CoreLogic offers some good insight on the housing market nationally this week, and pinpoints a number of areas in the country where they feel properties are currently significantly overvalued–including Bend, Oregon. They’re predicting price declines in those areas. While I wouldn’t agree that price declines are likely here in Bend in the near future, it’s a worthwhile analysis and perspective, well worth the 3 minutes you need to watch the video:
I think that Central Oregon is a bit of a different animal, with so much of our growth here fueled by immigration from other parts of the west coast: people in high-income careers who’ve realized, through the COVID pandemic, that they’re 100% capable of doing their job somewhere other than in a major metropolitan area, by working remotely. And even with the elevated prices in Central Oregon, you still get a heck of a lot more for your money than you do in Portland, Seattle, or the Bay area.
James Keane at The Source Weekly agrees–at least that there’s no bubble to pop, in this article from last week. But Keane’s reasoning is a little different: he’s focusing on the differences in financial markets and lending practices between now and the mid-2000’s. An interesting read and some smart thinking here as well.