The Real Deal Miami

Number of underwater mortgages declines in Palm Beach, Broward counties

August 29, 2013 03:21PM


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 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.

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