Total mortgage in Nevada now exceeds total value of all homes
1. Nevada
> Pct. Homes Underwater: 63%
> Total Property Value: $100.7 billion
> Mortgage Debt Outstanding: $115.5 billion
> Median Home Value Drop From Peak: -50.3% (the largest drop)
> May Foreclosure Rate: 1 out of every 103 homes
No state has suffered more, in every aspect, from the effects of the recession. Like Arizona, Nevada’s property value has plummeted since the middle of the decade, losing more than $150,000 on average (more than 50%) in just five years. Nevada is also the only state in the country in which total homeowner debt is actually higher than the total property value of owned homes – nearly 2 in 3 mortgaged homes is underwater. In May alone, nearly 1% of every owned home in the state was foreclosed, the highest rate in the country.
