Oregon foreclosure spike: worrisome or just hype?

foreclosed house
foreclosed house

The Federal Reserve recently warned that Oregon was facing a delayed reaction to the recession, with foreclosures tipping upward while housing values fell dramatically during the third quarter of 2009. The findings caused an Internet buzz about whether Oregon is becoming the next California. Horrors!

WalletPop talked to two local experts and came away with dramatically different takes on the depth and longevity of the problem.