1. Las Vegas
Homeowners with Negative Mortgages: 63.0%
They say what happens in Vegas, stays in Vegas. Unfortunately, what’s happened is that a huge number of homeowners are upside-down. In Q3, Las Vegas again took the underwater mortgage crown with its rate of 63% — better, at least, than the 68% in Q2.
Las Vegas has around 190,000 houses. While 77,000 of those units have a mortgage, 10,000 have a second mortgage, nearly 6,000 have a home equity loan and just under 200 have both.
The area also has the highest foreclosure rate in the country. Plus, Nevada is the only remaining state in which the total value of single-family homes was less than the total amount owed on them in Q2. In short, the entire state was underwater.
The bottom line: We still have a long way to go before we’ve swum out of this mess.
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