|
|
OVERVIEW OF FERNLEY, NV
FERNLEY, NV
Forty years ago, Fernley, Nevada was a rural town of 850, with a few dairies and alfalfa fields; today, this city, located on Highway 50 thirty minutes east of Reno, is a center for several industries and home to 20,000 residents. Though this young community has seen tremendous growth in the past decades, these days the city is struggling to overcome setbacks created by the mortgage crisis and economic downturn. The unemployment rate in Fernley is hovering at 12%, largely a result of slowdowns in the construction industry, and according to the Realty Track, 1 in every 14 homes in Lyon County is currently in foreclosure. Lyon County, in which Fernley is located, has been ranked by the Associated Press Economic Stress Index (which weighs unemployment, foreclosures and bankruptcy) as one of the most stressed counties in America. Fernley is scrambling to stabilize, and from the wreckage of the real estate market have emerged opportunities for some first-time buyers. But the fact remains that for the many unemployed and foreclosed-upon residents of this town, recovery simply can't come quickly enough.
|
