Latest Housing Index Shows Portland Down 11.45%

The Case-Shiller Home Price Index come out with it's November, 2008 report today. Compared to one year ago, Portland area housing prices are down 11.45%. Looking at the data over a two year period shows a total decline of 10.32%. Based on the Case-Shiller data, Portland area home values have fallen back to November 2005 levels.

How do we compare to other metropolitan areas? San Diego is down 25.8%, San Francisco is down 30.8%, Phoenix is down 32.9% and Los Angeles is down 25.86%. Seattle performed similar to Portland and is down 11.2%.

Overall, Case-Shiller's index of twenty metropolitan areas is down 18.2% for the past one year.

This is one time when being below average is probably a good thing.