[quote=ctr70]It will be interesting if Portland and Seattle get hammered in price as bad as Cali has. They peaked later.
I remember thinking it crazy that Las Vegas and Phoenix had much higher medians than Denver during the height of the bubble. That has corrected itself big time. Denver is back to having a higher median than those 2 towns.[/quote]
I don’t think Seattle will fair that bad, because again i think the commerce/business activity is pretty good there.
Where it think things are going to get really ugly is Portland (and Oregon in general). I was considering buying an investment property there (I have a friend that works there). While housing prices were much cheaper than here in CA ($500k can buy you good homes in Portlandregion), the biggest issue i have is the price/income in Oregon (from my guessimate) seems really really bad. Oregon wages are nowhere near what we see out here in CA. Oregon has historically had unemployment problems. Property tax in Oregon is also not cheap (since it has no sales tax). It’s a nice area, but most homes should not be in the $400k-$500k region. Back when I was looking, inventory was ridiculously low(you had to buy preconstruction). Partly was because a lot of CA folks were buying there.. Today, if you take a glance at the MLS in Portland area, you’ll notice it’s flooded with inventory.
Then again, what do I know….I’m just an idiot saver.
