tag:blogger.com,1999:blog-4113767199444444516.post3363345091705307841..comments2023-10-03T04:34:39.407-07:00Comments on Portland Real Estate Outsider: Portland Median Prices down 6.7% in August - RMLS Market ActionPDX Outsiderhttp://www.blogger.com/profile/01596115115859601410noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-4113767199444444516.post-28229115534229221272008-09-17T04:26:00.000-07:002008-09-17T04:26:00.000-07:00I see the RMLS has stopped lying about how they de...I see the RMLS has stopped lying about how they define a balanced market (they have been stating 6-8 months supply). Great, but I wonder what other numbers they may be manipulating. One significant one is seller concessions which they fail to address. Add about 2% to the declines in prices RMLS reports & that will be more accurate. <BR/><BR/>PDX real estate owners should have moved on by now to the second phase of this period of falling RE prices (acceptance). But I see by comments on this blog & others that many are still in the denial stage (not PDX, not my neighborhood, not my house we are special). Once the acceptance sinks in, probably within the next 6-12 months then the bloodbath will start in earnest. As infestors scramble to get out & foreclosures soar prices will tumble at alarmingly faster & faster rates. Based on PDX being severly overpriced, as a recent study by National City indicates, there is a high probability for 15-20% further prices declines.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4113767199444444516.post-53538659285688576322008-09-16T16:53:00.000-07:002008-09-16T16:53:00.000-07:00Yeah...and "mights" are found on a chickens azz. T...Yeah...and "mights" are found on a chickens azz. There's nothing increasing in value short term in the NW, much less Happy Valley. I live there. There are McMansions for sale everywhere, along with plenty of empty houses.<BR/><BR/>The Pac NW was late to the housing boom, and it will be late to crash as well. Just wait and see what a bloodbath the next 18-24 months is in NW real estate.<BR/><BR/>Lookout belooooooooooow!<BR/><BR/>When housing prices are near 3X median household incomes -we'll be near the bottom. Until then stay away from the capitulation that's about to hit NW real estate.<BR/><BR/>You don't need to look very far to see what's going to happen! Most of the country peaked in 2005 or early 2006 and is now crashing hard. NW real estate didn't peak until late 2007, and it won't crash to reality until 2009 or early 2010.<BR/><BR/>No...we won't be "different here".<BR/><BR/>Reality bites. Reality is that housing prices almost tripled between 2001 and present due to easy money, fraudulent mortgages, crooked appraisers, and stupid sheeple.<BR/><BR/>Reality is that the median house hold income was roughly FLAT during that time frame, and it still is.<BR/><BR/>Most of Alt-A loans made here to inflate the bubble don't even hit reset dates until 2009-2010. It happened in the rest of the country, and yes it will happen here as well. No question about it.<BR/><BR/>Walk away now or be priced in forever ! ! !Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4113767199444444516.post-24985427493450069472008-09-16T10:46:00.000-07:002008-09-16T10:46:00.000-07:00remember too that the median price does not really...remember too that the median price does not really reflect the entirety of what is going on. In Happy Valley for instance, there were lots of 3000-5000 sq ft houses being built and sold out there in 2006-2007. Now there are lots of smaller houses being sold. The small house market might be strong making the median price go down but the value of those sub $300K houses might actually be appreciating.Anonymousnoreply@blogger.com