Nevada Still No. 1 in Underwater Homes despite Drops in Percentage

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Nevada is still leading the nation when it comes to the rate of underwater mortgaged homes. This is in spite of the sharp fall in percentages from last year.

Irvine based real estate and financial analytics company, CoreLogic reported that in the first quarter of 2014, 29.4 percent of Nevada’s 539,000 mortgaged homes have negative equity. However, this is an improvement when compared to the underwater mortgage homes rate at the same time last year of 45.4 percent.

According to the report, the average mortgaged homes in Nevada carry loans equal to 78.5 percent of the value of those properties.

At the national level, 12.7 percent of mortgaged homes remain underwater nationally, an improvement from 19.8 percent a year ago.

Meanwhile, The average loan to value nationally is 60.8 percent.

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