Study: 55 percent of Nevadans owe more on home than property is worth

A new report from a national real estate analysis company found that 55 percent of Nevadans owe more on their home than the property is worth.

The study, from First American CoreLogic, concluded that the Silver State has the nation’s highest rate of homeowners who are “underwater” on their mortgages. More than a quarter of Nevadans — 28 percent — owe more than 125 percent of their home’s value.

Nationwide, 20 percent of homeowners with mortgages have loans that outstrip their property values. That’s up from 18 percent three months earlier, First American CoreLogic said.

In Las Vegas, nearly 235,000 homes, or 58 percent of properties with loans, are worth less than the mortgages on them.

Michigan posted the second-highest share of homeowners under water, with 40 percent of property owners paying down mortgages that are higher than home values.

In numbers alone, California ranked No. 1, claiming 1.9 million underwater homeowners. That’s nearly a quarter of the nationwide total of 8.3 million. Thirty percent of Californians are under water, the report said.

New York had the lowest proportion of homeowners paying off above-value mortgages, with just 4.7 percent of homeowners holding negative equity.

The data come from the quarter that ended Dec. 31.