Portland Existing Home Prices Drop 8.6% in September - Case Shiller

The median price of existing homes in the metro Portland area fell 8.6 % year over year in September 2008 according to Case Shiller, continuing the trend that began in July 2007. This is now down 9.0% from the peak in July 2007, wiping out any gains made since March 2006.

The index also fell 1.3% from August to September. The slight month over month gains we saw over the summer have now reversed and the monthly decline is accelerating.

I will post the charts later today. Stay tuned!

Lair Hill - 30% off!

A reader sent this one in. RMLS # 8101965 It's now listed for $299k, down from $429k. That's quite the discount - over 30%. I have to wonder if the $429k price was just wishful thinking, or a marketing ploy to make it look like a big discount. Anybody know this area and care to speculate? At the current price it's going for $200 / sq ft, less than the median $247 / sq ft for zip code 97239 according to Trulia. Then again the interior is pretty generic 90's bland, and it's an attached house, so I would expect a lower comp.

And for those who have been wondering why it's been so quiet here lately, well, it's been a crazy month. My parents were in town for a week, then I was back in Michigan celebrating my mom's retirement, and on the way back I picked up some nasty bug that had me in bed for 2 days. After catching up on work from all that the blog just didn't get much love. But please keep sending in your finds, rumors and questions and I will post them as quickly as I can!

Cheers!
Ian