The Fed’s just dumped $1.4 million in Sparks as part of a fast track program to put new Sparks prospective Homeowners in some Reno bank owned REO properties.

Sparks has over 800 homes in foreclosure and or REOs and increasing.  It is important to note; this is not a program for existing Reno-Sparks homes in foreclosure but only the purchaser of the Reno-Sparks bank owned homes and condos.

 The only contact I have so far is Tracy Wheeler, grants administrator for the city of Sparks.

 There is another unconfirmed $3.3 million for Reno bank owned property (REOs) that we are tracking. 

Both programs will focus on buyers with good credit with little or no down payment.  To put things into perspective, this is only about a dozen or so homes but anything will help.

For long term Homeowners this is a great program, it won’t work for investors.  I am still keeping myself and my investors out of high supply, low demand areas.

Filed under: FORECLOSURES, LOCAL MARKET