City-by-city price comps
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Northwest cities such as gorgeous Portland joined in at the end of the bubble and are now seeing the market correct itself. “Part of that was overflow from California, especially in some of the Oregon markets,” says Celia Chen, senior director of housing market research at Moody's Economy.com. “Some of the investors moved north when they couldn’t afford to buy stuff in California.” Price declines will continue, as home prices are 44 percent above equilibrium, according to Local Market Monitor. | | Median price end of 2008: | $264,500 | | Median price end of 2007: | $290,500 | | Percent change: | -9% | | Projected change through Q3 2009: | -13.2% | | Affordability rating: | 5.4 | Foreclosures in 2008:
(1 for every 82 households) | 10,684 | Foreclosures in 2007:
(1 for every 166 households) | 5,162 | | Change in foreclosures: | 106.9% | | Expected to hit bottom: | Q2 2010 | | Percent drop needed to reach bottom: | -23% |
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Back to the 40-city chart overview.