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
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.
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.