Housing prices not falling in Portland

PORTLAND, Ore. (AP) - Housing prices are falling in most major metropolitan areas, but Portland is an exception. Median prices for new and existing homes in the past year rose six percent.

The rise comes despite a glut of unsold homes on the market, something that normally would drive prices down.

But realtors say sellers are not dropping prices dramatically despite the fact that it may take nine weeks or more to sell, and that overpriced properties may take much longer.

Buyers who could easily qualify for mortgages a year or two ago are now finding it harder to do so.

Market specialists say part of the glut may be from speculators unloading their investment houses in an uncertain market. 

(Copyright 2007 by The Associated Press. All Rights Reserved.)