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 Realtorsâ€™Â® 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 wonâ€™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.
Oregon ranked #48:
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
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