Take a look at the latest S&P/Case Shiller Index for Portland. Although it looks like Portland is still in good shape, with 2.75% price appreciation year over year, if you look at the chart near the bottom of the page it's obvious that the trend is going to go negative soon.
This is also August data, well before the mortgage industry had it's major convulsions.
I predict price growth in Portland will go negative before March 2008. Anyone else care to make a prediction?