Prices of all types of homes, including foreclosure residential properties, are projected to decline again in Portland, Oregon in 2011. According to analysts, prices will record a further drop of 4.6% during the year. This is on top of the 2010 price decline of 4.2%. The same thing is being predicted for national housing prices, albeit in a slightly lower percentage.
According to housing market observers, Portland foreclosures and unemployment levels will dictate the condition of the city's housing market in 2011. With unemployment rate in the metro area pegged at 10.1% as of November 2010, Portland is considered one of the most vulnerable areas in the U.S. in terms of continuous housing price declines.
Statewide, prices are also likely to decrease further during the year with Oregon foreclosures maintaining their high levels and state unemployment pegged at much the same rate as the city rate at 10.5% as of November, according to data released by Clear Capital. Nationally, housing prices are also projected to drop during the year, with unemployment and a shaky real estate market also cited as primary reasons.
For the whole U.S., prices of residential properties are predicted to decline by another 3.7% in 2011. Nationwide home prices fell by 4.1% during 2010, making the year one of the worst performing period on record for the housing market in terms of housing unit prices. Both newly built homes and foreclosure residential properties are expected to post price declines during the year, unless unemployment is cut down and the national economy records an abrupt turnaround.
In terms of regional markets, the West is projected to record the highest price decline for 2011, with analysts expecting a drop of over 8%. The dismal forecast for the region is hinged on the huge number of foreclosures in areas like California and Arizona, analysts have revealed. Among the top metro areas of the U.S., Virginia Beach is projected to record the highest price decline for the year, with analysts expecting a 12.8% drop.
Meanwhile, Washington D.C. has been picked by analysts as the metro area that will record the highest price increase in 2011, with the area expected to post a 6.5% price gain. All in all, housing experts agree that 2011 will be much the same as 2010, with foreclosure residential properties maintaining their levels in most areas.
For over 10 years, John Evan Miller has provided exceptional information on the foreclosure market.
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