Nevada has the most underwater homeowners

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Bank of America has agreed to reduce the loan balances of underwater homeowners more aggressively. Many areas of hard-hit states such as California, Arizona and Nevada have seen home prices fall.

California vs Nevada Cost Of Living | Perks of Living In Nevada But the number of underwater homeowners there has dropped to 32 percent. The California Association of Realtors expects a 2-percent rise in the median home price in 2011. Of course, this is an organization that relies on homes sales, so we can take this forecast with a grain of salt.

Nevada has the dubious distinction of leading the nation in unemployment, foreclosure filings and number of underwater homes. That’s not good for the state’s economy.

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Las Vegas’ once-huge rate of underwater homeowners keeps improving, but as price-growth slows, the flow of borrowers escaping upside-down status has slowed with it. An estimated 26.4 percent of Southern Nevada homeowners with mortgages were underwater – meaning their debt outweighed their home value – in the fourth quarter last year.

The House is teeing up the first of several bills on home. of Nevada’s Republicans in the House. Nevada’s Republicans are expected to vote to take the remaining $1 billion out of the emergency.

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The state of Nevada has. in most cases, they will not need to conduct an appraisal. FHFA said Fannie Mae and Freddie Mac will also eliminate certain fees for borrowers who refinance into.

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Miami and Chicago among cities with highest underwater homeownership rates.. Two-and-a-half million U.S. homeowners were underwater on their. Louisiana, Illinois, Florida, Connecticut, Nevada and Rhode Island.

 · While a third of homeowners with mortgages is underwater, 90 percent of underwater homeowners are current on their mortgage and continue to make payments. Because most refinance loans require the homeowner to have at least a 20% equity stake. Refinancing an underwater mortgage takes a special type of refinance program.

More than 8.3 million U.S. mortgages, or 20 percent of all properties with a mortgage, were in a negative equity position at the end of 2008, according to newly released data from Sacramento.