Zillow report provides insight into Las Vegas housing market
Real estate sales are booming, but many Las Vegas homeowners owe more than their houses are worth.Photo: Video by ktnv.com
Las Vegas, NV (KTNV) -- Real estate sales are booming, but many Las Vegas homeowners owe more than their houses are worth.
Zillow, a real estate research site released numbers this week, and Nevada remains the most underwater state with 54 percent of homeowners owed more than their home was worth.
Realtors say there's a bright side. Southern Nevada has fewer homes with equity problems now, but Las Vegas still tops the list of 30 cities across the country.
The area with the highest percentage of under water homes -- more than 70 percent -- is located in North Las Vegas, specifically the 89030 zip code. That's bordered by Pecos, Cheyenne and Owens.
A $140,000 home a few years ago is now worth only about $40,000. Homeowners are walking away from their property and business owners are concerned.
But, there's some light at the end of the tunnel. Home prices have gone up 30 percent since this time last year, and continue to rise.
The president of the Greater Las Vegas Association of Realtors, Dave Tina, says the future looks good.
"If your house is that much under water, you can't afford the payment, now is the time to short sale. If your house is under water and you're comfortable and didn't lose your job, then stay in your house and wait and see," said Dave Tina.
Even though Las Vegas tops the list, the number of homes underwater did drop almost 6 percent since the end of 2012.