Lyon County Foreclosures for Sale

Lyon County’s median income is low at only around $43,000, which compared to the extremes of Manhattan (at $100,000) really demonstrates the kind of living and employment standards that can be expected in this tiny county. Lyon County’s population is growing fast, changing trends that may have seemed traditional in the past.

Many people used to consider small, rural communities as havens for relaxation, personal space, low crime and caring neighbours, complemented by picturesque scenery and a stress free lifestyle. Rising real estate prices over the years before the sub-prime mortgage crisis have begun to reverse these trends. There are increasing rates of unemployment in the county, reduced access to higher education and health care and bored youths who can increase rates of petty crime.

One of the issues in Lyon County has been that with such a small community, the residents want more buy in to the decision making process, and they have not been given that opportunity. The County is growing at such a rate; elected county officials are inexperienced at the management and planning of assertive longer term strategies to cope with the influx. Particular areas that have suffered from spiralling growth in the population have been insufficient basic amenities, poor job creation and under-developed highways and sewerage systems.

70 new Lyon county foreclosures were filed across the county in September 2008, and this is on top of what has not been a good year so far. In January 2008, President Bush announced that Lyon County was a major disaster area following extensive flooding and storm damage, resulting in many families being displaced. The Housing and Urban Development (HUD) Secretary announced that funds would be diverted to assist homeowners in the county to prevent their homes being repossessed as they struggled to get their lives back on track after the bad weather.

Property prices, including Nevada foreclosures for sale, have been following the national trend in Lyon County with the median price of a property down to around $180,000, from over $200,000 at the same time last year. This has not stopped developers flooding the market with new build homes with over 500 being built in the last twelve months at an average cost to the buyer of $165,000. This does nothing to alleviate the strain on residents struggling to meet repayments, as if they wanted to sell their home to avoid foreclosure, there are not enough buyers in the market.

Unemployment figures in the county do not make for good reading either, again contributing to the increasing number of foreclosures for sale; the rate is now up to 8.4% compared to the national average of 6.1%. Lyon County is also placed fourth in the State for bankruptcy filings. So like their neighbours across the State, the people of Lyon County are simply trying to cling on to their homes until there is some form of economic reprieve.

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