"FORECLOSURE RATES ARE WORST HERE: Central Oregon vs. The State." (Bulletin, 10/7/12.)
The high rate of foreclosures in Bend has always been a given to me. It didn't seem feasible to me that we could have been included in the high-flying territory of Prescott, Az. and Naples, Fl. and Las Vegas, Nv -- without suffering the same fate.
Those maps you see of the county which show state by state conditions? Oregon has always looked all right there. Except, I knew that at the center of the state was a place that could be easily taken out and placed right at the center of the worst areas in the rest of the country.
I'm not sure how the real estate boosters here in Bend can be so blithe about the conditions here. I suspect they believe it. I suppose they would tell me that the prices are now reasonable, but they've been pretty much saying that for years now. I suspect the foreclosure rate would be much much bigger if the banks really went after every overdue homeowner.
I don't think the Bulletin clearly draws the line between the housing boom and the job losses and the foreclosures. The job losses come from the housing bust, after all.
I actually think Bend has gotten away with a bit of slight of hand, by being part of Oregon. The real conditions have been somewhat hidden. Tourism didn't stop, and some of the business areas have maintained their looks. (Not sure how that happened -- it would seem counter-intuitive.)
3 days ago