13 September 2011
Nevada Real Estate In Crisis
About 60% of homes in Nevada with mortgages have negative equity, moreover, the percentage of homes with mortgages in Nevada is probably above average because it has grown so rapidly had has fewer long time home owners. Nationally, about one in three homes is owned free and clear, while in the Western region of the United States, it is about one in four. Add homes with "near negative equity" that can't be sold without sales costs, etc. eating up equity and you are at two-thirds of Nevada mortgages effectively being upside down and hence unmarketable.