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Nevada Leads The Nation In Underwater Mortgages

Las Vegas Leads All Metro Areas

( Las Vegas, NV ) – Home sale prices may be up, but Nevada – and Las Vegas – still lead the nation in underwater mortgages.

The real estate information company RealtyTrac reports that across the country 19% of homeowners owe more than their properties are worth, but that in Nevada, the number is twice that: 38-percent.

RealtyTrac Vice-President Darren Bloomquist tells 100.5 that if there’s a silver lining in the bad news, it’s not as bad as it was. He says that 3 months ago the underwater number here was 46%.

Among metro areas, Las Vegas leads in underwater homes with 41-percent.

As for short sales, Bloomquist says banks aren’t doing as many these days because with home sales prices rising, they’re more inclined to go ahead with foreclosures with an eye toward making more money off a future foreclosure sale than a short sale.

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