Portland Oregon Home Values have dropped substantially from their peek in 2007.
NOW is actually a good time to sell a home. Why? The Wall Street Journal does not see the residential market picking up up any time soon. So, if you plan on buying a new place to live you will be able to take advantage of savings on your purchase which serve to lessen the pain of selling in a diminished economy.
The greater Portland Oregon market has experienced not only a drop in total Home Sale Volume but also declining over all Home Values. According to the Wall Street Journal and Case Shiller Report, Portland Oregon Home Values will continue to fall an additional 12% to 20%. Some owners seem to have opted to simply wait out the downturn. But, for those facing financial hardship or increased living expenses biding one’s time for years on end just isn’t viable or fiscally prudent.
Portland Oregon Home Values Information
Distressed properties have been putting very tangible pressure on local property values. Take a look at the charts in this report. 20% of all US mortgages are in default or at risk of default today. It is a violation for me as a Realtor to predict future values but everyone is encouraged to take in this information and draw their own conclusions. With the data provided in this report; I ask you, when are property values going to rebound? Is a bounce back in the future? I truly believe our local market has 2 years of shadow inventory. Shadow inventory refers to unsold houses which banks have already foreclosed upon and are now holding as the banks do not want to flood the market with more inventory than the market can bear.