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Portland List of Homes at Auction Prices at Almost Record Low

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By : John Cutts    99 or more times read
The prices of dwellings in Portland, Oregon, including those under list of homes at auction, have declined to their lowest rates in four years. Based on the latest housing market data, prices for October were at their lowest since the foreclosure crisis started in 2006. Portland was not the only city that hit an almost record low, with several other U.S. metro areas also experiencing considerable drops in housing prices in October.

Prices of properties under Portland foreclosure listings declined in October to their lowest levels in four years, along with five other metro areas that include Tampa, Charlotte, Miami, Atlanta and Seattle. The data was based on S&P/Case-Shiller Home Price Indices, with data from the National Association of Realtors (NAR) showing similar declines in the same areas for the month.

The Association also reported that sales of new houses and properties under Oregon foreclosure lists also dipped in November compared with year-ago levels, along with median prices. However, analysts confirmed that the picture is not as bleak as it appears since 2009 price and sales figures were artificially inflated by the U.S. federal government's tax credit initiative. Data from NAR also showed that nationwide November housing sales declined by almost 28% when compared with 2009 peak levels.

For the Case-Shiller data, the 20 metro areas tracked under its index showed a decline of 0.8% in October 2010 compared with the same 2009 month. Meanwhile, its 10-city composite index recorded a 0.2% improvement compared with year-ago period. When compared with September 2010, prices of properties under list of homes at auction recorded a decline for both indices. According to analysts, the record price declines posted in six of the cities showed that a double-dip seemed to be in the works for the country's housing market.

Analysts also stated that prices of dwellings in foreclosure listings and newly built residences declined in almost all parts of the U.S., with the month of October not showing much of a positive sign. October statistics also showed that almost all of the economic indicators related to the housing market performed poorly during the month.

October also saw housing starts plummeting to an almost 30-year record low, while inventories of unsold houses and dwellings not included in the list of homes at auction surged by almost 50% compared with 2009 levels.

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