Mar 11
Water covers almost 12% of St. George… mortgages that is. This compares to an overall national rate of 20%. The worst is Las Vegas where over 50% of the mortgages are under water (ouch).
I don’t have the data to back this up, but I’d guess that this represents almost anybody that bought a house in the last 2-3 years in St. George and financed it with less than 20% down.
The number of people ruing their timing with 20% or more down must be high as well. After all, it hurts _even_ more to lose your own money rather than the banks.