newjerseyrunner said:
I was under the impression that the observable portion was decreasing as objects beyond it are being expanded away from us faster than light?
No, in terms of the amount of matter, the observable portion is steadily increasing. In terms of comoving distance the radius of the observable portion (called the "particle horizon") is constantly increasing.
According to the standard LCDM model it is expected to max out around 62 or 63 billion LY.
The current value of the particle horizon is about 46 billion LY. So it still has plenty of room to grow!

Most of the galaxies within that range are receding faster than light.
What you say does not make sense. Merely because the distance to a galaxy is increasing faster than c does not mean that it is outside the observable region!
Most of the galaxies we can see with a telescope have redshift z > 1.5
But a galaxy with z > 1.5 is currently receding > c.
You might enjoy getting acquainted with Jorrie's calculator.
http://www.einsteins-theory-of-relativity-4engineers.com/LightCone7/LightCone.html
It implements the LCDM, the standard model that cosmologists typically use. Open the column selection menu and at v
now and v
then the recession speeds corresponding to an object at S = 1+z. Here is a sample:
{\scriptsize\begin{array}{|c|c|c|c|c|c|}\hline T_{Ho} (Gy) & T_{H\infty} (Gy) & S_{eq} & H_{0} & \Omega_\Lambda & \Omega_m\\ \hline 14.4&17.3&3400&67.9&0.693&0.307\\ \hline \end{array}} {\scriptsize\begin{array}{|r|r|r|r|r|r|r|r|r|r|r|r|r|r|r|r|} \hline S&z&T (Gy)&R (Gly)&D_{now} (Gly)&D_{then}(Gly)&V_{now}/c&V_{then}/c \\ \hline 3.000&2.000&3.285125&4.802402&17.294117&5.764706&1.201&1.200\\ \hline 2.940&1.940&3.383846&4.938802&17.000951&5.783044&1.181&1.171\\ \hline 2.881&1.881&3.485415&5.078390&16.705384&5.798883&1.160&1.142\\ \hline 2.823&1.823&3.589796&5.221141&16.407731&5.812205&1.139&1.113\\ \hline 2.766&1.766&3.697102&5.367083&16.107875&5.822845&1.119&1.085\\ \hline 2.711&1.711&3.807453&5.516234&15.805699&5.830627&1.098&1.057\\ \hline 2.656&1.656&3.920805&5.668552&15.501535&5.835537&1.076&1.029\\ \hline 2.603&1.603&4.037277&5.824041&15.195271&5.837396&1.055&1.002\\ \hline 2.551&1.551&4.156992&5.982702&14.886798&5.836017&1.034&0.975\\ \hline 2.500&1.500&4.279895&6.144467&14.576464&5.831389&1.012&0.949\\ \hline 2.449&1.449&4.406109&6.309318&14.264167&5.823322&0.991&0.923\\ \hline 2.400&1.400&4.535759&6.477228&13.949805&5.811618&0.969&0.897\\ \hline 2.352&1.352&4.668779&6.648103&13.633746&5.796271&0.947&0.872\\ \hline 2.305&1.305&4.805292&6.821897&13.315895&5.777081&0.925&0.847\\ \hline 2.259&1.259&4.945426&6.998550&12.996162&5.753840&0.903&0.822\\ \hline 2.213&1.213&5.089100&7.177941&12.674932&5.726547&0.880&0.798\\ \hline 2.169&1.169&5.236437&7.359988&12.352122&5.694995&0.858&0.774\\ \hline 2.125&1.125&5.387565&7.544599&12.027651&5.658967&0.835&0.750\\ \hline 2.083&1.083&5.542385&7.731619&11.701925&5.618472&0.813&0.727\\ \hline 2.041&1.041&5.701020&7.920932&11.374871&5.573294&0.790&0.704\\ \hline 2.000&1.000&5.863594&8.112407&11.046422&5.523211&0.767&0.681\\ \hline \end{array}}
You can see that a galaxy in our observable region with redshift z = 1.5 is NOW receding faster than light.
But back then when the light was emitted and started on its way to us the galaxy with receding < c.
However a galaxy with redshift z = 1.6 is now receding > c and already THEN when it emitted the light we are receiving today was already receding > c.
It's good to understand this and to understand how the light managed to get to us. There is probably something in cosmo FAQ about this, some tutorial.