Watch out for that falling price! 3014 SW Iowa St.

This interesting little house (3014 SW Iowa St, RMLS #8039912) is now on the market for $255k, down from $335k. Why they didn't just go to $250k and catch the folks who are searching up to $250k is beyond me. But hey, if they had to drop the price 24%, they might not be so good at this whole pricing thing to begin with.

I also find it interesting that it's not a featured property on the listing agent's site. Are they embarrassed by it?

Portland Median Price down 2% in April - RMLS

The June RMLS report was released today, and it shows a 2% decline from $295k in June 2007, to $289k in June 2008.

Months of inventory are at 9.5 months, almost double the 5.0 months for June 2007, and 4 times the 2.6 months during the peak of the bubble in June 2006.

Closed sales are down 31.3% from June 2007, and pending sales are also down 30%. New listings are only down 16.3% year over year, which to me means that people have figured out that they should only list their house if they absolutely need to sell it.

I still don't see signs of a bottom, but hang on, the ride will only get bumpier what with the Fannie Mae / Freddie Mac issues now coming to light.

Months of inventory are still high at 9.5 months.