The Real Deal Miami

South Florida’s nonprime borrowers in deep

January 19, 2010 02:47PM

At least 86 percent of South Florida homeowners who took out subprime or Alt-A mortgages are underwater on their loans, making this the third-worst metro area in the nation, according to a new report out from the Government Accountability Office. The report surveyed 16 major metro markets and found that Miami metro ranked third, behind Las Vegas and Phoenix, among housing markets where nonprime borrowers owe more than their homes are worth. Tampa ranked fifth, with almost 79 percent of borrowers under water. [WSJ]