Wikinvest Wire

Notices of default at an all-time high in Bend

Wednesday, February 03, 2010

Well ... might as well make it four-in-a-row this morning for housing stories as Andrew Moore at the local Bend Bulletin is reporting that conditions have deteriorated rapidly over the last month, notices of default soaring to a new all-time high (hat tip LW).

There were 402 notices of default recorded in Deschutes County last month, the most since the housing crisis began three years ago, according to the Deschutes County Clerks Office.
IMAGE The number increased by nearly 26 percent from the 320 default notices recorded in December 2009, and more than 95 percent from the 206 notices recorded in January 2009.

The increase was a surprise, at least compared with data from the prior quarter that showed the filing rate was declining.
This is another case of the "pig in the python" as many of the foreclosure actions that were deferred last year due to hope of mortgage mods or a rebounding economy are now working their way through the system. Unsubscribing from an email list a few days ago from a local realtor was probably a good idea - their last correspondence said:
2009 Housing Numbers Hint At A Bottom!
Now Might Be The Time To Buy!
Yikes! Talk about bad timing and how you can quickly lose any credibility you once had!

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Anonymous said...

Bend tried to become another Aspen.Million dollar homes had no place being there.
"Aspenization" failed.
Now home prices are reverting to what the locals can afford. Nothing wrong with that.

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