The Standard & Poor's/Case-Schiller, the leading measure of U.S. home prices, had a press release and it doesn't look good. The annual growth rate in prices of single-family homes has been declining since December of 2005. There seems to be no indication of slowdown or turnaround and the U.S. hasn't seen levels this low since 1991.
On a positive note, of the 20 markets included 8 of them showed monthly positive growth. That is huge when you compare it to winter and early spring where there was only one or two showing positive growth. The really good news is that Portland is one of the markets still showing growth. So while the whole country is in decline and people are complaining about the housing market remember, we don't have it nearly as bad as we could!
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