Did you know that the Portland and Seattle housing markets have corrected the least as compared to the rest of the national housing market? Click on the link to check it out.
Real estate values for cities that had the biggest “bubble markets” are back to 2000 to 2002 median prices—with Detroit back to 1995 prices… Ouch. Yet some cities like Dallas, Portland and SEATTLE are ‘only’ back to 2005 or 2006 prices.
“Wait!” yelled the man in the back row, “Area home prices started falling later in the cycle than everywhere else! In fact there were some Polyannas who actually thought the Northwest would be by-passed!”
True, that deadly bubble ‘pop-pop’ arrived later in the Northwest home deflationary cycle than in Nevada and California.
So does that mean the Pacific Northwest still has farther to fall? Starting later means ending later?! Hard to determine, of course, with the outcome highly dependent on job growth.
But there is the distinct possibility that the Northwest just won’t be hit as hard.