Las Vegas remains the core-based statistical area (CBSA) with the greatest rate of underwater mortgages. There, 75% of mortgaged properties are underwater.
More than 11.2m, about 24% of all residential properties with mortgages were in negative equity at the end of Q110. That’s down slightly from 11.3m, or 24%, Q409. The state with the highest rate of negative equity mortgages continues to be Nevada, where 70% of all properties are underwater, followed by Arizona (51%), Florida (48%), Michigan (39%) and California (34%) states an article in Housing Wire.