30% Of Recent U.S. Homebuyers Have Negative Equity

The report said the highest rates of negative equity are in areas that have had significant price declines and relatively low down payment requirements. It singled out parts of California, Florida, Arizona and Nevada. In Las Vegas, for instance, more than half of those who bought in 2007 and almost three-quarters of those who purchased in 2006 are in a negative equity situation. "With consecutive declines over the past five quarters, we haven't seen the housing market bottom yet, and it may very well get worse before things get better," said Stan Humphries, Zillow vice-president of data and analytics. "Even many markets that have been largely insulated from recent declines, like some in the Pacific Northwest, reported notable value declines in the fourth quarter," he said. ... http://www.cbc.ca/money/story/2008/02/12/homeequity.html

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