Nevada still tops in underwater homes but sees improvement

LAS VEGAS -- Nevada still leads the nation in the percentage of mortgaged homes underwater but that percentage fell sharply from a year ago, according to a report released Thursday by CoreLogic.

The real estate and financial analytics company from Irvine, Calif., reported that 29.4 percent of Nevada's 539,000 mortgaged homes in the first quarter of 2014 carried loans that were higher than the value of the property. But that was an improvement from 45.4 percent in the first quarter of 2013.

Roughly 12.7 percent of mortgaged homes remain underwater nationally, an improvement from 19.8 percent a year ago.

The latest numbers show that the average mortgaged homes in Nevada carry loans equal to 78.5 percent of the value of those properties, the highest percentage in the nation. The average loan to value nationally is 60.8 percent.

A separate report from RealtyTrac, another real estate analytics company from Irvine, showed that the average home price in Clark County stood at $160,000 in March. That was up substantially from a trough of $106,500 in February 2012 but still well below the peak of $300,000 in December 2006.


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