Bend Oregon Home Price Drop Leads Nation
Talk about an alarmist headline! I think we should be rejoicing in the fresh powder and all the glorious sunshine. But as our real estate market in Bend Oregon seems to chug along . . . sales numbers up one month, median price down, notices of default up, inventory down, we’re all interested in the snippets of information we get from the local and national media.
We got a good one last Thursday . . . results of quarterly statistics released by the Federal Housing Finance Agency (see the full report). The report, based on home purchases only (it did not take into consideration refinances), was a little scary on the surface. While national figures showed a drop of just 1.2%, the report showed that Bend area home prices had dropped 20.5% in the last year . . . the biggest drop in the country. Even topping such known losers as Las Vegas, Reno, Winter Haven, and Phoenix.
Looking more deeply into the report, it’s apparent that those areas which appreciated the most quickly (Bend topped the list just four years ago!) also had the farthest to fall.
Another rather “sobering” statistic revealed by the report showed the performance of Bend Oregon real estate over the last five years. Data based on purchases only(again no refinances) showed that prices have decreased by .71 percent. In other words, many folks who bought homes in 2005, have realized no appreciation.
On that, I think I’m going to go out and lacerate some of that nice powder . . . just 20 minutes up the road!
To take advantage of some of those home price reductions, just click here
