Friday, February 15, 2008
Housing Forclosures and Oregon
OK, here is the essentially the same foreclosure data I posted about yesterday, but for the state, not just Portland (also from RealtyTrac). Essentially the same story here, metro area is doing OK (better than many), but our state falls in the middle in this relative comparison, probably due to Portland and poor conditions in non-large metro areas relative to other states. The map below shows some extra 'heat' (in their parlance) coming from central Oregon (Bend) and Southern Oregon (likely Ashland/Medford).
Also, I am really committed to the avoidance of cross-posting, but the Paul Krugman column today in the New York Times is simply too good to pass up and is related to this post: he writes about what is happening to the credit market. This is serious, the fed it trying to inject liquidity into credit markets, but no one feels they know how to assess the liabilities of all of these financial instruments bundled with sub-primes, so it is not working - the commercial credit market has seized. His column is about how expectations guide everything, which is what makes macroeconomics so fascinating in my opinion.