Monday, December 15, 2008

1/2 of Nevada Homeowners Upside Down

Quotes from video:

"In fact, the Center for Business and Economic Research says about 50-percent of all homeowners in Nevada are upside down. That means half of the homes are now worth less than the mortgage."

"Virtually all neighborhoods in the Las Vegas area show the signs of recession. In some cases, 30-percent of the homes in a neighborhood sit in foreclosure. The huge number of them pulled prices down 34-percent from the peak house value. Nevada ranks second in the nation, only to Phoenix, in that category."


6 Comments:

At 12/16/2008 6:39 PM, Blogger olecapt said...

Not credible. Need a real source. We get these "pronouncements" from on high. To start off with roughly a third of the US homes are owned free and clear. That would mean that is not true in Vegas or that virtually everyone with a mortgage is underwater.

I can find a reference to abut 12 million underwater. But there are 120 million homes in the US. Yeah I can believe Vegas is twice as bad. Five times? No way.

I think you should find and publish a credible primary source or modify the discussion.

Let us see what you do.

 
At 12/16/2008 6:48 PM, Blogger Randy said...

Don't know what you're looking for OleCapt, but I'd certainly say these sources are more credible than your gut feel.

Better Idea, Rather than waste my time trying to impress you, why don't YOU do the legwork and completely disprove these sources?

Note: Sources below are from 1) Washington Times and 2)Lasvegasnow channel 8 news

Thousands of Valley Residents Upside Down in Mortgages

In fact, the Center for Business and Economic Research says about 50-percent of all homeowners in Nevada are upside down. That means half of the homes are now worth less than the mortgage.

Virtually all neighborhoods in the Las Vegas area show the signs of recession. In some cases, 30-percent of the homes in a neighborhood sit in foreclosure. The huge number of them pulled prices down 34-percent from the peak house value. Nevada ranks second in the nation, only to Phoenix, in that category.


And one more: Nevada has top rate of upside-down mortgages

Almost half of Nevada homeowners with a mortgage owe more to the bank than their homes are worth.

Moreover, if you add in homeowners like them in California, Arizona, Florida, Georgia and Michigan, they account for nearly 60 percent of all homeowners who are "underwater" on their mortgages.

Nationwide, almost one of every five homeowners with a mortgage owes more to their lender than their property is worth

 
At 12/16/2008 9:59 PM, Blogger olecapt said...

YOu know perfectly well what I am looking for. You are obviously skilled at this stuff...as am I.

When one quotes statistics you need to have a track to a reputable source of statistics. Someone who actually tracks them.

That is not any of the sources you have cited.

I did not start out pointing out that you are a libertarian charlatan...but you are making that conclusion hard to miss.

So please put up the data or withdraw the observation.

I had hopes this might be an interesting place. What is it that drives the right...even when right...to exageration and contortions to avoid the unpleasantness on their views?

 
At 12/17/2008 10:16 AM, Blogger olecapt said...

The metric is 48% of the homes with a mortgage are underwater. It appears to have come from First America Corelogic and appears to be model driven.

So the observation should be at least modified to "Almost 50% of the homes with mortgages". I would also note that it appears to be a single source item from a model of unknown accuracy.

 
At 12/22/2008 12:55 AM, Anonymous Anonymous said...

olecapt, if you read the quote linked by Randy, it says: "...half of the homes are now worth less than the mortgage."

Obviously, the article is referring only to homes with a mortgage, not all homes in Nevada. It's not hard to see how half of the homes with mortgages in Nevada would be underwater, considering the building boom that took place there recently and the amount of speculative buying.

Anyway, it's just a link, kindly provided by Randy. Why the name calling?

 
At 1/19/2013 10:47 PM, Anonymous QUALITY STOCKS UNDER 5 DOLLARS said...

Its really hard to believe that the city of high expectations could be where it is today.

 

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