LAS VEGAS (AP) — A new report shows that more than half of Nevada homes that are in foreclosure also have mortgage debt that outweighs their home value.
The Las Vegas Sun reports that approximately 55 percent of properties in Nevada in some stage of foreclosure are also deeply underwater in their first quarter.
It's the highest rate in the country and outpaces the national average of 35 percent.
For the study, RealtyTrac used borrowers who owed at least 25 percent of their home's estimated value.
The state also lags behind the national average in the number of people who have majority ownership of their homes.
Las Vegas was hit hard when the housing bubble burst. Residents were left carrying big loans on homes whose values had plunged.
