Gotta give credit where it’s due. Today’s lead business story in the Bulletin, “Bend Subdivision Faces Foreclosure,” is a straight-shooting look at the problems facing the local real estate market.

The story mainly focuses on the debacle at Renaissance Ridge but further into the story we find a few interesting facts:

-In the first few months of this year, home sales in Bend and Redmond are down 44% from the same time last year.

-Over the same time, default notices have risen 253%.

Still, prices are still well above fair value and it seems to me that this is only just the beginning of a correction that’s been long overdue.

This is what it feels like After the Goldrush:

[youtube http://www.youtube.com/watch?v=sa73jTtAVXU&hl=en]LIV