Foreclosure in Wyoming
Just a few years ago (2015), Wyoming’s foreclosure rate was extremely low, ranking 43rd in the U.S.; last month it ranked 29th. (That was an 18% decrease from the previous month, and a 12% decrease from the same time last year.) Wyoming did not follow the national trends through the mortgage crisis which began in 2007. When national foreclosure filings dropped to a nine-year low in 2015, foreclosures began increasing in Wyoming and other energy producing states, as oil prices fell.
In 2017, Wyoming’s economy was ranked very last by the Bloomberg Economic Evaluation of States index, which tracks employment, mortgage delinquency, personal income, and the stock prices of local corporations. According to the BloombergView, Wyoming’s economic future is not only affected by our reliance on the energy extraction industry, but also our small population and lack of metropolitan areas, which tend to create more economic growth.
It is hard to know what the future holds. As the state’s economy cycles, Wyoming Housing Network will continue to provide support to Wyoming citizens whether they are preparing to purchase a home or facing housing difficulties dues to economic hardship or other life challenges.
New Affordable Housing
With the state’s uncertain economic future, affordable housing is needed now more than ever. According to the Wyoming Business Council, Laramie County is the most populated county in Wyoming with a housing shortage of almost 10,000 units for low income families and over 2,000 units for workforce housing. While Platte County is the seventeenth most populated county in Wyoming, it ranks last in the state for monthly household income and has a higher share of people with unaffordable housing than Wyoming and the U.S. To meet this affordable demand in Wheatland and Cheyenne, Wyoming Housing Network constructed two new properties.
Capital Court Apartments located at 408 Murray Rd in Cheyenne, is a LIHTC (Low-Income Housing Tax Credit), 59-unit property. This property conveys a Western Style with wooden and steel architectural designs. It features: eight 1-bedroom units, twenty-five 2-bedroom units and twenty-six 3-bedroom units. With the 2 and 3-bedroom units featuring a master-suite. WHN’s Grand Opening for this property took place on October 5th, 2017.
Rock Creek Apartments located at 1206 22nd Street in Wheatland, is a 12-unit LIHTC, family property. This property features four 2-bedroom units, and eight 3-bedroom units. Rock Creek’s Grand Opening took place on October 4th, 2017.
