KTVN Channel 2 - Reno Tahoe News Weather, Video - Many Reno-area homeowners have negative equity
Member Center:
Associated Press - November 27, 2009 7:04 PM ET
RENO, Nev. (AP) - A new report shows that more than half of Reno-area homeowners with a mortgage owe more to the bank than their homes are worth.
First American CoreLogic reports that 52.6 percent of homeowners, or 51,797, were "underwater" on their mortgages by the end of the third quarter.
According to the report, Nevada had the highest negative equity rate in the nation at 65 percent, fueled by the Las Vegas area's housing market.
Nationwide, 23 percent of homeowners, or 10.7 million, were underwater.
Mark Fleming of First American CoreLogic says negative equity continues to affect almost every segment of the housing market.
He says the recent improvement in home prices has slowed the increase in negative equity, but it will take a significant rebound to help the most depressed states.
Information from: Reno Gazette-Journal, http://www.rgj.com
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
