(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-5WB8HLVL'); Las Vegas Underwater Mortgages Dip Below 50% | Hamilton Zanze

Las Vegas Underwater Mortgages Dip Below 50%

hamilton-zanze August 30, 2013

Due to rising single-family home prices, only 48.4% of Las Vegas mortgage holders now have negative equity on their homes. June marks the first time that fewer than half of single-family homeowners are “underwater” since Zillow started following the statistic in 2011. As many as 71% were underwater in Q1 2012. According to the S&P/Case-Shiller Index, single-family home prices in Las Vegas increased 24.9% year-over-year in June, the biggest jump in the country.

However, Las Vegas still has over three times the number of underwater mortgages compared to the U.S. average of 23.8% and more negative home equity than elsewhere in the nation. The city’s 161,486 underwater mortgages translated to a total dollar volume of $15.7 billion.

Read more at Las Vegas Review-Journal

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