Wyoming Foreclosures: Big Gains With Big Decreases
The Wyoming economy has been on a very slow rebound. Jobs seem to be on an upswing, but the mortgage industry hasn’t quite 
caught on. Overall business confidence in the mountain states has been down even though exports have been up and driving the economy. Supply managers foresaw the increase in wholesale prices and all in all the economy is producing scattered results. Wyoming foreclosures have been on the way down in general, with some states holding out while others saw defaulted mortgages take a header as the federal and state run programs to help homebuyers kicked in to the mainstream. Experts are still holding on to the positive predictions from the beginning of the year, when growth and general expansion were forecast.
The mortgage industry in Wyoming is still doling out plenty of distress. Between the mortgage defaults and the lagging new home market, a good part of the state is still seeing increases in the number of foreclosures. The biggest disappointment was in Worland foreclosures which increased by 9.17%. Green River foreclosures took a hit too, still rising, but by only half as much. They increased by a meager 4.03%, but an increase is still not anything positive for the state economy. The lowest increase was in Cheyenne foreclosures which just missed breaking even with its foreclosures going up 0.11% in February-March of this year. The decreasing total numbers were some of the lowest in the country for the same period and showed the resilience of the hearty mountain state inhabitants.
There were a number of places that showed some hope for the Wyoming economy. The federal loan modification seems to be finally having some effect on several of the bigger cities. They are also where the most jobs are, in addition to the science and education centers and the most valuable HUD counselors who are actually being utilized by Wyoming citizens. For the first time in years, home construction in several of the urban areas increased as fewer houses were left on the market. Not nearly as many mortgages were in jeopardy, at least to the point of default. Jackson foreclosures saw the biggest drops, with their foreclosures going down by an impressive 25.86%. Riverton foreclosures followed up with a smaller decrease, but still significant with a February-March dive down 8.55%. In those areas, spending is also up and people have faith in the prospect of returning to work and retail spending.
Wyoming has started to live up to this year’s expectations of expansion and growth. Even this winter’s heavy snow and treacherous roads did not dampen the improving scenario, as jobs grew and people started to have faith that the land would not forsake this mountain state. College and high school basketball entertained record crowds, securing its place as the state winter sport of choice. One of the state’s biggest economic hopes came one step closer to fruition as more details about the $4-billion Verizon data center was committed to Wyoming, but without a more specific location being disclosed. They did confirm that New York, the biggest competition for the site, was out of the running. The job growth just from that one source could put the state into positive numbers for the first time in almost ten years. The potential job growth and Wyoming foreclosures going down statewide were just some of the good signs. If the year keeps on track as it has for the first quarter, Wyoming is just one of the states in the mountain region that is steadily on track for an eventual recovery from the recession and the impact it has had on all of the spending and political machinations caused by the economic rigidity and shortfalls of the last decade.
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