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Posted on 02/20/2009 5:17:31 PM PST by ex-Texan
Foreclosures have spiked in the Portland area and central Oregon's Deschutes County just as President Barack Obama launches his plan to help Americans stay in their homes.
The number of new mortgage defaults in the four-county Portland area and Deschutes County -- some of the areas hit hardest by foreclosures -- is on pace to exceed 4,500 in the first three months of 2009 * * *
If that holds, the increase would be more than 20 percent from the last quarter of 2008 and four times more than the glory days of the housing boom three years ago. * * *
The rate of mortgage delinquencies has reached its highest point since the 1980s recession. More than 25,000 Oregonians were at least 30 days late on their mortgage in fall 2008. RealtyTrac Inc. * * * said Oregon ranked fifth in the country for the highest rate of foreclosures * * *, trailing only Nevada, California, Arizona and Florida.
Last May, Oregon ranked No. 23.
With rising job losses, foreclosures have hit every part of the region from working class east Portland neighborhoods to upscale subdivisions with sweeping Happy Valley views.
Obama's plan is ambitious and complex. The centerpiece of the plan is a $75 billion fund aimed at assisting the estimated 4 million people at imminent risk of foreclosure.
But details are unclear.
The administration is asking lenders to voluntarily make concessions to troubled homeowners * * * and assume significant risk at a time financial regulators are telling them to strengthen their balance sheets. * * *
"These (problem loans) are just not that simple," said Stacey Howard, * * * a housing counselor for Salem and Eugene. "Whether the plan is going to address the intricacies we see, we just don't know." * * *
(Excerpt) Read more at oregonlive.com ...
Most Oregonians do not have a clue about real estate. I heard yesterday there are 24 months of inventory now listed for sale in Portland. Median sales prices are down about 30% from the peak in early 2006. Foreclosures are skyrocketing -- adding pressure to anxious sellers to further lower prices.
Hardly anybody qualifies for a mortgage today. Those that do qualify are prime buyers that specialize in picking the best priced houses.
I live in a relatively “red” suburb of Portland. We live in a house we purchased in 2005 for $300k, put down 20%, and have a 30-year fixed mortgage. Meanwhile, on a busy street 1/4 mile from my house, $800k mansions were being built and bought.
I refuse to help out somebody who purchased such a stupid investement.
Read the oregonlive.com comments section for this article...
Yow! It does not sound like Obama’s rescue plan is falling on enthusiastic ears among the 92%. Even the few comments reflexively blaming it all on GWB sound decidedly tongue-in-cheek to my ears.
Perhaps the worm really IS starting to turn.
“I refuse to help out somebody who purchased such a stupid investement.”
You’re not going to have much choice in the matter.
Anyone who receives a mortgage bail-out should be considered to live in public property IMO.
http://www.freerepublic.com/focus/chat/2136635/posts
“Are you looking for a job?”
Note: This thread is updated on a regular basis.
I know people in central Oregon, the Bend area, that have had their home for sale for almost 2 years now, with multiple price reductions.
He did say that The Obammunist figgers, because of the plan, everyone who is current on their mortgage or owns a home outright, will witness a $6000 savings because housing depreciation will ease.
I think this is code for the cost of the plan, about $6000 from anyone owning real estate. ie. don't conplain if your property/income is hit with a tax equal to this.
yitbos
<I know people in central Oregon, the Bend area, that have had their home for sale for almost 2 years now, with multiple price reductions.
Hmm. Any news about what’s happening in the coastal towns or in Eugene (yeah, I know it’s a lib town, but I like college towns). I spent some years in Seattle and lived in Portland many years ago. I would really like to retire back to that part of the country. Maybe now I’ll actually be able to afford more than a grandma condo out there.
‘Nother ping. ;o)
This is a typical sob story from The Oregonian, which is why I haven’t subscribed since they were pushing universal health care.
I don’t normally read the comments, but I’m gobsmacked at the comments on this story!
Maybe there’s hope...
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I get the drift that the banks are the big part of the problem. It seems they would rather foreclose than work with the homeowners. They foreclose and then get the government to bail out the bank.
There’s a “red” burb of Portland??? We live in the Portland burbs and not much looks “red” to me. Maybe commie red...
This was an elaborate banking scam from the outset.
Mortgage lenders falsified or forged mortgage paper. Some 'lenders' falsified information and even forged signatures on applications. In the end, vast piles of falsified paper was sold, resold and resold from New York and Chicago.
Then Wall Street benkers sold fake securities to the world. Bankers created exotic derivatives and sold toxic garbage to millions of suckers who were stupidly gulled by experts. Bankers then bribed Congress and both parties with millions they stole from middle class Americans.
But first they had to amend the Bankruptcy Code: Assuring that the middle class would be on the hook for mortgage and credit card debt forever ! [Unless a good BK judge intervenes]
Then the bankers yelled and pleaded for $$$$ Billions in bailouts. Top management stole mega millions in bonuses along the way. Ordinary tockholders got raped again and again when Wall Street, mortgage lender and bank stocks fell into the toilet.
This was a vast, organized scam that is still unfolding. Our corrupt Congress has sealed our fate: Americans get raped financially and the criminals get rewarded with $ Trillions in taxpayer money.
Citibank falls to near the level of a penny stock, yet the billions keep pouring in Citi’s CEOs. Take a peek at how your tax dollars work to keep the crooks rolling in cash:
There are a ton of layoffs happening because companies are closing shop in Oregon and moving operations to other states.
At the same time, the state has been fighting against the creation of the LNG Terminal on the Columbia and talking about removing the dams from the Snake.
The state is actively destroying jobs directly and indirectly. These are jobs that will never come back.
In the mean time, liberals keep telling themselves of the bonanza just waiting around the corner of “Green Jobs”.
What they don’t understand is that those jobs will go to other states for the same reason the jobs they have lost are moving to other states, this state sucks for business.
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