To those of you out there who say that "The northwest is immune", or "The Portland market wasn't as hard-hit as everywhere else" (these are quotes from actual people that I have talked to), I have to pass along this from Forbes: Portland Oregon housing values are set to drop by up to 12 percent in the next 12 months.
Here's the direct quote from the article:
U.S. housing values will fall 3% in the coming year, with the heaviest blows dealt to Las Vegas, Portland, Ore. and Seattle, Goldman predicts... the bankers projected values there would drop 4% to 12% in the coming 12 months.
So, who is immune, again? This just proves that pie-in-the-sky will not work! It never should have worked. You must be prepared for the absolute worst. Then, if everything goes wrong, you're still covered. If something goes right, it's icing on the cake.
