Prices dropping in Bend yet? (La Pine, Phoenix: bank owned, short sale, foreclose)

[monkeysausage]

My only point is that Bend needs to
"Get over their denial, and move on to the anger part"

[PNW-type-gal]

Originally Posted by monkeysausage

My only point is that Bend needs to
"Get over their denial, and move on to the anger part"

Usually what's listed as the "unemployment rate" is what the Bureau of Labor Statistics calls the "U3" (there are 6 different measurement sets). What this unemployment rate doesn't tell you is the number of people who were employed full-time and are now working a part-time job (likely to pay far less than full-time). Those people are considered "employed" in the U3. So the number is generally much worse than it even looks.

[monkeysausage]

The majority of DeschutesCo & Bends population-growth and FALSE REAL ESTATE PROFITS ,between 2004-08, were dependant on new residents and new construction.
Construction is done! Done! DONE! Laborers have gone back home.
Contractors are losing their primary residences. Many BrandNew homes are in limbo between their builders and banks.
The area avg's 50 new MLS listings per week but only a handfull of sales.
PRICES IN THE BEND AREA WILL DROP RADICALLY IN 2009!!
Banks are tricking owners into "Short-sales" only to squeeze a few more payments from them before the owner finally gives up. Banks do not respond to/accept offers made on short sales because they are still squeezing blood from a turnip.
When the foreclosures start coming out late '09 ...... You'll see

[Dry Side]

A 90-day look back at the Bend Market

Above $500K and little chance of selling.

[monkeysausage]

funny they call it a "blip" of sales. I call it a few dummies that thought the Obama$8000 was better than watching the Bend market drop over the summer

[Dry Side]

Oregon's "New West" tumbles, another sign of hard times

Empty stores

[davefr]

I personally don't see what could turn Bend around anytime in the short to medium term.

There will always be tourism but it's a function of discretionary family spending and fuel prices. (weak spending and/or higher fuel prices will affect tourism).

The flood of retires from CA will slow down. The prospects of selling an overpriced CA home and bringing up a ton of equity are gone for now. And this negatively impacts the construction industry which causes a downward economic spiral.

The service industry around Bend will also take a hit due to both of the above factors.

Bend does not have a manufacturing/industrial base and I don't see this as happening. (Bend is not along a major interstate, not served by a major airport and faced with the same anti-business climate as the rest of OR).

[monkeysausage]

And we wonder why REO inventories have declined significantly.
Banks aren't reselling many foreclosed homes

[Smiled]

Oregon does not have an anti-business climate; Forbes rates OR as a good place to do business - near the top. Bend, however, is far from everything, and is full of blowhards who think money is supposed to fall into their laps. After those people move back to Socal, the rebuild can begin. Oregon is ALWAYS a tough place to find work and ALWAYS pays less.

[gregandvicky]

I lived in Oregon most of my life and want to return. What websites would show foreclosed properties??