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South Florida

Reports: Percentage of underwater homes on the decline…and more

CoreLogic negative equity map
Percentage of underwater mortgages across the U.S.

Miami’s percentage of underwater mortgages on the decline: CoreLogic

More than 27 percent of all mortgaged homes in Miami-Dade were underwater as of the fourth quarter in 2014, CoreLogic reported. That’s 122,963 residential properties.

It’s not all bad news, though: the percentage of South Florida homes underwater decreased year-over-year from 33.6 percent in the fourth quarter of 2013 to 27.5 percent at year-end 2014.

Nationwide, Nevada had the highest percentage of mortgaged properties in negative equity with 24.2 percent. Florida averaged 23.2 percent, followed by Arizona, Illinois and Rhode Island.

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“Negative equity continued to be a serious issue for the housing market and the U.S. economy at the end of 2014 with 5.4 million homeowners still ‘underwater,'” Anand Nallathambi, president and CEO of CoreLogic, said in a press release. “We project that the CoreLogic HomePrice Index will rise 5 percent in 2015, which will lift about 1 million homeowners out of negative equity.”

Florida borrowers are saving the most from refinancing in the tri-county region: SmartAsset

Miami-Dade, Broward and Palm Beach counties are where borrowers are saving the most from refinancing in Florida, according to a ranking from SmartAsset.

Miami-Dade led the state with an average $4,298 annual savings per loan. The average refinanced amount ranged from $197,568 to $232,124 in the three counties. SmartAsset looked at more than 60,000 refinanced loans in South Florida.

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MortgagesRefinancing