Area housing: It’s still a bleak market...

By Jason Hidalgo jhidalgo@rgj.com www.rgj.com August 30, 2009 -this content is from the Reno Gazette Journal Foreclosures continued to leave a large footprint on Washoe County during the first half of the year, with areas such as the north valleys and Sparks seeing distressed properties account for more than three-quarters of their active listings. As of July, bank-owned properties, short sales and houses with special conditions accounted for a staggering three in five properties being sold in Washoe, according to the Center for Regional Studies at the University of Nevada, Reno. The problem is especially magnified in areas that saw the most construction during the boom years. Distressed properties accounted for eight out of 10 properties in the north valleys. Three other areas — Sparks, old southeast and Spanish Springs — cracked the 70 percent mark for their rate of distressed inventory. Overall, 59 percent of Washoe County’s 4,060 active listings in July were distressed...