Vegas still among most distressed housing market in the nation
The Las Vegas housing market remains among the most distressed in the nation, according to the third-quarter U.S. Home Equity & Underwater Report by RealtyTrac.
Southern Nevada was among a handful of regions around the United States where the share of distressed properties (defined as being in some stage of foreclosure) was above 50 percent. Vegas came it at 56.5 percent, behind only Deltona-Daytona Beach, Fla. (58.5 percent). All the 50 percent-plus areas were in Florida except Las Vegas, Chicago and Cleveland.
That compares to the national number of 12.7 percent of all properties with a mortgage, down from 13.3 percent the prior quarter. The RealtyTrac says 6,917,673 homes in the country were seriously underwater. That meant the loan was at least 25 percent higher than the value of the property.
Some real estate experts challenge the notion that such numbers are of concern for homeowners or people looking to buy a house. Many owners of distressed properties continue to make payments and have no intention of abandoning their properties in droves, as happened in the Great Recession.
To see the full report, go here: http://www.realtytrac.com/news/realtytrac-reports/q3-2015-u-s-underwater-home-equity-report/
Hal DeKeyser can be reached at Hdekeyser@reviewjournal.com.