Underwater mortgages decline, but Nevada still leads nation
Foreclosures cited as reason for decrease
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The number of Nevadans who are underwater on their mortgages is down, but only because many have lost their homes to foreclosure, a report says.
Tuesday
13 September 2011
7:14 p.m.
VEGAS INC coverage
Fewer Nevada homeowners are underwater on their mortgages, but only because many have lost their homes to foreclosure, a California research firm said.
CoreLogic reported today that Nevada continued to lead the nation in the second quarter with 60 percent of its mortgaged properties underwater — a situation where the owner owes more on the mortgage than the home is worth.
That’s down from 68 percent in the second quarter of 2010, the firm said. The reason for the decline is a higher number of foreclosures that has led to fewer remaining borrowers with negative equity, the firm said.
Las Vegas had 63.3 percent, or 269,560, residential properties underwater in the second quarter. An additional 4.9 percent were near negative equity, the report said.
Arizona was second in the nation with 49 percent underwater, followed by 45 percent in Florida, 36 percent in Michigan and 30 percent in California.
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Again, utter nonsense. I frequently check home values on recently bought homes, and even the homes purchased last year have lost $10,000 to $20,000 dollars.
You still have predator investors that are buying homes at auction, for cash, at around $90,000 and selling them for $110,000 to people who are being told the market has hit bottom. Sorry folks, it has not hit bottom, and now your house is worth less then $90,000. Especially in North Las Vegas. Why are appraisers allowed to do this? They need tough penalties for appraising these homes just to appease lenders.
Its a shame, but it will be years before you gain equity. I hope you don't have to sell anytime soon....