We begin a new regular segment where we check in on the local business buzz. Our series kicks off with a look into banks and housing.
While banks caught up in the housing foreclosure debacle are hurting, others are showing confidence in the future by announcing expansions. JP Morgan Chase plans to open 21 branches around the Portland-metro area and hire as many as 500 employees by the end of 2012. Key Bank’s expansion is underway and Portland-based Umpqua Bank may follow suit.
News on the housing market has been mixed. Central Oregon is reporting a drop in foreclosures but Portland still holds the distinction of being No. 1 in missed mortgage payments. The “serious delinquency rates” are no surprise to industry analysts who say that the Northwest was last into the recession and it appears that it will be the last out.
What housing market changes have you noticed in your neighborhood? Have you changed banks? Been denied a loan? How will expansions in banking affect your finances?
- Rob Smith: Editor of the Portland Business Journal