Prices for a single-family home in Oregon are expected to fall by about four percent this year - according to a forecast released Thursday. If that prediction turns out to be true, Oregon would suffer the second largest decline in the nation. Real Estate firm 'First American' dug through 30-years worth of sales and loan performance data to come up with its numbers. It forecasts that home prices in Oregon, Michigan, Nevada, Maryland and Arizona will drop by about four percent this year. Prices in states like Alabama, South Dakota and Kansas, might increase - but only by about one percent. That's what 'First American' sees in its crystal ball. As far as the rear view mirror is concerned, 'First American' found Oregon homes lost about 9 percent of their value last year. That's bad news for sellers, but lower prices make Oregon a better market for buyers. The study also found a couple of unknown quantities that could change the forecast. First, sellers in financial distress could push prices even lower. And second, the expiration of the federal homebuyer tax credit could reduce the number of first-time buyers.
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