The song I’m Going Down, Down, Down by Bruce Springsteen kept repeating in my head as I reviewed this months Case Shiller report. And it appears that a double dip in real estate prices may be upon us. Eleven cities including Portland and Seattle posted new lows, retreating back from their 2006/2007 peaks. Digging a little further into the numbers it appears the monthly change for Portland and Seattle might not be as dire as the numbers suggest when accounting for seasonal adjustments. But weakness in the job market, the flood of inventory from foreclosed properties and tight credit limits may continue to cause price declines in our market.
