Portland housing prices drop 7.6 percent in past year
by David Krough
Posted on May 31, 2011 at 12:10 PM
Updated yesterday at 10:42 PM
PORTLAND — A new report out Monday showed Portland home prices fell 7.6 percent in the past year.
The Standard and Poors Case Schiller index ranked 20 top cities. Portland had the third-worst drop among surveyed cities. The two cities where homes declined more in the past year were Phoenix and Minneapolis.
The drop put home prices in Portland at levels not seen since the fall of 2004.
Seattle was one of only two cities on the list to show year-to-year growth in home prices.
“Since December 2010, we have found an increasing number of markets posting new lows,” David M. Blitzer, Chairman of the Index Committee at S&P Indices said. “The rebound in prices seen in 2009 and 2010 was largely due to the first-time home buyers tax credit. Excluding the results of that policy, there has been no recovery or even stabilization in home prices during or after the recent recession.”
The national index level hit a new low in the first quarter of 2011 — falling 4.2 percent in the first quarter alone.