Good News! It's a buyers market.

The below article published in the Business Journal recently, would probably more appropriately be: "Great buyers market, with best interest rates since World War II".  By the way many media sources are reporting, you would think that there are NO homes selling.  In reality, Portland saw 1,381 sales in August 2010 (this is many months after the tax credit expired).  We now have lower interest rates (in the 4's or better) and a lot of great inventory to chose from.  When you hear of friend, family and coworkers purchasing homes, please give our team a call 503-770-0707.

Tuesday, September 28, 2010, 10:12am PDT

Portland home prices tumble

Portland Business Journal - by Wendy Culverwell Business Journal staff writer

Portland home prices tumbled in July as overall home price growth slowed nationwide.

Falling prices in half the markets tracked in Standard & Poor’s Case-Shiller Home Price Indices showed negative annual growth. Portland home prices fell 1.2 percent in July compared to a year ago. Seattle fared worse, with prices down an average of 1.6 percent, according to figures released Tuesday.

The decline offers further proof that the April expiration of a federal home buyer tax credit worth up to $8,000 is dampening the market.

Nationally, the composite of 20 U.S. cities rose 3.2 percent. San Francisco, San Diego and Los Angeles led the nation for rebounding home values, increasing 11.2 percent, 9.3 percent and 7.5 percent, respectively. Las Vegas continues to post the most significant drops, down 4.9 percent compared to a year ago, a new market bottom.

David M. Blitzer cautioned that a swift return to market high prices is unlikely.

“Judging from the recent behavior of the housing market, stable prices seem more likely,” he said in a press release.

wculverwell@bizjournals.com | 503-219-3415

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