The Real Deal Miami

Half of Broward mortgages underwater

March 08, 2011 07:19PM

Of the homes in Broward County with a mortgage, 51 percent are
underwater, or worth less than the value of their loans, according to
CoreLogic. That number actually represents a decrease from last year,
when 54 percent of all homes with a mortgage in the county were
underwater. The current rate in Palm Beach County is 44 percent.
“Negative equity holds millions of borrowers captive in their homes,
unable to move or sell their properties,” said Mark Fleming, chief
economist with CoreLogic. “Until the high level of negative equity
begins to recede, the housing and mortgage finance markets will remain
very sluggish.” [Sun