Thursday, May 7, 2009

Two Thirds of Las Vegas Home Mortgages are Underwater

According to zillow some metropolitan areas of the country have just HUGE amounts of homes with mortgages in a negative equity situation.

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The hardest hit locations include Las Vegas, NV (~2/3rds of home owners are underwater), many parts of California (Stockton, Modesto, Merced, Riverside) and Phoenix and Florida.

According to zillow, around 22% of homeowners with a mortgage in the US have negative equity. This makes it much less likely that these home-owners would be able to refinance---and should a negative life event (health issue, divorce, loss of job) occur you count on increased mortgage delinquencies, defaults and foreclosures.

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