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Oregon Beset by Rising Foreclosure Home Listing, Unemployment

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By : John Cutts    99 or more times read
Oregon is seeing the number of properties on foreclosure home listing growing daily. The economic downturn is taking its toll on the lives of residents and neighborhoods from Portland, Salem to Medford and even in rural areas.

Aside from the increasing foreclosure home listing that has been plaguing the state for some time now, Oregon is also experiencing a record high unemployment rate. The unemployment rate in the state is competing with California, where foreclosures are also rampant, for the fourth place nationwide.

Market data showed that unemployment dropped 0.5 percent in September from the 12 percent adjusted rate in August. Industry experts attributed the drop in the unemployment rate to discouraged workers who left the job market. The continuing economic downturn resulted to a job loss of 10,300. And exacerbating the unemployment problem is the reductions in social services and inflated housing market prices despite the abundant supply of houses for sale in the area.

The official unemployment rate in Oregon is 11.5 percent, slightly below than the 12.2 percent in May which was the highest rate since 1947. The data do not include those who worked part-time or who have stopped looking for employment.

In 2005-2006, Oregon had the fifth highest economic growth nationwide. Fast forward to 2009 and the state is experiencing a negative growth. Job loss in the manufacturing sector totaled 27,000 or 14.1 percent in 2008. The 1,000 job employment gains in the construction industry lagged behind the 13,799 job loss or 14.8 percent.

Meanwhile, affordable housing is lacking in Oregon despite the overbuilding of condominiums during the peak of the housing market. Nowadays, it is common to see vacant, unsold condominium units, particularly in Portland's Peal District sections and waterfront. With the housing market collapse, these condominiums are being marketed as rental properties.

Additionally, the homeless population has exploded in Oregon. Market data released by the Housing and Urban Development showed that Oregon has the highest rate of homelessness in the country, with 0.54 percent.

Industry experts said that many people became homeless when they lost their properties to foreclosure home listings. They said that unemployment and foreclosures are the top major issues that need to be addressed first before homelessness could finally be faced.

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