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By Eli Segall (contact) 
Wednesday, Feb. 20, 2013 | 9:01 p.m.
The percentage of underwater homeowners in Las Vegas Valley fell last year as rising home values gave many people a financial lift. But there’s ample room for improvement: Las Vegas is expected to stay the underwater capital of America for at least another year. About 59 percent of local homeowners with mortgages were underwater — meaning their debt exceeded their home’s value — at the end of 2012, according to a report out today from Zillow. That’s down from 70 percent a year earlier but still highest among the country’s 30 largest metro areas. Atlanta was second-highest at 49.5 percent. ...
You mean to tell me that short sales had nothing to do with the lessening of the pool of underwater borrowers?
My next door neighbor, a nice guy bought his house for $306,000. Problem was that the house had originally sold for $150,000 in 2001. Funny thing is that he is a construction superintendent. His wife is a schoolteacher. They just moved out, and I'm sure they didn't get a short sale. They just bailed out. It's listed for $140,000 with a view of the Strip. My point? Don't assume the good times last forever. They don't, and I'm sure he didn't have a window to throw it out. Ah, experience pays off.
Another propaganda piece. Don't you believe it. My whole neighborhood is still underwater except those who bought as short sales and foreclosures. Zillow.com is not an authority or solid reference. Even they have disclaimers.
Prices are well below build cost. With the Californian exodus restarting Banks not foreclosing causing shortages and short sales taking many months prices this year will rise here the fastest in the US.
@Scouser: But the prices will NEVER get as high as they were back in the boom days. BTW - many areas of the country already have seen rising prices and the prices keep going up.
Zillow is not the best source for real estate pricing out there. Ask GLVAR. They know what Vegas prices are.
IF you could afford the house when you bought it and you're still in it, you can stay. Your choice to walk and take the hit on credit rating (and lose chance of home ownership any time soon) or stay until values improve to where you have equity. So if you remain in the Vegas area, your choice to live in this house or be a renter. Even in good times, some portion of mortgages go south--job loss, serious health crisis.... Sure, there are neighborhoods that were built on speculation. Just like many people bought resales on spec. Many to most of those people have moved on already. Anyone left staying in a house and NOT paying the mortgage needs to be dealt with pronto. Let's home the Legislature fixes the fiasco they created restricting NEEDED foreclosures. Those who keep paying, best wishes.