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PDX homes 13% rise then decline

April 17, 2014


By Economist Dr. Eric Fruits,
Econinternational

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Portland home prices are up 13 percent from last year, despite seasonal slowing.

Prices remain down 14.5 percent from the peak in mid-2007, Portland area home prices are up 23.5 percent from the bottom of the market in early 2012.

While the Portland area has seen three months of declining home prices, this seems to reflect a seasonal occurrence, rather than the beginning of a long-run trend. Traditionally, April is the first month of the year in which prices begin to rise after the winter slow down.

  
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Bob Clark April 17, 2014

Colorful graphs. Back in 2006, I sold a family house. I remember talking to our real estate agent, and we both thought housing prices in general had gone up too much too quickly. But even so, we thought house prices would just goes side ways for awhile. Little did we know prices would collapse. I remember going to a presentation by a prominent state economist in 2007 who thought Oregon would only suffer a slight recession relative to the nation. We often get the direction right but, boy, that magnitude is often much greater than envisioned.

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