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South Florida

Number of underwater mortgages declines in Palm Beach, Broward counties

Underwater loans have declined
Underwater loans have declined

As home prices inch higher, the number of underwater borrowers in Broward and Palm Beach counties is slowly ebbing. A third of Broward homes with an outstanding loan are worth less than the balance of that loan — down form 44 percent last year, stats from Zillow.com show.

In Palm Beach that figure is less dramatic, with the year-over-year percentage down to 32 percent from 41 percent in the second quarter, the Sun Sentinel reported.

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Still, the recovery will be a long slog for some borrowers, who cannot sell their homes until values appreciate, according to Zillow’s chief economist Stan Humphries.

“For those homeowners who are deeply underwater … there is still a long row to hoe,” he said in a statement, per the Sentinel. [Sun Sentinel] — Guelda Voien

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MortgagesZillow