Reno Real Estate Logic

The bad news today on the front page of the RGJ was that we are still in deep doodoo reflected by a 89% increase in foreclosures since last year. The fact that we are experiencing a 11.2% unemployment rate does not help the local economy nor does the fact that we are ranked 13th for metro communities in the foreclosure ramp.

FYI the unemployment rate was only 6% last year…And speaking of disaster, Vegas had 58,691 homes with recorded filings making 1 out of every 13th homeowner is in trouble down there. The problem is that many people had no true invested interest in their homes with 100% financing, what do they really have to loose? Most don’t and it’s a heck of lot easier to walk away from than to pay a mortgage for thirty years that doesn’t pencil.

In the last six months alone, we had 6,515 foreclosures filings which should slow down some when the long tail of the new Assembly Bill 148 hits and makes the banks mediate before they impale the homeowner with the foreclosure sword. This should slow down the banks from not working

A lot of attorneys are jumping on board these days to work with Realtors, CPA’s  and other professionals who are trying to locate the yellow brick road these days out Oz, the WORLDchaos and confusion of this tumbled market.

Give me a call for some direction or a referral to an attorney who will guide your legal decisions so you will not face any back lash.