[Drew-Ski]

This is calm compared to PHX where "mucho" thousands of home, condo, owners are giving back their homes because the values of their homes(condos) have plummeted in value. Phx is considered a "Market in Distress" according to Wells Fargo Bank. Multitudes bought in when the Market was high, with many having "creative financing." Now, many households are trying to hold on to properties which they cannot afford and are ultimately giving back to the Banks because the current appraised value of the house is substanually lower than the note. PHX currently has 3 years of standing inventory of houses and condos to burn through. If you look at the foreclosure rates in Portland compared to the nation as a whole, there is no reason to panic or even to have a bearish picture of Portland's real Estate Market, other that it is slowing down.