Homeowners across Oregon are grappling with collapsing home prices, but nowhere is the depreciation felt more acutely than in the Bend area.
New federal data includes all of Deschutes county, and shows that area with the biggest home price decline in the country. OPB’s David Nogueras has more.
Home prices in the Bend area dropped more than 23 percent between the first quarter of 2009 and the first quarter of this year. That’s a larger drop than was seen in the once red-hot markets of California, Florida, Arizona and Nevada.
Melinda Campbell and her husband sold and bought a home in Bend last year. The depressed housing market, she says worked both for and against them.
Melinda Campbell: "Well, as a home seller that wasn’t a great thing for me, but as a home buyer a week later we bought the new house, we got much more than we had before."
Campbell believes she bought at the bottom of the market, but she doesn’t expect to see her new home appreciate much in value any time soon.