On top of the country's list of cities that have been hit the hardest in this economic climate, Las Vegas showed to have less homeowners underwater over the past few months. However, Las Vegas and Henderson real estate continues to be one of the hardest hit markets, overall.
63 percent of Las Vegas and Henderson real estate owners were underwater during the third quarter according to research from Zillow (Seattle-based research firm). The 63 percent figure is down 68.5 percent from the time period that ended in late June. During both quarters, Las Vegas still held the highest rate of borrowers who were underwater among that list of 30 metro areas that had been reported on, and whose status had been tracked.
In a National average, homeowners that totaled roughly 28 percent were considered to be underwater during the third quarter. During the second annual quarter, that figure was closer to 31 percent of homeowners considered underwater. So, even though the improvement was small, there was still a slight percentage jump over the second half of the year.
The highest rate of underwater borrowers in Las Vegas and Henderson, NV comes from the North Las Vegasarea, where some 73.5 percent of borrowers are considered to be underwater. Las Vegas (city) was at 63 percent, Henderson, NV at 55.2 percent. These figures were reached during the third quarter.