The
insane growth of the prior few years has slowed, but still resulted in the second best year on record in real terms with median price gains of nearly $25K. These gains were propelled by continued job gains and historically low mortgage rates. However, support is running out for current price levels as the market cannot sustain the current affordability level. Consequently, nominal and real prices should be expected to decline towards the historic level of mortgage debt servicing cost.
SEE PRIOR PORTLAND PEAKS & TROUGHS Next >
|
Year |
|
|
|
|
Portland Mortgage-Debt-to-Income Ratio |
National
Mortgage-Debt-to-Income Ratio |
2001 |
$173,600 |
5.4% |
$196,700 |
2.6% |
18.3% |
17.8% |
2002 |
$181,100 |
4.3% |
$199,800 |
1.6% |
17.5% |
17.5% |
2003 |
$191,300 |
5.6% |
$207,300 |
3.8% |
17.9% |
18.3% |
2004 |
$211,700 |
10.7% |
$223,800 |
8.0% |
19.0% |
19.6% |
2005 |
$255,100 |
20.5% |
$262,600 |
17.3% |
23.4% |
22.6% |
2006 |
$285,400 |
11.9% |
$285,400 |
8.7% |
24.9% |
21.7% |
|