Report: Reno-Sparks 15th Fastest Market in Housing Recovery - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Report: Reno-Sparks 15th Fastest Market in Housing Recovery

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According to a new report from Realtytrac, the Reno-Sparks area is the 15th fastest market for real estate recovery in the country.

Numbers show Nevada's housing industry is also healing as a whole.  

The Silver State has dropped in the past couple years from most foreclosures in the nation to 7th. Foreclosures are down 44% since July of last year and one in every 731 homes is now in foreclosure. "The legislature has put in place acts that have almost stopped the foreclosure process," said Michael Wood of Re/Max Realty. They're making the banks go back and review the foreclosures that they have in place right now. In some cases, they have to look again at some of the foreclosures they have already done. The banks are more hesitant because of the legislature's moves."

Wood said that won't change any time soon.

The Homeowner's Bill of Rights will take effect in October, which will force banks to offer other options than foreclosure, like short sales and various loan modifications.

Speaking of short sales, Wood said they are way down right now as well.

"I ran some numbers and in August of 2012, more than 300 short sales came on the market in the Reno-Sparks area. This past August, they only had about 100."

To watch the entire interview, tune in for my weekend show Face the State. The show airs this Saturday at 4:30am and 3:30pm and Sunday at 3:30am. 

Written by Chris Ciarlo

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From the Nevada Affordable Housing Assistance Corporation:

With one of the highest foreclosure rates in the nation, Nevada was selected to be
a beneficiary of the U.S. Treasury's "Hardest Hit Fund®" program, which provides assistance that will help prevent avoidable foreclosures and keep Nevada homeowners in their homes.

The Following Programs are Available Immediately to Qualified Applicants:

Nevada Hardest Hit Fund® will assist eligible applicants by paying up to a maximum of $1,000 monthly toward their impounded first mortgage payment, including principal, interest, property tax and insurance for up to nine (9) months. The applicant's contribution will be a minimum of $75 or any amount that exceeds the $1,000 maximum assistance per month.

General Eligibility Requirements:

  • Applicant(s) must be unemployed and actively looking for work, or be able to validate at least a 35% reduction in income/wages since 2008
  • Applicant(s) must be facing imminent default

REINSTATEMENT

This program assists eligible applicants who have successfully completed the Mortgage Assistance Program by paying up to a maximum of $12,500 toward arrearages and/or accrued penalties and late fees. Applicants must provide evidence that they have overcome their previous financial hardship and that the mortgage payments are now sustainable (43% or less of total household income).

If you think you qualify for one of these programs, call (855) 428-HELP (4357) or go to www.NevadaHardestHitFund.NV.gov

From the Nevada Affordable Housing Assistance Corporation:

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