35-437: The Portland metropolitan area is the metropolitan area centered on Portland, Oregon. The Portland metropolitan area may also refer to: Portland metropolitan area The Portland metropolitan area is a metro area with its core in the U.S. states of Oregon and Washington . It has 5 principal cities, the largest being Portland, Oregon . The U.S. Office of Management and Budget (OMB) identifies it as
70-530: A 20-city composite index, a 10-city composite index, and twenty individual metro area indices. These indices were first produced commercially by Case Shiller Weiss. They are now calculated and kept monthly by Standard & Poor's, with data calculated for January 1987 to present. The indices kept by Standard & Poor are normalized to a value of 100 in January 2000. They are based on original work by economists Karl Case and Robert Shiller , whose team calculated
105-513: A bubble, after all the period after World War II had seen a substantial rise in real prices without any subsequent drop as apparent in the chart. The prices peaked in the first quarter of 2006, when the index kept by Shiller recorded a level of 198.01, but fell rapidly after that to 113.89 in the first quarter of 2012. Options and futures based on Case-Shiller index are traded on the Chicago Mercantile Exchange . The index
140-454: A method for comparing repeat sales of the same homes in an effort to study home pricing trends. He was using data from house sales in Boston in the early 1980s, which was going through a housing price boom . While Case argued that such a boom was ultimately unsustainable, he had not considered it a bubble , a commonly used term to describe similar market trends. Case sat down with Shiller, who
175-522: A three-month moving average. The S&P national index is normalized to have a value of 100 in the January 2000. The index kept by Shiller (available on his website at http://www.econ.yale.edu/~shiller/data.htm ) is updated quarterly, and is normalized to have a value of 100 in 1890. The S&P index family includes 20 metropolitan area indices and two composite indices as aggregates of the metropolitan areas. These indices are three-month moving averages. The composite and city indices are normalized to have
210-572: A value of 100 in January 2000. CSXR is a composite index of the home price index for 10 major Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor's and uses the Case and Shiller method of a house price index using a modified version of the weighted-repeat sales methodology. This method is able to adjust for the quality of the homes sold, unlike simple indices based on averages. The CSXR
245-452: Is a simplification of home values and does not account for imputed rent and home mortgage interest deduction , both of which are included in profit/loss considerations for investment purposes. Shiller draws some key insights from his analysis of long term home prices in his book Irrational Exuberance . Contrary to popular belief, there has been no continuous uptrend in home prices in the US and
280-465: Is a three-month moving average as are the indices that compose it. The following indexes are combined to create the CXSR composite index: SPCS20R is a composite index of the home price index for 20 major Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor's and uses the Case and Shiller method of a house price index using a modified version of
315-611: Is also a component of S&P's 20-city composite index of the value of the U.S. residential real estate market. As of July 2022, the Portland–Vancouver–Salem, OR–WA Combined Statistical Area (CSA) consists of five Metropolitan Statistical Areas, covering nine counties in Oregon and three counties in Washington: The 2022 population estimate is 3,285,275, ranked 19th largest in the United States (3,280,736 based on
350-593: Is helped by Multnomah County, which has given the Democratic nominee over 70% of the vote in every election since 2004. 45°30′N 122°39′W / 45.5°N 122.65°W / 45.5; -122.65 Case%E2%80%93Shiller index The Standard & Poor's CoreLogic Case–Shiller Home Price Indices are repeat-sales house price indices for the United States . There are multiple Case–Shiller home price indices: A national home price index,
385-945: Is home to a number of professional and semi-professional sports teams, including the NBA's Portland Trail Blazers , the Portland Timbers of Major League Soccer , the Portland Thorns FC of the National Women's Soccer League and the Portland Loggers of the North American Rugby League . Other teams include the Portland Pickles and the Hillsboro Hops . Portland is also home to two NCAA Division 1 universities,
SECTION 10
#1732775941776420-480: Is responsible for land-use planning in the region. As of the 2020 census , there were 2,512,859 people within the MSA. As of the 2010 census , there were 2,226,009 people, 867,794 households, and 551,008 families residing within the MSA. The racial makeup of the MSA were as follows: In 2010 the median income for a household in the MSA was $ 53,078 and the median income for a family was $ 64,290. The per capita income
455-590: Is significantly more than the 0.7% actual increase over the same interval as reflected in Case-Shiller index. Shiller also offers some explanations as to why a continuous uptrend is not observed in real home prices: Thus, real home prices are essentially trend-less and do not show any continuous uptrend or downtrend in the long-run. This is not limited to the US as it is also observed in the real home price indices of Netherlands and Norway. Shiller's key observation, as outlined in his book Irrational Exuberance ,
490-426: Is that real home prices show a remarkable tendency to return to their 1890 level. However, there have been some key periods where the prices have departed from this level. Shiller offers some explanations for these episodes in his book: The S&P CoreLogic Case–Shiller U.S. National Home Price Index is a composite of single-family home price indices for the nine U.S. Census divisions. It is calculated monthly, using
525-688: The PCC Rock Creek campus, Tanasbourne and the Willow Creek MAX light rail station. Amtrak trains serve Portland Union Station . The Coast Starlight runs from Los Angeles to Seattle while Cascades connects Eugene to Vancouver, BC . The Empire Builder heads east to Chicago . State highways , numbered as Interstate , U.S. and Oregon Routes , in the metropolitan area include: Notable highways never built, or removed altogether, include Mount Hood Freeway , Interstate 505 , and Harbor Drive . The Portland MSA
560-623: The Portland State Vikings and the Portland Pilots . The Portland MSA also hosts a number of amateur sports, including college and high school sports. The high school rugby championships are held annually in the Portland MSA, and draw crowds of 8,000 to 10,000 supporters. The Portland metropolitan area is heavily Democratic and has voted for that party's presidential candidate in every election since 1988. This
595-683: The Portland–Vancouver–Hillsboro, OR–WA Metropolitan Statistical Area , a metropolitan statistical area used by the United States Census Bureau (USCB) and other entities. The OMB defines the area as comprising Clackamas , Columbia , Multnomah , Washington , and Yamhill Counties in Oregon, and Clark and Skamania Counties in Washington. The area had a population of 2,512,859 at the 2020 census , an increase of over 12% since 2010. The Oregon portion of
630-547: The 2000s housing bubble, the low point of the index was in 1Q 2012, at 114. By 4Q 2013 the index had rebounded to 134. As of December 2019 (as per: "fred.stlouisfed.org") the S&;P/Case‑Shiller U. S. National Home Price Index was at 213.789. Case–Shiller indexes are available for trading as futures and futures options. Quotes are available from the CME . According to Shiller, one of the main purposes of futures and options trading in
665-790: The 2020 Census). This area includes the Portland–Vancouver–Hillsboro, OR–WA Metropolitan Statistical Area; Salem, OR Metropolitan Statistical Area, and other surrounding areas. Major cities in the region in addition to Portland include Beaverton , Gresham , Hillsboro in Oregon, and Vancouver in Washington. The area also includes the smaller cities of Corbett , Cornelius , Fairview , Forest Grove , Gladstone , Happy Valley , King City , Lake Oswego , Milwaukie , Oregon City , Sherwood , Tigard , Troutdale , Tualatin , West Linn , Wilsonville , Wood Village in Oregon, as well as Battle Ground , Camas , Washougal , Ridgefield , La Center and Yacolt in Washington. It includes
700-481: The Case-Shiller indices is to allow people to hedge the real estate market. The problem, however, is that the volume of trading in these markets is small enough as to make them relatively illiquid which creates a risk for the investor in these securities. Shiller himself has said that “there has been a disappointing volume of trade in these futures markets.” The volume traded in the CME S&;P Case-Shiller Index for
735-496: The Case–Shiller index is up for dispute. Shiller did see some early signs. He released the second edition of his Irrational Exuberance book in 2005, when, according to him, the data looked like "a rocket taking off". In his book he expresses skepticism over "the long-run stability of home prices", given that the rise in home prices was much higher than the rise in income. However, he refrains from explicitly stating that this may be
SECTION 20
#1732775941776770-675: The Oregon side is generally provided by TriMet . In addition, Sandy Area Metro serves Sandy, South Clackamas Transportation District serves nearby Molalla , Canby Area Transit serves Canby and South Metro Area Regional Transit serves Wilsonville. Service in Clark County is provided by C-Tran . In Columbia County , the Columbia County Rider provides transit service on weekdays connecting St. Helens with downtown Portland and connecting Scappoose and St. Helens with certain points in urban Washington County, including
805-525: The home price index back to 1990. Case and Shiller's index is normalized to a value of 100 in 1990. The Case-Shiller index on Shiller's website is updated quarterly. The two datasets can greatly differ due to different reference points and calculations. For example, in the 4th quarter of 2013, the Standard and Poor 20 city index point was in the 160's, while the index point for 4th quarter on the Shiller data
840-621: The home prices show a strong tendency to return to their 1890 level in real terms. Moreover, he illustrates how the pattern of changes in home prices bears no relation to changes in construction costs, interest rates or population. Shiller notes that there is a strong perception across the globe that home prices are continuously increasing, and that this kind of sentiment and paradigm may be fueling bubbles in real estate markets. He points to some psychological heuristics that may be responsible for creating this perception. He says that since homes are relatively infrequent purchases, people tend to remember
875-594: The information to the markets. The FinTech giant Fiserv bought Case Shiller Weiss in 2002 and, together with Standard & Poor's , developed tradable indices based on the data for the markets which are now commonly called the Case-Shiller index. CoreLogic acquired the Case Shiller Weiss business from Fiserv in April 2013. The years 2006–2012 saw the largest crash in global real estate markets in recent history; whether this could have been predicted using
910-542: The low correlation. Using Case and Shiller's original methods, the national index attained its all-time high of 198.01 in 2006 Q1. The S&P index attained an all-time high in July 2006, at a value of 206.52. On December 30, 2008, the index recorded its largest year-to-year drop. Since World War II, the original index has mostly fluctuated between 100 and 120, with peaks (followed by precipitous falls) in 1Q 1979 (which peaked at 122), 3Q 1989 (at 126), and 1Q 2006 (at 198). After
945-559: The metropolitan area is the state's largest urban center, while the Washington portion of the metropolitan area is the state's third-largest urban center after Seattle and Spokane (the Seattle Urban Area includes Tacoma and Everett ). Portions of the Portland metro area (Clackamas, Multnomah, and Washington Counties) are under the jurisdiction of Metro , a directly elected regional government which, among other things,
980-467: The neighboring cities of Vancouver , Beaverton , Gresham , Hillsboro , Milwaukie , Lake Oswego , Oregon City , Fairview , Wood Village , Troutdale , Tualatin , Tigard , West Linn , Battle Ground , Camas and Washougal . Changes in house prices for the metro area are publicly tracked on a regular basis using the Case–Shiller index ; the statistic is published by Standard & Poor's and
1015-453: The purchase price of a home from long ago and are surprised at the difference between then and now. However, most of the difference in the prices can be explained by inflation. He also discusses how people consistently overestimate the appreciation in the value of their homes. The US Census, since 1940, has asked home owners to estimate the value of their homes. The home-owners' estimates reflect an appreciation of 2% per year in real terms, which
1050-531: The unincorporated suburban communities in Oregon of Aloha , Beavercreek , Boring , Cedar Mill , Clackamas , Damascus , Dunthorpe , Garden Home , Raleigh Hills , and West Slope , as well as Hazel Dell , Minnehaha , Salmon Creek , Walnut Grove and Orchards in Washington. Portland is where Interstate 84 starts at Interstate 5 , both major highways in the Pacific Northwest . Other primary roads include Interstate 205 , an eastern bypass of
1085-612: The urban core, U.S. Route 26 , which heads west and southeast, U.S. Route 30 , which follows the Oregon side of the Columbia River northwest and east, mirrored by Washington State Route 14 east from Vancouver , and Oregon Route 217 , which connects US 26 with I-5 in the south, travelling through Beaverton . Both US 26 and US 30 go to the Oregon Coast . SR 500 runs from Interstate 5 to SR 503. Padden Parkway runs from NE 78th St and east to NE 162nd Ave. Transit service on
Portland metropolitan area (disambiguation) - Misplaced Pages Continue
1120-566: The weighted-repeat sales methodology. This method is able to adjust for the quality of the homes sold, unlike simple indices based on averages. The following indexes are combined to create the SPCS20R composite index: Macromarkets.com reports the US index has a slightly negative correlation with stocks and bonds , but slightly positive correlation with commodities and Real Estate Investment Trusts (REIT) . REIT's track commercial real estate most closely, rather than home prices, explaining
1155-624: Was $ 27,451. The Portland–Vancouver–Hillsboro Metropolitan Statistical Area (MSA), the 23rd largest in the United States , has a population of 2,226,009 (2010 Census). Of them, 1,789,580 live in Oregon (46.7% of the state's population) while the remaining 436,429 live in Washington (6.7% of state's population). It consists of Multnomah , Washington , Clackamas , Columbia and Yamhill counties in Oregon, as well as Clark and Skamania counties in Washington . The area includes Portland and
1190-490: Was in the 130's. Shiller claims in his book Irrational Exuberance that such a long series of home prices does not appear to have been published for any country. The indices are calculated from data on repeat sales of single-family homes, an approach developed by economists Case, Shiller and Allan Weiss who served as the CEO of Case Shiller Weiss from the company's 1991 inception until its sale to Fiserv in 2002. Case developed
1225-403: Was researching behavioral finance and economic bubbles, and together formed a repeat-sales index using home sales prices data from other cities across the country. In 1991, while Weiss was in graduate school he formed an informal working relationship with Shiller. Weiss proposed to Case and Shiller to form a company, Case Shiller Weiss, to produce the index periodically with the intent of selling
#775224