I don't know about Portland, but I would agree with the rest of the Denver folks that I don't believe the Denver market will crash but it will likely soften somewhat over the next two years.I thought @Linda Weygant's response was a great one for buy & hold investors - as long as you aren't leveraged to the max and would struggle to make payments if rents took a dip, as a buy & hold investor you should be fine - history shows that housing prices will increase again eventually.And while I don't have data to back this up (maybe someone else does?)