Pete the Banker: Portland Housing Market is Worse Than We Thought

The average prices in the Portland area declined 1.8% in January from the reading in December and were down 7.8% year over year. This is the seventh consecutive monthly decline in the index for the Portland area.  Portland is the third worst market at this point behind only Detroit and Phoenix . 
So much for the ability of the UGB, light rail, and high density housing development to insulate us from or mute the effects of economic downturns!
Read about it here. 
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