Las Vegas Underwater Rate Improves but still Worst in Nation

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Underwater homes in Las Vegas dropped to 27.8 percent in December 2014 from 39.6 percent at the same period in 2013. Despite the improvement, this rate is still the highest in the nation according to a report by Zillow.

Nationally, the rate of underwater borrowers is 16.9 percent, down from 21 percent a year ago.

Zillow chief economist explained that the nation’s housing problems including low inventory and weak sales won’t be solved overnight “easily into the next decade in some hard-hit areas”.

“But we’re moving in the right direction,” Humphries added, “and time will heal all wounds.”

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