Portland Realtors, Mortgage Brokers and Homeowners have all been in denial and have created a bubble amongst themselves to perpetuate the fallacy of Portland being immune from the rest of the US economy. Why? Because people with money in Portland think that Portland delivers a Utopia that reality can't touch. They forget that most of Portland is Working Class or Poor. The global businesses that are in Portland may be operating outside of the US recession (tennis shoes are still selling around the world) but that is not an accurate measurement of Portland's economy. Housing prices are falling in Portland (in tiny pockets) and for any Seller who lists a price competitively and in-line with a reduced value similar to California price declines, sells quickly.