The answer is yes BUT very, very few.
Corvallis did not have completely through the roof prices during the boom years and now has not completely on the bottom prices either. In essence it is on lots of market levels an already balanced market again.
Inventory is not amazingly high, prices are in average about 13% lower than in 2008 (Jan 2008 compared to Jan 2012). If you bought a house in Jan 2008 for 450000, chances are it is now selling for under $400000. But compare that to areas where homes have lost 40% of their value…
We are experiencing foreclosures but in very small numbers. The weekly foreclosure list shows 8 properties in foreclosure. We have as of today (4/8/2012) 156 residential listings on MLS (not included residential w/ acreage that is only listed in its own category).
That means a percentage of foreclosure of 0.05%.
So if you come to Corvallis hoping you will find a steal it might not happen. And if something comes to the market that is REO (bank owned) you will need to act fast, will have a lot of competition and the homes will most likely have issues. The great deal of $180000 for a home that is really worth $250000 and is in perfect condition is elusive.