Is this good news or bad news for Washoe County?
The latest statistics are out and foreclosure filings in Washoe Country jumped 23 percent in the second quarter according to the latest quarterly report from foreclosure data tracker Realty Trac.
Washoe County and Clark County, both in Nevada, have a filing rate of one in 43 households to lead the nation and is nearly four times the national average.
Foreclosure filings were reported on approximately 25,000 properties in the state, this is a jump from the first quarter earlier this year.
What exactly does this mean for our area? Some experts believe this is a good sign because the sooner we get bank owned properties and the homes that are in foreclosures sold, prices should start to stabilize. There has to be an end in sight, not all home owners are on interest only loans and not all borrowers bought homes they could not afford and are now face with the threat of losing their home.
The good news is....if you are looking to buy a home, now is a great time to do it. Prices are the lowest this area has seen in several years. The banks are asking extremely low prices on their properties and banks are also approving short sales faster then they were a year ago. This means as a buyer, you have a better change of getting your offer approved.
Bottom line, if you are a buyer and want to get purchase an affordable home, there are homes available. Interest rates are still low and new mortgage programs make it possible for first time home buyers to qualify for a home loan.
So, yes, this is good news especially for buyers and sellers. Prices are low and while interest rates are not the lowest we have seen them, they are still low enough for home buyers to afford. If you are a seller, the good news is, eventually, the bank owned properties will be gone and prices will stop dropping and you will be able to list your home at a reasonable selling price without competing with the bank.