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May 16, 2021

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USA Today notes Las Vegas’ underwater housing problem

Housing market

A portion of USA Today’s front page is shown Feb. 8, which noted housing woes in Clark County.

Clark County made the top of USA Today’s front page on Tuesday — but it wasn’t good news.

The county was recognized as having the most underwater homeowners in the nation, with 71.1 percent owing more on their mortgage than their home is worth.

The USA Today report focused on how the popped housing bubble is affecting one central California county, Merced, where 63.1 percent of homeowners with mortgages owe more than their house is worth, according to the report.

Merced County was behind Clark County on the list, taking third place among of the nation’s most underwater counties.

The article quotes an economist who says Las Vegas is one of 22 metropolitan areas where home prices won’t return to their 2006 levels before 2030, while national home prices will hit that point by 2021.

Washoe County, home to Reno and Sparks, didn’t make the front page of the paper because it wasn’t in the Top 10, but it wasn’t far behind. It took the No. 11 spot, with 53.3 percent of mortgages underwater.

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