The rain can’t stop falling soon enough for most Portland metro area residents, but neither can home prices. February 2011 was an especially difficult month for home prices in Portland as they fell over 10% from February 2010, and 1.8% from January 2011. On the positive side, closed sales in February 2011 were up from both February 2010 and January 2011. There were also fewer active and new listings in the market, perhaps because many mortgages are underwater and those who would otherwise like to sell cannot or because some who would like to sell do not want to compete with all of the foreclosures on the market.
