LAS VEGAS -- Despite rising home prices, Las Vegas still had the nation's highest percentage of residential properties "seriously underwater" in the first quarter of the year among major metropolitan areas and Nevada was worst among the states, RealtyTrac reported Wednesday night.
The real estate analytics company from Irvine, Calif., reported that 37? percent of Las Vegas area homes with a mortgage had loans that were at least 25 percent higher than the property's estimated value. That was also the case in 34 percent of the mortgaged homes statewide, which was double the national average of 17 percent.
RealtyTrac estimated that 212,229 Las Vegas area homes and 261,272 statewide were seriously underwater from January through March.
There were 9.1 million residential properties in that predicament nationally, but that represented the lowest number in two years.
"U.S. homeowners are continuing to recover equity lost during the Great Recession, but the pace of that recovering equity slowed in the first quarter, corresponding to slowing home price appreciation," RealtyTrac vice president Daren Blomquist said. "Slower price appreciation means the 9 million homeowners seriously underwater could still have a long road back to positive equity."