Just when it appears as if the Northwest weathered the storm and reached the bottom the Case-Shiller numbers come out suggesting that a double-dip in housing prices is about to happen. Portland and Seattle hit their lowest levels in November since the height of the market in 2006 and 2007. And it appears that home prices have retreated to the second half of 2003 prices.
The only major metropolitan market that experienced gains were San Diego and Washington D.C where federal jobs are available. This suggests more and more that the recovery in housing prices is related to job retention and growth.