No it’s not Dave Letterman’s nightly list. There are some lists you just don’t want to end up on. The list Reno Sparks finds itself on, falls into that category. Foreclosure web site RealtyTrac recently published a list of “Top 10 Short Sale Markets” and Reno Sparks landed right in the middle at number 5.
Here’s the write up.
5) RENO-SPARKS, NV
About 60 percent of homeowners in Reno owe more on their house than the house is worth; making the short sale market in Reno huge.
Pre-foreclosure sales alone accounted for nearly 30 percent of all sales in the second quarter of 2011, according to RealtyTrac. Buyers paid only $156,664 on average for a Reno short sale (less than it costs to build a new house), and the 702 short sales in Reno during the second quarter represented a 50 percent increase from the previous quarter.
On the upside every short sale means one less foreclosure on the market.
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