal declines.