The Real Deal Miami

Almost half of PBC mortgages underwater

June 07, 2011 11:42AM

Around 43 percent of mortgages in Palm Beach County are underwater, with
another 4 percent heading in that direction, according to a report from
CoreLogic. Those numbers both represent a slight decrease from the end
of last year, when 44 percent of homes were worth less than the
outstanding balances of their mortgages. “Many borrowers in negative
equity are still able and willing to make their mortgage payments,” said
Mark Fleming, chief economist with CoreLogic. “Yet the existence of
negative equity for the foreseeable future will weigh on the housing
market recovery by holding back sale and refinance activity.” [Palm
Beach Post]