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Betty Jung's Blog

ALL ABOUT.....Portland.Oregon.Real Estate

By Betty Jung | Broker in Lake Oswego, OR

Portland Oregon Real Estate & U.S. Housing Prices Fall In Q3 2010

The Q3 2010 FHFA report analyzing housing price appreciation trends across the U.S. was recently released. Housing price declines generally have been less severe from data used in this report from the FHFA indexes as compared to the S&P/Case-Shiller, CoreLogic or the National Association of Realtors’® median price report.

Nationally, housing prices fell by -1.6%. Seasonally adjusted prices fell by -3.2% from Q3 2009 to Q3 2010. Oregon real estate ranked #48 according to housing price appreciation for the period ending September 30, 2010. As you can see from the map below, Oregon had one of the highest depreciation rates but was not alone. It only stands to reason that those states who had high foreclosure rates are those that also had the highest price depreciation.

Not only have sharply falling Portland real estate values put many homeowners underwater, meaning that they owe more on their mortgage than their home is worth, but our high unemployment rate means that many Oregonians won’t have the income they need to pay their bills or their mortgage payments. This will continue to increase short sales and foreclosures. Oregon has been hit with a double-whammy and has had a severely distressed real estate market as a result. 2009vs2010_appreciation

Oregon ranked #48:

  • 1yr = -8.11% depreciation
  • Quarter = –4.14% depreciation
  • 5 year = -6.13% depreciation
  • Since 1991 Q1 = 166.30% appreciation

While the national house price index fell -3.2% from the third quarter of 2009 to the third quarter of 2010, prices of other goods and services rose 2.0 percent over the same period. Accordingly, the inflation-adjusted price of homes nationally fell by approximately -5.1% over the past year.

Source: Federal Finance Housing Agency

ALL ABOUT…..Portland.Oregon.Real Estate.© Copyright 2008-2010 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

 Portland

Comments

By Johnexo,  Thu Dec 9 2010, 00:11
More foreclosures are leading to short sales and prices of houses declining. It might take a while for the real estate markets to be back on track and gain full momentum.
http://www.financemetrics.com/real-estate-prices-to-fall-in-2010/
By Betty Jung,  Fri Dec 10 2010, 09:56
Thank you.

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