48% of Nevada Homes Have Negative Equity

Roughly 48% of Nevada homes that are mortgaged have negative equity -- making the state, by far, the hardest hit when it comes to the nation's housing crisis, according to a new report issued by First American CoreLogic. After Nevada, Michigan ranked second in negative equity (39% of homes with mortgages), followed by Florida and Arizona (29% each), and California with 27%. FACL based its findings on a database of 42 million properties where there's a first and/or second lien. Nationwide, 18% of homes have negative equity, the company found. During the housing boom, Arizona, California, and Nevada where among the fastest growing in terms of price appreciation. Michigan and Ohio (where 22% of mortgaged homes have negative equity) have been hard hit by the decline in the U.S. auto industry.