13% appreciation in Portland for 2013, according to Corelogic

by John DeCosta, Keller Williams

There are many data sources that we follow. Corelogic just released a 13% appreciation result for the Portland market.  This will help many families return to financial health. The missing part of the analysis is that Portland is a hot bed of remodeling.  Many of the properties that sold for more money in the last year had benefited from extensive remodeling in preparation for going on the market.  We are very bullish on the Portland market.  Portland is a very special place. We are less tied to new jobs than many American cities. Many people move to the Portland area for the lifestyle. This helps keep our economy healthy.  Cheers to Portland families, and very positive expectations for 2014.   John DeCosta

Corelogic article:

The Portland area is among the major metros with the smallest share of underwater mortgages, thanks to rapidly rising housing prices.

Real estate data provider CoreLogic said that in the year’s third quarter, 6.6 percent of mortgaged Portland-area homes were under water, meaning mortgage debt exceeds the home’s value. Nationwide, 13 percent of homes are under water.

Homeowners with so-called “negative equity” can get back above water either by paying down mortgage debt or by appreciation in home value. In Portland, home prices (excluding foreclosures) were up 13 percent in September from a year earlier.