Delinquencies and foreclosures
As of this past February, CoreLogic reports, the percentage of all
mortgages in Wyoming that were 30 days or more past due stood at
3. 3 percent, down from 3. 8 percent a year earlier and well below the
4. 8 percent rate nationally. The housing foreclosure rate for the state as
of this past December stood at 0.3 percent, compared to the national
mark of 0.6 percent.
Despite the relatively low level of past-due loans and a low foreclosure
rate, compared with the national averages, Wyoming did see a slight
spike in foreclosure activity over the past two years, a period that
includes the energy-sector slump. In 2016 and 2017, there was a total of
2,029 foreclosure filings, as measured by auctions and real estate owned.
That compares with a total of 1,731 filings in 2014 and 2015, according to
Attom Data Solutions.
At its height during the Great Recession a decade ago, Wyoming’s unemployment rate hit 7.1 percent, according to figures from the U.S. Bureau
of Labor Statistics. By comparison, the U.S. unemployment rate for that
period hit a high mark of 10 percent. As of this past April, Wyoming’s
unemployment rate stood at 3. 8 percent, compared to 3. 9 percent
nationally. Still, Wyoming’s employment picture has some blemishes.
Between 2014 and 2016, when the energy market hit a major slump,
nearly 12,000 people lost their jobs in the mining and extraction industry in Wyoming, representing nearly 33 percent of the state’s mining and
extraction labor force, according to a report by the state’s Department
of Workforce Services. The job picture has improved considerably in the
state’s energy industry since then, with employment numbers this past
December up by 1,500 jobs year over year.
Sources: Bloomberg, CAEDA – Forward Casper, Casper Star Tribune, Cheyenne Frontier Days,
City of Casper, Federal Housing Finance Agency, Forbes, International Trade Administration,
Laramie Chamber Business Alliance, National Association of Manufacturers, U. S. Bureau
of Labor Statistics, U. S. Census Bureau, U. S. Department of Agriculture, U. S. Energy
Information Administration, University of Wyoming, WyoHistory.org, Wyoming Department
of Administration & Information, Wyoming Business Council, Wyoming Department of
Workforce Services, Wyoming Office of Tourism, Zillow
Bill Conroy is editor in chief of Scotsman Guide Media.
Reach him at (800) 297-6061 or firstname.lastname@example.org.
The state’s capital and largest city, with a population of some 64,000,
Cheyenne had its beginnings as a railroad town. The city is located just
east of F.E. Warren Air Force Base, and railroads still serve as an economic
engine for the community — with both the Burlington Northern Santa Fe
and the Union Pacific railroads employing many area residents. The city
honors its Wild West roots with an annual celebration known as Cheyenne Frontier Days that traces its roots back to 1897. The festival draws
some 150,000 people each year and features what is billed as the world’s
largest outdoor rodeo. The median price for a home in Cheyenne as of
this past December was $226,500.
Known as the Gem City of the Plains, Laramie is located in southeastern
Wyoming about 45 miles northwest of Cheyenne. Laramie is famous for
its leading role in the women’s suffrage movement, becoming the first
community in the nation, in 1870, to allow women to vote in a general
election. The city of some 32,400 residents also is home to the University
of Wyoming, which offers 80 undergraduate and 90 graduate academic
programs and serves nearly 13,000 students. In 2011, Money magazine
named Laramie as one of the best cities in which to retire. The median
value for a home in Laramie as of this past February, according to Zillow,
was $204, 100.
Nicknamed The Oil City because of its legacy as an oil boomtown, Casper
today is the second largest city in Wyoming with an economy still rooted
in the energy sector. The city of some 59,300 residents also is a commerce
center for Central Wyoming, featuring shopping, museums as well as a
range of recreational opportunities within a 20-minute drive. In addition,
Casper is a leading export city for Wyoming — with some $34 million
worth of goods exported in 2016, representing 10.2 percent of state exports, according to the U. S. Department of Commerce. The median home
price in Casper was $192,000 as of December 2017, according to state data.
3 Cities to Watch
Wyoming Foreclosure Filings
Source: Attom Data Solutions