The Wall St Journal reports that over 20% of US homeowners owe more on their mortgage than their homes are worth.
Some metropolitan areas are faring worse – much worse – than others. Las Vegas takes the prize, with an astounding 67.2% of homes that are “upside down” in terms of equity. Maybe the Obama administration can order the remaining 32.8% can take what’s left of their home equity over to the roulette wheel at MGM – appealing to their patriotic duty to help less fortunate home and casino owners with each spin of the wheel.
If you’re scoring at home, perennial foreclosure powerhouse Stockton, CA placed a distance 2nd, with 51% of their homes underwater.