Living in Portland

June 2008 Update:  In May 2008 we saw an average sales price decrease of -4% compared to the last twelve months.  This was the second month we have seen a decrease in value in the Portland Area.  However, the average sales price in May 2008 is UP 3.1% from the average sales price in April 2008.  If this trend continues, it may signal that Portland has hit bottom and is on the way back to appreciation.  It is quite possible that we will end the year with a positive appreciation number and be one of the only Cities in the Country to have weathered the down turn without losing value.

Interest rates for a 30 year fixed rate mortgage are between 6.25 and 6.5% which is the highest we have seen all year.  It doesn’t look line we are going to see anything below 6% ever again.