I came across a very informational (if not somewhat depressing) blog with a lot of data including useful charts and graphs illustrating housing prices.
Chec this out: http://www.housingbubblebust.com/
According to a lot of the data shown, Oregon housing prices may continue to decline as they head towards the historical inflation guideline of where housing prices typically hover.
I am a believer that this data, though helpful, does not always display the entire picture.
I know here in Eugene we have seen some appreciation in homes priced uner $350,000 and have been told that inventory in this price range is a very healthy 6 months or less. The price range above this however seems to have ran into a glutten of inventory – some agents estimating 12-18 months which is an indicator that many of these homes are over-priced still.
What the data does not show is that there are A LOT of good deals out there. Smart sellers and agents who understand the market and price their homes based on today and not 2006 prices will find buyers for their properties.