Coming in Friday’s Nevada Appeal
The realities of home ownership have finally hit Northern Nevada, and the truth, for some, can be summed up with one word: foreclosure.
Real estate and mortgage experts are looking forward to the return of traditional home lending practices.
July statistics released by RealtyTrac, an Irvine, Calif.-based Web site for real estate foreclosures, show Nevadans experienced the greatest foreclosure rate per household this year.
A local Realtor said the foreclosure trend here, accompanied by the cooling market, is a means to a more “realistic” future.
“In the last couple years when the market was very high, I’d show doctors around, and they’d say ‘I have student loans, I can’t afford to live here,'” said Kathy Tatro, a Realtor for the Carson Coldwell Banker Best Sellers. “Our cost of living shouldn’t be higher than our wages.
“Right now, it’s hard to be a Realtor, it’s hard to be a lender, it’s hard to be in the title company ” in the long run, the market change is a really, really positive thing.”