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Mon August 27, 2007
Wyoming Insulated from Rash of Foreclosures
By Elsa Heidorn
Laramie, WY – Foreclosure rates are up 93 percent nationwide compared to the same time last year. But in Wyoming, the rate is about the same as last year.
That's according to the state banking commissioner, Jeff Vogel. He says that the percent of homes in foreclosure in Wyoming is less than half a percent. Meantime, more than one percent of all mortgages in the US are in foreclosure. Vogel says homeowners who get into trouble here have more options.
"If they are somewhat distressed financially and are having a problem with their mortgage, they have an escape clause and that basically is that there is a market for their house," Vogel said.
Wyoming led the nation in existing home sales in the second quarter this year with a rise of more than 10 percent compared to the same time last year. Many states have seen a sharp downturn in existing home sales.