California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute

Underwater is a term used in the real estate industry to express when a home is
worth less than the outstanding debt on it.

The real estate information and mortgage company Zillow.com has released a list
examining the 156 largest metro areas and has compiled a Top Ten list that
illustrated the cities with the highest percentage of homes under water.

Here is the list:

TOP TEN CITIES WITH HOMES UNDERWATER

1. Las Vegas, NV              80.6%
2. Orlando, FL                   74.8%    
3. Phoenix, AZ                  64.9%
4. Reno, NV                      64.4%
5. Modesto, CA                60.7%
6. Merced, CA                 58.8%
7. Lakeland, FL                 58.5%
8. Fort Meyers, FL            58.2%
9. Stockton, CA               57.1%
10. Port St. Lucie, FL        56.2%

Other California cities in the top 15 include El Centro with 54.9% at 11th; Vallejo
at 54.7% at 12th; Riverside at 51.2% at 14th.

I am Tim Johnson and this has been the California Business Minute.