Posts from April 1st, 2016
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1
Bend Oregon Housing Shortage Reaching Critical Mass
We have known for the last several years that the increased demand for Bend housing has pushed prices upward. The cost of a single family home has gone up 11% over the last year to almost $200 per foot while the amount of available inventory has dropped over 20%; the average price of a single family Bend home is now $389,725 (COAR MLS statistics). People continue to move to Bend, loving the Central Oregon lifestyle. However, we are now at a place where the price to live here can exceed the budget of many locals. How did we reach this situation? Bend is not the only American community experiencing a housing crisis. According to Lawrence Yun, the National Association of Realtors® chief economist, 3 million American homes which should have been built over the last 6 years were not. These 3 million homes were the minimum amount needed to keep up with the country's growing population but they were not built, mostly due to banking's hesitation to finance new...