Thank Goodness For Las Vegas

First American CoreLogic released its negative equity report today, and for the first time I can remember has published data for more than just the 50 biggest metro areas.  That allows us to see how Valley metros are fairing, and the news (unsurprisingly) is not good.  Here is the list for California metros with the % of all mortgages with negative equity (the U.S. avg. is 23%), and the rank among 165 largest U.S. metro areas.  These rates will come down over time as foreclosures continue

1.  Las Vegas, 72.8%
2.  Stockton, 62.4%
3.  Modesto, 59.6% 
4.  Vallejo-Fairfield, 57.9%
9.  Bakersfield, 52.0%
12.  Riverside-San Bernadino, 51.3%
16.  Fresno, 46.8%
20.  Visalia, 44.8%
26.  Sacramento, 43.4%
27.  Salinas, 41.6%
35.  Oakland-Fremont, 32.4%
37.  San Diego, 30.5%
41.  Santa Rosa, 29.2%
43.  Santa Barbara, 27.0%
50.  Los Angeles - Long Beach, 25.3%
63.  San Jose, 19.8%
64.  Santa Cruz, 19.5%
71.  Orange Cty, 18.1%
128.  San Francisco, 9.5%

Most of the non-California areas in the Top 20 are Florida (and Phoenix and Reno).  Merced isn't large enough to make the list, but you have to wonder if they would have challenged Vegas for the top spot.  I am a little surprised by Los Angeles and Orange County, I thought they would have a littley higher negative equity, closer to San Diego's 30%.