When CoreLogic released their March 8th report, it was no surprise to see residents who hold a mortgage in Nevada on average are significantly underwater; or in other words, their mortgage exceeds the property value. Interestingly, Nevada is the only state where total residential home mortgages exceed total property values--giving some residents an incentive to "walk away" from their mortgages. According to this report, Nevada has a massive 65% of its mortgaged properties underwater, followed in second place by Arizona, with 51% and a national average of 23%.
The national loan-to-value total is 70%, with mortgaged properties having a market value of $12.7 trillion and mortgages totaling $8.9 trillion (click table to enlarge). The Federal Reserve reports that approximately one-third of all U.S. homes have no mortgage.
When CoreLogic released their March 8th report, it was no surprise to see residents who hold a mortgage in Nevada on average are significantly underwater; or in other words, their mortgage exceeds the property value. Interestingly, Nevada is the only state where total residential home mortgages exceed total property values--giving some residents an incentive to "walk away" from their mortgages. According to this report, Nevada has a massive 65% of its mortgaged properties underwater, followed in second place by Arizona, with 51% and a national average of 23%.
The national loan-to-value total is 70%, with mortgaged properties having a market value of $12.7 trillion and mortgages totaling $8.9 trillion (click table to enlarge). The Federal Reserve reports that approximately one-third of all U.S. homes have no mortgage.
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