3 of 10
BACKNEXT
Portland, Ore.
Foreclosure rate: One in every 44 households
Percent increase: 87%
National rank: 61st
Unemployment rate: 10.8%

For a long time, the housing bust failed to reach the far Northwest. But it was just a delay: In the past year there has been a big run up in foreclosures, particularly in Portland.

One big reason is that the state and metro area are more dependent than most on the housing industry. Much of Oregon's economy is manufacturing based -- including lumber and other construction products -- so when homebuilding started falling nationwide, many Oregon workers lost their jobs.

In addition, Portland had its own mini-boom in home prices during 2004 through 2006, according to Don Gladson, a broker with Coldwell Banker Seal in Portland. "Prices went way above where they should have been," he said.

When home prices dropped in the bust, many borrowers were left owing more on their mortgages than their homes were worth. Gladson estimated that half the borrowers in Portland are now underwater.

"It was a double whammy," said Tom Potiowsky, Oregon's state economist. "But the sluggish economy is the bigger whammy."

NEXT: Green Bay, Wisc.
Last updated February 01 2010: 3:46 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
The 10 most valuable global brands Apple has the most valuable brand in the world, up 67% over the last year, according to a BrandZ ranking. More
A life's work: Photos by Mary Ellen Mark The subjects of Mary Ellen Mark's photography ranged from celebrities to world leaders to those at the fringe of society, including prostitutes and the homeless. More
The 8 biggest job-killing companies Unemployment is at its lowest level since 2007, but some companies are still cutting lots of jobs. More

Special Offer