Damn. 71% of Las Vegas homeowners under water
 

Under water = your home is worth less than your mortgage

They aren't alone since this is the "new normal" see: http://www.usatoday.com/money/econom...terstitialskip


Source: http://www.usatoday.com/money/econom...er-chart_N.htm

http://i.min.us/ibXCsw.jpg

I'm surprised to see Manhattan is doing so well.

Banks rule the world...

Glad to be in that 29%.

On a related note, even some people with homes above water are struggling with rapidly increasing property taxes.

For example, in many parts of Pennsylvania, $3,000-$6,000 per year is common on modest, average size homes (as in older style singles, duplexes, and even some row homes).

When one factors in the property tax burden, even many homeowners whose property values have remained steady / increased slightly are, in effect, under water too!

And it's likely to get worse as local municipalities and school districts depend even more on property tax.

And in some states, such as Pennsylvania, homeowners are basically powerless against tax hungry school boards, which themselves are between a rock and hard place, since they have to satisfy various contractual obligations (ie. teacher salaries, pensions, loans, etc) along with numerous state and federal mandates.

Ron

I felt the pain from my neighbors moving in. I'd reckon Vegas was never the friendly block party neighborhoods every weekend, but to have a house you paid $400k now worth $130k has to sting.

I feel like we got a great deal. The age of being house rich could be dead for us... but we can always hope for a suprise inheritence ;)

My dad has an office in Vegas. They bought a house out there a few years back that was originally built for around $400k. They paid $250k and if they wanted to sell it now...they'd list it for around $180.

4 of the 6 houses on their circle are empty.

I live in Monroe County, NY - we're listed there as in the black.

I would like to see that number broken down by actual people living the homes. There were a ton of flippers and speculators that were buying up properties so I'm sure some of those never had a family living in them and were bought as investments. Not sure how many though.

Half the homes in Florida are underwater and 21% of all houses/condos are vacant. Staggering statistic that won't get better in the short future. Really fucking sad ...........


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Damn that is a crazy stat.

looks like NV, CA and FL are getting hit hard....

A couple of years ago, most of the homes in New Orleans were underwater.

I'm here all night folks :)

Many more short sales and forclosures are hitting the market right now and the investors/buyers are drying up.

Mr. and Mrs. America are in trouble and need to save, while corporate USA is rebounding slightly. The rich poor gap continues to widen.

WTF were Vegas buyers thinking... $400k for a 2k sq. ft. house 3 ft. from each other.

show me bargain homes in Vegas, California and Arizona.

Fuck my negativity, Vegas is still an awesome place to live. It will be a good 3 years until i'm even remotely bored and have seen everything.

The market will come back, long as people keep making babies!

... and stop dying


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NV real estate is predicted to drop another 8% in 2011!

Some of the bigger properties might have room to drop... I can imagine 8%.

We bought last Oct. and had multiple offers on every house we liked in the 130-150k neighborhood. Most of those represent such a good value, we're betting the bottom is in.

Need a crap load of patience with short sales.

The market WILL come back. It's just a question of time. Also depends on location. For example, in So Cal, it took around 8 + years for the local real estate market to come back after the crash caused by the aerospace bust in the early 1990s.

I live in Placer County, California, just north of Sacramento. At one point half of the twenty houses on our block were empty. Horrible.

you can get some great deals in vegas now..I just got this lease w/ option to buy 3,000 sqft 3 bed 2 bath near Teller's house ( Penn and Teller )
http://i.rwpic.com/images/ninavain/p1280023.jpg

TELLER'S HOUSE
http://i.rwpic.com/images/ninavain/p1280028.jpg

Good post. ..... Some also have Home Owners Association fees to pay.


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what do people expect? real estate prices were constantly going up while wages are decreasing or not changing. it couldn't last forever.

I'm guessing that in many places it's more cost-effective to rent, rather than buy, and pay to send your kids to private school with the money you're not spending on taxes, insurance, etc.

pretty nice find

"I was in B of A about 6 months ago adding my wife to my accounts. My representitive told me B of A stategy is selling their properties in three stages. What they consider the lowest value homes first just cutting their losses. Then if the market starts to turn they will release what they consider more desirable homes.

Finally if the market gets better they sell the most expensive ones. Not sure how long they will holdout. He assured me if they tried to sell everything right now the market would really be devastated."