Home prices continue to fall in the Northwest. New figures released show yet another drop in both Seattle and Portland.
The S&P/Case-Schiller Index measures housing prices in 20 large metropolitan areas around the country. The newest figures are through January and in them, both Seattle and Portland hit new lows for the current economic downturn. Average home prices in both cities are down about four percent from a year ago. Steve Thoele is an agent with Keller-Williams Realty in Portland. He blogs about housing trends in Oregon.
Steve Thoele: "I think we're going to see a period where it's going to be kind of flat for awhile before we see much price appreciation. One of the unknown variables is how much distressed inventory is going to be coming onto the market in the spring and summer seasons. And by distressed, I mean bank-owned properties."
Seattle and Portland fared slightly worse than the nation as a whole in the latest Case-Schiller Index. Only three cities—Denver, Detroit and Phoenix showed improvement.
Copyright 2012 Northwest News Network
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