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Las Vegas Share of Homes Underwater Drops to No 2

Las Vegas Share of Homes Underwater Drops to No 2 RealtyTrac, a California real estate research firm reported that Las Vegas moved into the number 2 position in the nation for its share of underwater homes, or in other words, homes that are worth less than the mortgage owed on them

Las Vegas homeowners who have mortgages reported that 28.4 percent were seriously underwater, with a debt of over 25 percent of their properties value. Lakeland, FL. was the only other major city in the nation that had a greater share of underwater homes at 28.7 percent. In 2014 Las Vegas ranked last in the nation with 30 percent of its properties seriously underwater. However is a far cry from the city’s all-time high of 70 percent in early 2012.

Across the country, about 13 percent of homes had meaningful negative equity in the first quarter, down from a high of 29 percent in the second quarter of 2012. Also of note is that The Las Vegas Valley still topped the list of markets with homes in foreclosure that are seriously underwater. More than 50 percent of distressed homes in Las Vegas had at the 25 percent negative equity. The nation average is 35 percent.