Reno Home Owners Get Equity Boost

happy reno homeowners

“Reno Home Owners Get Equity Boost”

I haven’t heard that in a while. Nevertheless, piece of good news.  As foreclosures have gone down:

“During the second quarter of 2012, 49.2 percent, or 46,070 residential properties, were “underwater,” owing more on their loans than what their homes were worth, according a report released Wednesday by data provider CoreLogic.It was an improvement from the first quarter, where 51.8 percent, or 48,534 homes, were underwater.”

Perception is a mighty thing.  And I can tell you from a local’s perspective that people are hoping more than fearing the market. Breath of fresh air as the last five years has been chalk full of depressing news.  “Shouldn’t you be against good news as your site is about foreclosures?”  Funny. No, I’m a realist and we need all the help we can to help locals get more jobs.

Good thing housing sector is on the precipice of a complete recovery (cheap homes have been in demand since 2010) it’s my hope this will lead to more construction jobs which is one of the backbones our the Reno economy.

More on the RGJ article:

“For more than two years, Reno-Sparks has struggled with half of the market hovering around 50 percent negative equity.”

Underwater homes, 2Q 2012

RENO-SPARKS: 49.2 percent
NEVADA: 59 percent
NATIONAL: 22.3 percent
Source: CoreLogic