That 28% of home mortgages are underwater doesn’t surprise me. But this does:
In Las Vegas, 85 percent of homes with mortgages were underwater, the most of any city tracked by Zillow. Other metropolitan areas in the top five were Reno, Nevada, at 73 percent; Phoenix at 68 percent; and Modesto, California, and Tampa, Florida, both at 60 percent. Zillow has tracked negative equity since the first quarter of 2009, when more than 22 percent of homes were underwater.
Basically, this translates to 85% of Las Vegas home owners are trapped in their homes and can’t leave to take another job or for any other reason. It’s like Sin City is the Hotel California.