bank-owned

Reno City is in Washoe County – Nevada State. The landscape is dotted with Reno bank owned homes and to understand it one needs to know about the place, the people and the background of the housing crisis racing across USA. Reno lies in a fertile valley through which trickles the Truckee River coming from Lake Tahoe and winding towards Pyramid Lake. Reno came into being with the setting up of railroads in1868. The city came to be named after a military hero of the Civil War.

Reno is the third biggest city in Nevada, ranking after Las Vegas and Henderson. It is 26 miles distant from Carson City, the capital of Nevada. Reno is familiarly known as The Biggest Little City in the World and is noted for its fun and games – casinos and the like. Gaming Corporation Harrah’s Entertainment made its debut in Reno. Till the 50’s Reno was the gambling capital of America but in the last two decades Las Vegas has rapidly overtaken it. Many casinos in downtown Reno shut down and this led to a rush of developers building condos on these sites. Comstock and Sundowner were bought by speculators planning development from out the state. At this juncture the housing crisis struck and this led to innumerable bank owned homes.

Reno bank owned homes can also by analyzed by looking at the demography of the place In Reno 77% are Whites. But despite this predominance there has been a staggering number of Reno bank owned homes. Some experts say that the Hispanics had been sold these sub-prime mortgages that led to the flood of Reno bank owned homes.

Reports from April 2009 note that Nevada is leading the nation in foreclosure rates with a calculation of 1:27. It is five times more than the national figure.
According to RealtyTrac the number of Reno bank owned homes went up sharply from January to February 2009. The Reno-Sparks metro region together with Washoe County ranked among the top ten foreclosure offending states. In February it ranked 8th. The first position has been taken by Clark County.

Responding to the staggering increase in Reno bank owned homes Foreclosure Prevention Seminar has been introduced on the Internet. It is a 30 minute video broadcast giving advice as well as information regarding the rights of owners, time schedules and the options available.

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