Fewer Las Vegas Metro Homes Underwater

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Home and real estate marketplace Zillow has recently reported that 33.9 percent of mortgaged homes in the Las Vegas metropolitan area have remained underwater in the first quarter of 2014. This is a great improvement from the previous 48.4 percent from last year.

According to the Zillow Negative Equity Report, North Las Vegas was the most underwater (41.3 percent) followed by Logandale (36.5 percent), Laughlin (35.8 percent), Las Vegas (33.9 percent), Boulder City (30.1 percent), Henderson (29.4 percent) and Mesquite (23.9 percent).

They have further explained that some 30 percent of Las Vegas homeowners who had negative equity for their properties owed between one and 20 percent more than their homes were worth while an additional 6.8 percent owed 81 to 100 percent more than the value of their houses.

“The unfortunate reality is that housing markets look to be swimming with underwater borrowers for years to come,” Zillow chief economist Stan Humphries said.

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