Survey: 70% of new mortgages “upside down”

As many as 71 percent of recent Florida homebuyers are probably “upside down” in their mortgages – meaning borrowers owe more than their home is worth – according to a study by real estate Web site Zillow. If your home was bought in the last two years, the likelihood of your mortgage being upside down is 77 percent, the survey said. Joseph Castaneda, of Home Appraisals, Inc. in Aventura, believes the Zillow study is too conservative, because that only factors in properties that are sold.