Washoe Foreclosures For Sale

The number of repossessions and foreclosure filings rose dramatically last month across Washoe County, in line with the fallout from the national housing and debt crisis. The rate across the county is lower than the state rate of 1 in 91 households filing foreclosures, but more than twice the national rate of 1 in 416.

The opinion of leading banker, Bill Uffelman (president and chief executive of the Nevada Bankers Association) is that the numbers reflect people simply walking away from houses they can no longer afford to retain, and they are disillusioned with the drop in value of their property on the wider market. It could also be a result of exotic mortgages being reset, simply becoming unaffordable.

Nevada as a whole posted the largest single number of foreclosures in the nation for the 20th month in a row, closely followed by California and Arizona. RealtyTrac who have been keeping records of the data and plotting trends since 2005 quote a 16% rise in foreclosures since last year, up to 11,706 in August alone. Clark County is a major contributor accounting for 10,099 of these foreclosed homes for sale, which translates to 1 in 75 households.

The high number of foreclosure filings does not reflect the number of houses moving on the market as the trend for auction figures shows a downturn. This may be a result of recent federal government announcements of a $70 million rescue package to stem the flow of foreclosures. If homeowners are being genuinely assisted by this package it will account for a slow down in the number of foreclosures actually making it through to sale.

Despite assistance from the government, the unemployment rate in Nevada is on the up, increasing to over 7.1%, a full percentage point over the national average of 6.1%. Experts are saying that this trend is set to continue and in fact get worse, with rates expected to rise to 8.6% towards the end of 2009. This is as a result of Washoe, and Nevada generally relying on the industries hit hardest by the economic recession. Industries such as construction, tourism and housing have been hit very hard indeed. The jobless increases have forced county officials to make huge cuts in services and they are keenly looking for new sources of tax revenue.

Employment trends are pointing to growth in services such as education and health whereas mining and manufacturing as expected to continue declining, and for those in the now unpopular financial sector, there is expected to be 200 less jobs in Washoe next month. Most homeowners are hunkering down and concentrating on making it through the crisis retaining their property in the process with other Nevada foreclosures for sale.

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