Nevada continues to lead nation in seriously underwater homes

LAS VEGAS -- Nevada continued to lead the nation in mortgaged homes that remained seriously underwater during the second quarter of the year while Las Vegas was second among major metropolitan areas, RealtyTrac reported Wednesday night.

RealtyTrac said 32 percent of the mortgaged homes in Nevada and 35 percent in Las Vegas had loans that were at least 25 percent higher than the estimated value of those properties. The only metro area with a higher percentage of homes in that category -- 37 percent -- was Lakeland, Fla.

The real estate analytics company from Irvine, Calif., found that 245,826 Nevada properties were seriously underwater while only 86,806 mortgaged homes had equity equal or greater than the remaining loan amount.

RealtyTrac reported that 9.1 million homes remained seriously underwater nationally from April through June, representing 17 percent of all mortgaged residences.

"Home price appreciation has slowed in the last few months in many of the markets with the most underwater homes, slowing the pace at which homeowners are recovering equity lost during the Great Recession," RealtyTrac vice president Daren Blomquist said.

"In addition many of the properties that are seriously underwater are in a deep negative equity hole that will take some time to dig out of. The average loan-to-value on the 9.1 million homes seriously underwater was 133 percent, and the average loan-to-value on the homes in foreclosure that are seriously underwater was 134 percent."

 


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