Home price trends in Portland, Ore.

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City-by-city price comps
Portland, Ore.

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)
Foreclosures in 2007:
(1 for every 166 households)
Change in foreclosures: 106.9%
Expected to hit bottom: Q2 2010
Percent drop needed to reach bottom: -23%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $286,600
Q2 2008 local median price: $286,100
Q3 2008 local median price: $278,600
Q4 2008 local median price: $264,500

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