It’s getting better for mortgages in Las Vegas, as underwater mortgages locally continue to decline from their high two years ago.
New data from RealtyTrac shows 27.9 percent of mortgages in Las Vegas have negative equity compared to 13 percent nationwide. Those numbers placed Las Vegas third in the nation behind Cleveland (28.2 percent) and Lakeland., Fla., (28.5 percent).
Negative equity occurs when homeowners owe more on their mortgage balances than the fair market value of their homes. The 2008 recession caused some 10 million homeowners nationwide to become underwater.
Las Vegas and Lakeland, Fla., have been competing for the number one spot in the highest percentage of seriously underwater properties. The second quarter of 2013 was the worst quarter for Las Vegas with 54.7 percent of properties being seriously underwater.
By comparison Lakeland, Fla., worst quarter was the third quarter of 2013 with 49.8 percent of properties being seriously underwater, according to RealtyTrac's Second Quarter 2015 Housing Equity and Underwater Report.
Daren Blomquist, vice president of RealtyTrac, told KNPR's State of Nevada that the reason so many people still owe more on their homes is that the prices were so inflated.
sourcE: https://knpr.org/knpr/2015-07/las-vegas-still-struggles-underwater-mortgages
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