Oregon Public Broadcasting

Two of the largest developers in the Pacific Northwest, are joining forces for a bargain basement home sale. Kristian Foden-Vencil reports.

Pacific Lifestyle Homes and Legend Homes are both in Chapter 11 bankruptcy.

They’ve been told by their banks that if they want to build a new home, first they have to sell one.

So they’re joining forces to market 100 houses from Corvallis to Salem and Portland to Vancouver.

The president of Legend Homes, Jim Chapman, says together they can afford to do more advertising and generate a little buzz.

Jim Chapman: “We didn’t do any advertising the fourth quarter of ’08, that didn’t do anything for us. I think it’s the Spring time, those people who’ve been waiting because of fear, or waiting for the best deal, are going to find it.”

Chapman says the deal includes 30-year fixed-rate mortgages at about 3.8 percent.

Economists say that whether it’s a good time to buy now, depends on what the housing market does tomorrow.