The number of Las Vegas homeowners “underwater” peaked at 71 percent in the first quarter of 2012, Zillow reports. This year, the number fell to 25 percent.
Despite what Zillow calls “a healthy decline from peak,” Las Vegas still has the highest rate in the nation for negative equity among other large metros. To compare, negative equity is generally as low as 1 to 3 percent in more normal times.
“So Las Vegas still has a long way to go before negative equity will no longer impact the local housing market. The rate remains very elevated in many parts of the metro,” Zillow Real Estate Research writes.
PB Topical Ref
