Portland housing prices drop to fall 2004 levels

Home prices in major national markets have reached their lowest levels since the housing bubble burst in 2006.

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Home prices in major national markets have reached their lowest levels since the housing bubble burst in 2006.

In Portland, prices dropped 7.6 percent year-over-year. Prices in Portland are now where they were in the fall of 2004.

The nationwide index fell for the eighth straight month. Most economists think prices nationally will drop at least an additional 5 percent by year’s end. They aren’t likely to stop falling until the glut of foreclosures for sale is reduced, employers start hiring in greater force, banks ease lending rules and would-be buyers regain confidence that a home purchase is a wise investment.

Read more at OregonLive.com.

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