News came out today that the housing market might be entering into a double dip. I can say that right now my team is busy helping people buy and sell homes and last month was one of the busiest in Portland. Even though prices have pulled back from the 2007 peak we’re still up 32% from 2000. The Case/ Shiller index is now close to Fall of 2004 levels. Does that mean you’ve lost value on your home? Not necessarrily as the index tracks resales of the same homes it has a high representation of distressed properties. Other news is that rental vacancy is at an all time low and rents will increase 5-10% in the next 12 months. This is creating an amazing opportunity for investors. Also good news is that mortgage interest rates are still at 4.75% for most buyers.
Click to see the Case/Shiller Report and City Rank