It’s no secret that the housing bubble hit Las Vegas and its surrounding cities particularly hard, leaving many of them with negative equity, situations where they owe more on their mortgages than their houses are worth. Thus, it’s important to keep track of how Las Vegas homeowners are underwater. To answer this question, a recent report from Zillow provides information on negative equity in America.
The good news is that in 2012 the number of underwater mortgages decreased by 1.9 million households to 13.8 million. Phoenix, Los Angeles, Miami-Fort Lauderdale, Dallas-Fort Worth, and Riverside all saw significant reductions in underwater households. Much of the thanks goes to appreciation in home values, which grew by 5.9 percent nationwide.
Unmentioned in the report was Las Vegas, for Zillow’s report only covers the 30 most-populous cities in the country, and Las Vegas is number 31. According to Zillow’s utility, 59 percent of all the homes in Clark County, NV were underwater by the beginning of 2013, with a median value of $129,100. 15 percent of these homes were delinquent on their mortgages, and Zillow notes that Clark County has one of the highest underwater rates in the country.
What’s more, those rates increase in and around the city. Some Zip codes in Las Vegas and North Las Vegas are close to 80 percent underwater, and 20 percent of the houses there are delinquent. Outlying communities like Henderson and Boulder City have lower negative equity rates, but are still very high.
Zillow predicts that perhaps as many as another million homes will rise from negative equity in 2013. This would be good news, but it probably won’t be enough for Las Vegas. If your home is underwater—or worse, if you’re behind on your mortgage—then you should consult with an experienced Las Vegas bankruptcy lawyer to explore your options. Filing bankruptcy might halt a foreclosure, or help you discharge underwater subsequent mortgages.
For more questions about bankruptcy in Las Vegas, please feel free to contact an experienced Freedom Law Firm Las Vegas bankruptcy attorney for a free initial consultation. Call us at 1-702-803-9251 to set up your free consultation.