Nevada is the Top State for Negative Equity Home Loans and Car Debt

Nevada is the top state in country for the rate of homeowners who have negative equity in their homes for September 2009. 65% of Nevada homes are worth less than their loan amounts. Arizona was second on the list with 48%. In the top five were Florida at 45%, Michigan at 37% and California at 35%. The data on negative equity home loans was from a report issued by First American CoreLogic.

In a report from TransUnion.com, Nevada had the largest auto debt burden, at $14,721, followed by Texas, at $14,425. Nevada was also ranked 5th for the percentage of borrowers with auto loans 60 days or more, past due, in the third quarter 2009, according to the report by TransUnion.com.

Nevada has never seen such miserable economic conditions. Maybe Nevada can learn that it needs to diversify its economy. The state had all its eggs in the construction and gaming basket, and now those industries have tanked. It's time to reinvent the state's economy.

John Laub is the CEO/Founder of the Las Vegas CEO-CFO Group.

1. "Arizona Second in Underwater Loans." Jan Buchholz. Phoenix Business Journal. November 24, 2009.

2. "First American CoreLogic Release Q3 Negitive Equity Data." Media alert.

3. "Arizona 10th in Auto Loan Delinquencies." Phoenix Business Journal. December 1, 2009.

4. "National Auto Loan Delinquency Rates Rose In Third Quarter 2009." Company Press Release. TransUnion.com. PRNewswire. December 1, 2009.

5. "Trend Data Auto 3rd Quarter." Business Service Solutions. www.transunion.com