According to The Wall Street Journal, despite most of the state’s population living in the desert, “Nevada Has Highest Percentage of ‘Under Water’ Households”
- Nevada leads the U.S. in the proportion of households whose mortgage debt exceeds the current estimated value of their homes, a condition known as being “under water.”
- Many Americans are under water because they bought homes at or near the peak of the housing boom and put little or no money down.
- (A new study estimates) 48% of owners of single-family homes with mortgages in Nevada are under water. That compares with 18% nationwide.
Cheers to WSJ’s James R. Hagerty for a fine article.
1 response so far ↓
1 Colin // Oct 31, 2008 at 8:34 am
I wonder if there is any correlation between 48% of Nevada’s single family homeowners being “upside down” and the prevalence of casinos there.
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