Majority of area homeowners still ‘seriously underwater’

Despite sharp increases in home values, a majority of homeowners in Washoe County owe more on their mortgages than their houses are worth.

RealtyTrac, an Irvine, Calif., analysis firm, estimated last week that 54 percent of the housing units in Washoe County are “seriously underwater.”

That designation means that the expected selling price of the home is at least 25 percent less than the amount of the mortgage.

About 28 percent of the housing units in Washoe County have some equity, RealtyTrac estimated.

In Carson City, the company estimated that 56 percent of the properties are seriously underwater. In Douglas County, only 28 percent are estimated to fall into the category.

Nationally, the company estimates that 45 percent of residential properties are seriously underwater. The percentage across Nevada is estimated at 69 percent.

Rising home values, however, bring an ever-growing number of properties out of the water and into the fresh air of equity.

The National Association Realtors said the list prices for existing homes put on the market in the Reno market during March were 23.5 percent higher than a year earlier. The group said that ranks the market fourth in the nation in price appreciation.

NNBW staff