Negative equity declines in Q2

Zillow has released its 2nd-quarter data for homes underwater (see Negative Equity Falls in Q2; Half of Borrowers Under 40 Underwater). From Zillow’s previous release of underwater data I reported Q1 data for various zip codes in and around the Reno-Sparks market (see Nevada leads the country in negative equity; more than double the U.S. average). Today I am updating the table contained in that post from May.

zip code area % of homes underwater Q1 2012 % of homes underwater Q2 2012 Zillow Home Value Index Q1 2012 Zillow Home Value Index Q2 2012
89506 Reno 77% 76% $106,900 $104,100
89408 Fernley 77% 74% $81,700 $79,000
89508 Cold Springs 74% 72% $125,200 $199,500
89433 Sun Valley 73% 73% $103,400 $99,600
89431 Sparks 71% 70% $82,300 $80,800
89502 Reno 67% 66% $98,500 $99,800
89512 Reno 66% 66% $60,500 $60,100
89436 Sparks 64% 62% $166,700 $163,400
89521 Reno 62% 62% $197,800 $195,300
89503 Reno 62% 60% $115,800 $112,700
89434 Sparks 61% 61% $121,500 $120,200
89441 Sparks 60% 58% $200,000 $198,200
89440 Dayton 58% 58% n/a n/a
89523 Reno 57% 55% $184,000 $182,700
89509 Reno 47% 46% $201,000 $197,500
89704 Gerlach 45% 46% $194,200 $194,100
89511 Reno 41% 39% $346,800 $347,600
89451 Incline Village 41% 41% $385,300 $380,300
89510 Sparks 40% 39% $214,500 $222,400
89439 Verdi-Mogul 39% 30% $270,500 $261,700
89423 Minden 37% 35% $222,900 $218,300
89519 Reno 36% 34% $298,600 $293,900

source: Zillow.com – The U.S. Housing Crisis: Where are home loans underwater?

related post: Nevada leads the country in negative equity; more than double the U.S. average

2 comments

  1. Jacki in Oldham County

    I like to keep up with the negative-equity reports, usually through CoreLogic, and I’m always shocked when I see what’s happening in Nevada. It looks like there was a small drop from the previous quarter, but I still have no idea how you all are able to survive out there. I’m an agent in Louisville, KY; we experienced only a small fraction of the numbers you’ve pasted in the table. Hard to believe. Best of luck to you all in Nevada.

  2. Dirtbagger

    This chart is a monument to the shameful behavior of the local (national?) real estate industry. It is patently obvious that the areas with the highest percentage of negative equity are also the same areas that have lower incomes. Most of these people had insufficient income to purchase these homes. And who was sitting by their side during the purchasing decision and transaction? Realtors

    What sort of advice do you suppose the realtors gave? – house prices always go up or perhaps fudge on your income to qualify for the loan.

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