Bend Economy Bulletin Board

September 2010 Deschutes County market statistics

Down: For Sale, New Listing
Up: Sold, Pended, Median Price

October 2010 Deschutes County market statistics

Down: For Sale, New Listing, Sold
Up: Pended, Median Price

November 2010 Deschutes County market statistics

Down: For Sale, New Listing, Sold, Pended, Median Price

December 2010 Deschutes County market statistics

Down: For Sale, New Listing, Sold, Pended, Median Price

January 2011 Deschutes County market statistics

Down: For Sale, Sold
Up: New Listing, Pended, Median Price

February 2011 Deschutes County market statistics

Down: For Sale, New Listing, Sold, Pended, Median Price
Up: --

March 2011 Deschutes County market statistics

Down: --
Up: For Sale, New Listing, Sold, Pended, Median Price

April 2011 Deschutes County market statistics

Down: Sold, Pended, Median Price
Up: For Sale, New Listing

May 2011 Deschutes County market statistics

Down: New Listing
Up: For Sale, Sold, Pended, Median Price

A note about Median Price: The Deschutes County residential property median price is essentially unchanged from a year ago (165K in May 2011 versus 168K in May 2010). The median price has been bouncing around in a range of approximately 150-170K since the beginning of 2010.

June 2011 Deschutes County market statistics

Down: Sold
Up: For Sale, New Listing, Pended, Median Price

July 2011 Deschutes County market statistics

Down: New Listing, Sold, Pended
Up: For Sale, Median Price

Inventory is really going to crank up in the next few months as the B of A foreclosures are starting to come in earnest now. There was some doubt coming into the month as to whether the already rescheduled auction dates would be rescheduled once again. That is clearly not the case, they are coming. Most are reverting back to the lender which means that as a group they are being priced too high by the banks at auction. These properties will start hitting the market next month. It ramps up considerably from here through the end of the year. With the looming glut of inventory, pricing is about to take a serious hit

It ramps up considerably from here through the end of the year. With the looming glut of inventory, pricing is about to take a serious hitjlemay

Perhaps you could define for me what "ramps up" and "serious hit" means?

You seem to know things others don't, so please share with me so I can plan accordingly. I sure hope you're right about these things. You've been beating this drum for a long time and I'd hate to think how foolish you'll look if these things don't come to pass. I'll keep my fingers crossed for you .................

I've been "beating this drum" since Jan and the call then that we would see a double-dip in housing has now been borne out in the data. So I'm probably not the one that you should worry about looking foolish. I would be happy to do your research for you.... There are currently 540 auctions scheduled in Bend between now and Dec 27th. That is an average of 135 a month. Bank of America is responsible for the lionshare of these and the Aug 8 date that I referred to in March has held - all the foreclosures that were cancelled between Nov and March and rescheduled for auction beginning in Aug are in fact coming to market and not being further delayed. Has "ramp" now been clearly defined? Now, on the "reverted to lender" properties you could argue that the banks will become real estate holding companies and not imminently bring all these properties to market but there is absolutely no indication that this will happen. In any case, you will be able to confirm that within the next few months. But what we know for sure is that 3rd party investors will be looking to turn these auction properties as fast as they can.
Pricing is based on a number of factors and the employment picture is chief among them. It's pretty obvious that there will be no improvement there until we can get a change in political leadership so excess supply will weigh very heavy on the market. If we actually go into recession again, we could see a further 20% decline from here. If that were to happen the resultant multitude of additional underwater homeowners would set off a whole new wave of strategic defaults. Even if we avoid recession, I would ballpark at least another 10% decline from here. I've already seen some very large price reductions over the last few weeks and this new wave of foreclosures has yet to hit the beach.

I have this picture in my head of jlemay foaming at the mouth as he/she was writing that.

It's pretty obvious that there will be no improvement there until we can get a change in political leadership

I can't argue with that ..................