No matter the area, from Cheyenne, Laramie, Rock Springs or any Wyoming population center, no area is free from foreclosures and the reduction of home prices. No price range or particular area has a lock on how to keep their neighborhood safe from banks that made risky loans to people who could not afford the mortgage.
Invest in foreclosures while the real estate market is on the rebound. The stock market is as unpredictable on the best of days during the best of times, but people will always need a roof over their heads.
Read more about how to buy foreclosures and educate yourself on the communities you are most interested in or start shopping here for the Wyoming foreclosure home that best meets your needs. If you are facing a pending foreclosure call a local real estate professional and determine your options and what is available to you. Your specific options will depend on your particular situation. Variables may depend on where in Wyoming the home is located, how much is owed and how much the home is currently valued.
Wyoming is a sparsely populated state with pockets of municipalities, towns and cities. The foreclosure rate in Wyoming is less than the national average. This relative stability is mainly due to the stability of the population. Wyoming's economy is sustained by agriculture and mining, ranking first in the US for its production of coal.
Most foreclosures in Alaska occur in the Anchorage, Fairbanks, Juneau and other less populace cities and towns as they are the most densely populated areas of the state. It is not because these areas have a citizenry that has a lower or higher propensity to go to foreclosure through some unseen economic force.
Q. Does this mean that people in these areas don't pay their bills or that there are no jobs in these countries?
A. No, this is because Anchorage, Fairbanks, Juneau, Wasilla and Sitka are the most densely populated areas in the state of Alaska, concurrently the higher the population the more mortgages and the more foreclosures.
Q. Does this mean that people have given up or are leaving the state of Alaska in higher numbers than other states?
A. No, Alaska has seen fairly stable employment figures as compared to most states. As of this writing Alaska has about half the unemployment of the state of Nevada.
Q. Does this mean that the average cost of a home in Alaska has lost more of its value than other states?
A. No, Alaska has faired the economic decline far better than most states. Alabama has a less transient population than most other states. The annual population increase of Alaska is approximately half the national average which indicates that there is a more sustainable economy that does not rely on booms and is less likely to experience busts.
Q. Is Alaska affected by a higher number of properties losing their value?
A. Alaska is blessed with an abundance of natural resources, from oil and logging to commercial fishing and mining. These natural resources support a stable economy and have spared the state from the recent economic woes that have devastated states more reliant on manufacturing or service providers.
Let's say that four houses on one cul-de-sac were all built by the same builder and all cost the same and were all bought the same day. Three of the houses had the normal 5% down and the mortgage was fixed. But that one house in the corner the one with the pretty blue shutters was bought by some one who used a sub-prime loan. This means that they bought the house without their hard earned savings (zero money down) they were not required to prove their income or anything else for that matter.
Well that fourth house with the subprime mortgage is probably has an adjustable rate mortgage as well. When that rate went up a couple of points and the home owner did not get that promotion and they bought that new car, you know the one. Well that was the end of their owning that home and now the value of all of the other three homes is reduced by the fact that the fourth house will be sold at a loss to get it off the banks books.
Your house has just lost value and you had nothing to do with it.
I say renegotiate your loan or walk.
It's like opening the mail and getting a bill for $100,000 that you knew nothing about. That bill belongs to the bank not you. It is their loss as they are the ones that set up the situation and profited in the short term while they ask you to pay $100,000 more than your home is worth because of their greed and stupidity.