Portland home prices slipping

Portland home prices hit a new low in February after posting small gains last year.

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Home prices in Portland hit a new low according to the recent Case Shiller Index, falling 4.8% in the 12 months ending in February.

New RMLS figures from local realtors were more encouraging, with increased sales volumes in March likely due to the expiring federal tax incentives.

Portland prices have declined 21 percent from the peak of July 2007, according to the report. Portland was one of six major metropolitan areas around the country hitting new floors in February.

“These data point to a risk that home prices could decline further before experiencing any sustained gains,” said David M. Blitzer, chairman of the index committee at Standard & Poor’s, which publishes the index. “While the year-over-year data continued to improve for 18 of the 20 (metropolitan statistical area,) this simply confirms that the pace of decline is less severe than a year ago. It is too early to say that the housing market is recovering.”

Read the full story at OregonLive.com.

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