The Real Deal Miami

Half of Florida mortgages underwater

March 18, 2010 10:20AM

In February, 48 percent of Florida’s residential mortgages were underwater, meaning more money is owed on them than the properties are worth. 2.2 million of 4.5 million residential mortgages in the state fit this description, with another 171,710 heading in that direction, according to the report by California-based First American CoreLogic. The national rate, meanwhile, is closer to 24 percent, the report says. Florida is surpassed in this category only by Nevada and Arizona. [Real Estate Channel]