Las Vegas homeowner equity is $14
Billion underwater?
14 Billion more is owed then what it's worth
This is the interesting article from Channel 8 News concerning this topic:
Las Vegas Mortgage Holders Underwater 11.16.2011 by Steve Kanigher
Most striking, though, was this finding from CoreLogic: Of the 50 U.S. metropolitan areas with the highest percentage of home mortgages underwater, Las Vegas was one of only two cities where total mortgage debt for the entire metro area exceeded total property value. And Las Vegas is far worse off than the other city, Orlando, Fla.
That’s certainly a very interesting statement well worth filling out the information to get that report from Corelogic to read up on how they came up with all of this information…
After tens of thousands of foreclosures in Las Vegas for the past several years and so many new buyers coming in and paying cash for properties… it makes you wonder what it was a year or two ago.
In other words…. I would think the $14 Billion number in negative equity is lower then what it was this time last year. Heck… in the past couple of years I’ve probably helped wipe out well over $5 Million in negative equity just by myself doing Las Vegas short sales.
Hmmmm… I don’t know. I’ve been following the Desert Underwater (catchy) series that Channel 8 news has rolled out this week and it’s making everything sound worse today then it’s ever been.
I don’t think that’s the case.
Sure… there is plenty of bad news out there but there is also plenty of good news . I’ve seen plenty of Las Vegas neighborhoods that were falling apart a couple of years come back to life …. once the homes were short sold or foreclosed on and new owners with affordable mortgages came in. Las Vegas Neighborhoods that once had so many properties up for sale buyers could not make up their mind on what to buy have turned into trying to find one to buy.
Just my thoughts from somebody who is actually out there practicing Las Vegas real estate on pretty much a daily basis…. and actually sees the neighborhoods.
