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Corvallis seemingly safe from real estate troubles
The Christian Science Monitor recently called Corvallis one of the top five real estate havens in the United States
Samantha Blann
Issue date: 5/19/09 Section: News
By Samantha Blann
The Daily Barometer
Corvallis is weathering the economy storm relatively well compared to other cities, such as Las Vegas, Nev., and Stockton, Calif. With relatively few homeowners under water, Corvallis has been named one of the top five real estate havens in the United States by The Christian Science Monitor.
According to The Christian Science Monitor, only 5.3 percent of Corvallis homeowners owe more on their homes than the homes are worth. The other four cities on the list are New Orleans, with 3.8 percent, Augusta, Ga., with two percent, Cumberland, Md., with five percent and Oklahoma City, with 6.3 percent.
"We basically have a more stable economy here," said Jim Moorefield, the executive director of Willamette Neighborhood Housing Services, which offers home-buyer education and other services to people buying homes.
"What we're seeing in Corvallis is that we have much lower foreclosure rates because Corvallis is relatively a wealthier community," said Kent Weiss, the housing divisions manager for the Corvallis City Council. "We have a pretty well-educated community."
The reasons believed to be the cause of these cities' successes is mainly slow growth. They did not have huge expansions in the last five years.
"We are not a place that is growing fast, which means our real estate did not grow as fast," Moorefield said.
"[The real estate rates have been so strong] because home buyers in Corvallis over the past five years were conservative about the mortgages that they took on," said Corvallis Mayor Charles Tomlinson. "People in Corvallis did not extend themselves in this mortgage bubble. Corvallis did not rise as far and it does not have as far to fall."
"We've stayed strong longer than I would have thought," Weiss said. "We grew more slowly, which means we didn't have a bubble to burst."
Another reason believed to be the cause of better real estate rates in Corvallis is the presence of OSU.
The Daily Barometer
Corvallis is weathering the economy storm relatively well compared to other cities, such as Las Vegas, Nev., and Stockton, Calif. With relatively few homeowners under water, Corvallis has been named one of the top five real estate havens in the United States by The Christian Science Monitor.
According to The Christian Science Monitor, only 5.3 percent of Corvallis homeowners owe more on their homes than the homes are worth. The other four cities on the list are New Orleans, with 3.8 percent, Augusta, Ga., with two percent, Cumberland, Md., with five percent and Oklahoma City, with 6.3 percent.
"We basically have a more stable economy here," said Jim Moorefield, the executive director of Willamette Neighborhood Housing Services, which offers home-buyer education and other services to people buying homes.
"What we're seeing in Corvallis is that we have much lower foreclosure rates because Corvallis is relatively a wealthier community," said Kent Weiss, the housing divisions manager for the Corvallis City Council. "We have a pretty well-educated community."
The reasons believed to be the cause of these cities' successes is mainly slow growth. They did not have huge expansions in the last five years.
"We are not a place that is growing fast, which means our real estate did not grow as fast," Moorefield said.
"[The real estate rates have been so strong] because home buyers in Corvallis over the past five years were conservative about the mortgages that they took on," said Corvallis Mayor Charles Tomlinson. "People in Corvallis did not extend themselves in this mortgage bubble. Corvallis did not rise as far and it does not have as far to fall."
"We've stayed strong longer than I would have thought," Weiss said. "We grew more slowly, which means we didn't have a bubble to burst."
Another reason believed to be the cause of better real estate rates in Corvallis is the presence of OSU.
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Dickey45
posted 5/19/09 @ 7:21 AM PST
"Because they are typically renting, students help keep prices low."
Really? I would have thought the opposite.
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