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Underwater Optimism

Foreclosure Rate Projections
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(photo: istock)

(photo: istock)

Nate Tannenbaum Nathan Tannenbaum
Email Nathan at nathan.tannenbaum@cbsradio.com
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( Las Vegas, NV ) Las Vegas leads the nation in underwater mortgages, but there are signs of improvement.

The online real estate information company Zillow.com says nearly 55-percent of Las Vegas mortgage holders had debt greater than their home’s value during the first three months of 2013.

That’s double the national average, but down from 71-percent a year earlier.

Zillow is projecting that the underwater rate here will below the 50-percent mark by next spring.

Some other areas high on Zillow’s “underwater” list: Atlanta, Georgia and Riverside, California.

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