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Two Thirds Of All Nevada Mortgages Are Underwater

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http://www.zerohedge.com/news/two-thirds-all-nevada-mortgages-are-underwater

The latest quarterly report out of CoreLogic is as usual full of curious insights about the state of US housing. Key among them is the finding that "negative equity and near-negative equity mortgages accounted for 27.8 percent of all residential properties with a mortgage nationwide in the fourth quarter, up from 27.1 in the previous quarter....

Neg%20Equity_0.jpg

Still it could be worse...

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Due to a breakdown I had the misfortune to stay overnight in Mesquite on the border with Utah. This is what it is like.

http://g.co/maps/qtm9g

Turn around on the map and you'll see utter desolation. Wonder what those desert shelters were going for at the height of the boom.

Those houses shouldn't be worth more than the cost of construction, given that the land itself can only be worthless, since there is more than enough empty land around.

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