The Real Deal Miami

Almost half of Miami-Dade County homeowners are underwater: report

May 25, 2012 09:45AM

Just under 50 percent of Miami-Dade homeowners are underwater on their mortgages, meaning the value of their mortgage exceeds the value of their home, according to data from Zillow.com. That rate is the highest in South Florida, topping Broward County, where 46 percent of homeowners are underwater. In Palm Beach County, 40 percent of homeowners are underwater. “While it was disappointing to see negative equity numbers remain so high [nationwide], it is important to note that negative equity remains only a paper loss for the vast majority of underwater homeowners,” said Stan Humphries, chief economist at Zillow. “As home values slowly increase and these homeowners continue to pay down their principal, they will surface again.” — Alexander Britell