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Housing

Nevada said to lead nation in ‘underwater’ mortgages

THE ASSOCIATED PRESS
March 9, 2011 - 2:03 am
 

WASHINGTON -- Roughly two-thirds of homeowners in Nevada with a mortgage had negative home equity, the worst in the country, data released Tuesday by housing data firm CoreLogic show.

About 11.1 million households, or 23.1 percent of all mortgaged homes, were underwater in the October-December quarter, CoreLogic said. That's up from 22.5 percent, or 10.8 million households, in the July-September quarter.

CoreLogic has reported in the past that 75 percent of Las Vegas homes with a mortgage are underwater.

The number of underwater mortgages had fallen in the previous three quarters, but that was mostly because more homes had fallen into foreclosure.

Oklahoma had the smallest percentage of underwater homeowners in the October-December quarter, at 5.8 percent. Only nine states recorded percentages less than 10 percent.

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