Reader Eco, in yesterday's comments, pointed out the following article in Oregonlive.com.
Since I'm not sure this will make the local news, and since the other bubble bloggers seem to think there's nothing more to talk about, I'll post it here.
I've thought, from the start, that we would lag the rest of the nation in price declines, but that eventually we'd be Number 1!!!. Worse than Vegas, baby.
Seriously, this was inevitable. We mirrored what was happening in California, and Florida, and Nevada, only six months to two years behind.
It's a weird thing about Bend. We have plenty of warning about what's to come, both good and bad. This has given me a competitive advantage in the past; I'll see something catching on elsewhere and will be well prepared by the time it arrives here. I'll see something falling away elsewhere and be well prepared for the decline....
Bend is a bubble in more than one way. If you define 'bubble' as standing apart from the rest of the world. For instance, a geographic and transportation bubble. We are a timewarp bubble, as well. Always have been. When I was a kid, fashions and pop culture were always a couple years behind here. One of the things I often see, is some hipster moves to town and slowly, gradually they become Bendites and thus as relatively clueless as the rest of us. Usually they don't even know it.
There was a news story yesterday that the boardgames Settlers of Catan has gone "viral" in the Silicon Valley, with CEO's addicted to the game. Here in Bend, it's still mostly get questions like, "Is it like Monopoly?"
The ramifications of the price declines can be seen in places where it's already happened.
We get see our own future.
**********
1. Bend reports nation’s biggest home decline in Q3: Yes, prices are still falling the Bend. They tumbled 5.6 percent between the second and third quarter, the biggest decline in the country. Las Vegas was right behind Bend, down 5 percent. That’s according to the IHS Global Insight “House Prices in America” report out today. Much of the nation is starting to emerge from the depths of the housing recession. But the Northwest, late to the housing bubble, continues to be the last to see the price declines wash through. IHS still considers much of the Northwest to be overvalued. Of the top 20 overvalued markets, nine are in Oregon or Washington. The Portland-Vancouver market ranks worst in Oregon at No. 7. Corvallis is No. 9, Salem is No. 10 and Bend is No. 19. IHS says home prices nationally halted a two-year slide in the third quarter, rising .2 percent from the second quarter. California led the way with a 2.1 percent increase. Nationwide, the U.S. housing market is down 10.7 percent from the 2007 peak. Despite the upbeat news, IHS also warned of potential troubles ahead given the still high unemployment rate and the temporary boost the market got from the federal tax credit.
Since I'm not sure this will make the local news, and since the other bubble bloggers seem to think there's nothing more to talk about, I'll post it here.
I've thought, from the start, that we would lag the rest of the nation in price declines, but that eventually we'd be Number 1!!!. Worse than Vegas, baby.
Seriously, this was inevitable. We mirrored what was happening in California, and Florida, and Nevada, only six months to two years behind.
It's a weird thing about Bend. We have plenty of warning about what's to come, both good and bad. This has given me a competitive advantage in the past; I'll see something catching on elsewhere and will be well prepared by the time it arrives here. I'll see something falling away elsewhere and be well prepared for the decline....
Bend is a bubble in more than one way. If you define 'bubble' as standing apart from the rest of the world. For instance, a geographic and transportation bubble. We are a timewarp bubble, as well. Always have been. When I was a kid, fashions and pop culture were always a couple years behind here. One of the things I often see, is some hipster moves to town and slowly, gradually they become Bendites and thus as relatively clueless as the rest of us. Usually they don't even know it.
There was a news story yesterday that the boardgames Settlers of Catan has gone "viral" in the Silicon Valley, with CEO's addicted to the game. Here in Bend, it's still mostly get questions like, "Is it like Monopoly?"
The ramifications of the price declines can be seen in places where it's already happened.
We get see our own future.
**********
Top 5: Bend reports nation’s biggest home decline in Q3
By Ryan Frank, The Oregonian
December 18, 2009
1. Bend reports nation’s biggest home decline in Q3: Yes, prices are still falling the Bend. They tumbled 5.6 percent between the second and third quarter, the biggest decline in the country. Las Vegas was right behind Bend, down 5 percent. That’s according to the IHS Global Insight “House Prices in America” report out today. Much of the nation is starting to emerge from the depths of the housing recession. But the Northwest, late to the housing bubble, continues to be the last to see the price declines wash through. IHS still considers much of the Northwest to be overvalued. Of the top 20 overvalued markets, nine are in Oregon or Washington. The Portland-Vancouver market ranks worst in Oregon at No. 7. Corvallis is No. 9, Salem is No. 10 and Bend is No. 19. IHS says home prices nationally halted a two-year slide in the third quarter, rising .2 percent from the second quarter. California led the way with a 2.1 percent increase. Nationwide, the U.S. housing market is down 10.7 percent from the 2007 peak. Despite the upbeat news, IHS also warned of potential troubles ahead given the still high unemployment rate and the temporary boost the market got from the federal tax credit.