Sunday, March 08, 2009
55% of Nevadans are upside down on home
Study: 55 percent of Nevadans owe more on home than property is worth
A new report from a national real estate analysis company found that 55 percent of Nevadans owe more on their home than the property is worth.
The study, from First American CoreLogic, concluded that the Silver State has the nation’s highest rate of homeowners who are “underwater” on their mortgages. More than a quarter of Nevadans — 28 percent — owe more than 125 percent of their home’s value.
In Las Vegas, nearly 235,000 homes, or 58 percent of properties with loans, are worth less than the mortgages on them.