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
50 years of the Ford Mustang Take a drive down memory lane with our favorite photos of the car through the years. More
Cool cars from the New York Auto Show These are some of the most interesting new models and concept vehicles from the Big Apple's car show. More
8 CEOs who took a pay cut in 2013 Median CEO pay inched up 9% in 2013 to $13.9 million. But not everyone got a bump last year. Here are eight CEOs who missed out. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.