Las Vegas: 81% of mortgage holders upside down
The Las Vegas Sun had an article today pondering the willingness of homedebtors to default on their mortgages, even if they could pay (link - The Vegas Way Out). But what really caught my attention was the eye-popping percentage of people who are currently upside down (EIGHTY ONE PERCENT!!!)
For those of you who have been following this blog for some time, maybe you will recall my post from Aug 2008 (link), where I closed with the question:
"So, will the headline this time next year be: Vegas home prices have fallen to 2000 levels and 60% of those who purchased in the last 8 years are now upside down?"
Guess we all know the answer to that question now.