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|Articles - May 2012|
|Monday, April 23, 2012|
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Van Vliet says persistent unemployment and underemployment have been most responsible for the inability of Oregonians to afford rents, as well as contributing to foreclosures. Hiring is slowly improving, though most of the new jobs are in the Portland metro area “so the recovery is going to be lopsided, and that’s going to put rural communities further behind,” she says. The five counties still suffering seasonally adjusted unemployment in excess of 12% in February were all rural: Crook, Grant, Harney, Jefferson and Lake. The statewide rate was 8.8%.
Within the state’s urban areas, Bend and Medford stand out as the least affordable housing markets, though both may be improving. In 2010, 48% of mortgage holders and more than 64% of renters in the two fast-growing metros were housing burdened. Since 2006 the burden hadn't changed for homeowners, but renters’ burdens grew 22% in Bend and 12% in Medford. Meanwhile, the Federal Housing Finance Agency’s All-Transactions Home Price Index, an indicator of single-family home prices and refinance appraisals, dropped 40% for Bend and 30% for Medford.
Bend also witnessed the most dramatic surge of another indicator of unaffordable homes: foreclosures. In Deschutes County, notices of homeowner default shot up from 45 in 2007 to 314 in 2010. John Helmick, CEO of Eugene-based Gorilla Capital, which buys, remodels and resells foreclosed homes, says that after peaking in 2010, this indicator is finally brightening in 2011: “Throughout all the 20 Oregon counties in which we track the data, we saw an average of 25% decline in the number of new foreclosures being filed, and we see that same decline continuing in 2012.”
Jaynee Beck, a realtor with Duke Warner Realty in Bend and president of the Central Oregon Association of Realtors, also has reason for cautious optimism on the ability of new buyers to afford a home. “Our market has really done a big correction,” she says, “and it’s brought a lot of the buyers back to our market that were priced out of it in the boom.” That includes many locals who grew up and worked in Bend but had to commute 45 minutes away to find affordable housing when the minimum price in Bend was about $300,00.
“Now we actually have homes under $100,000,” says Beck, “so those people can come back to Bend.
Thursday, December 04, 2014
BY JACOB PALMER | OB DIGITAL NEWS EDITOR
Nothing says startup culture like a ping pong table in the office, lounge or lobby.
Tuesday, January 27, 2015
Smartwatches are all the rage. But old-fashioned timepieces keep on ticking.
Tuesday, December 09, 2014
BY LINDA BAKER
On the eve of the Portland Ad Federation's Rosey Awards, Matt Anderson, CEO of Struck, talks about the transition from creative director to CEO, the Portland talent pool and whether data is the new black in the creative services sector.
Monday, January 26, 2015
BY KIM MOORE
After more than a decade of wrangling, construction on a convention center hotel in Portland is slated to start this summer. But debate over project financing continues.
Thursday, December 11, 2014
By MEGHAN NOLT
VIDEO: Revamping a Classic — an iconic eatery stays relevant in a changing marketplace.
Monday, January 26, 2015
The day after this issue goes to press, the city of Medford will host its annual business conference. The event features Minoli Ratnatunga, co-author of the Milken Institute’s annual “Best-Performing Cities” report. Preliminary data suggests that Medford is likely to retain its No. 1 ranking among best-performing small cities for having a higher concentration of high-tech firms than the national average.
Thursday, December 11, 2014
There’s a fascinating article in the December issue of the Harvard Business Review about a profound power shift taking place in business and society. It’s a long read, but the gist revolves around the tension between “old power” and “new power” as a driver of transformation.
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In a switch on the traditional trade show, representatives from UO departments and local and state agencies will host tables to connect with businesses and vendors. The fourth Reverse Vendor Fair will take place Wednesday, Feb. 25, in Eugene.