Report: Many In Reno Underwater On Mortgages

RENO, Nev. (AP) - Nearly half of homeowners in the Reno-Sparks metro area who bought a house in the past five years are upside down on their mortgages.

That's according to a new report from home value tracker Zillow.com.

The report put the second-quarter median home value in the Reno-Sparks area at $247,000. That's a 19.7 percent drop from the same time last year. The percentage drop is tied for 24th among 140 metro areas surveyed that saw declining median home values.

The percentage of Reno-Sparks homeowners with negative equity in
their homes is even higher when limited to those who bought homes
around the peak of the housing bubble.

More than 67 percent of homeowners who bought a house since 2005
are underwater with their mortgages while more than 73 percent of
those who bought a house since 2006 had negative equity in their
homes.
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Information from: Reno Gazette-Journal, http://www.rgj.com

(Copyright 2008 by The Associated Press. All Rights Reserved.)

AP-NY-08-16-08 1402EDT


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