Many homeowners still owe more than homes are worth
A new report by CoreLogic released Tuesday says Nevada leads the nation in number of underwater homes. Video by ktnv.comvideo
Las Vegas, NV (KTNV) -- A new report by CoreLogic released Tuesday says Nevada leads the nation in number of underwater homes.
"Underwater" is a term used when the borrower (or homeowner) owes more than the home is worth.
CoreLogic says more than 52% of properties in Nevada have negative Equity.
"When you look at how we compare to even the other top four, or the second state in terms of underwater homes, we're significantly higher," says Brian Gordon with Applied Analysis, a local economic analysis firm.
After the Silver State are: Florida, Arizona, Georgia and Michigan.
Some good news? The median price of a home right now sits at $130,000; that's up by 30% from this time last year.
Also, across the U.S. negative equity was down by 42 billion dollars at the end of the last year compared to the previous quarter, a trend analysts say will likely continue.