The Real Deal Miami

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

Tri-county region ranked highest in state for refinancing savings

March 17, 2015 01:15PM
By Katherine Kallergis

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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.

“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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