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May 15, 2009

PHOENIX MAKES LIST OF MARKETS WITH MOST HOMES UNDERWATER

CNBC.com has a slideshow of cities with the highest percentage of homes with negative equity - or "underwater" (according to Zillow).  Not surprisingly, metro areas in California, Florida, Arizona and Nevada dominate the list.  The two largest metro areas to make the top 16 are Las Vegas metro - with 67.2% of homes underwater (coming in at #1 on the list), and Phoenix metro - with 41.7% of homes underwater (tied for 9th on the list).

Unfortunately, underwater homes create more walk-aways by borrowers, which further depresses home prices in neighborhoods, which creates even more underwater homes.  An ugly cycle that Phoenix and Las Vegas are attempting to break at this point.

Posted on May 15, 2009 at 10:45 AM in Foreclosure, Residential Real Estate |

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