The Real Deal Miami

Underwater mortgages fall slightly

December 13, 2010 10:59PM

The number of homes worth less than the values of their mortgages
declined in the third quarter, but it was due to foreclosures of
underwater properties, rather than an increase in home values, according
to research firm CoreLogic. In Broward County, half of all homes with a
mortgage — 220,384 properties — were underwater, a decrease from 52
percent in the second quarter. In Palm Beach County, the percentage of
homes with an underwater mortgage fell to 43 percent from 44 percent in
the second quarter. [Sun