The Real Deal Miami

Underwater mortgages still rampant in SoFla

One-third of homes in region worth 25% less than mortgage
January 10, 2014 10:30AM

underwatermtgHome prices are rising and foreclosure filings are dropping, but South Florida still has plenty of homeowners who are underwater on their mortgages.

The latest report from Irvine, Calif.-based RealtyTrac shows 33 percent of mortgaged residences in the tri-county area were considered “deeply underwater” in December 2013, the Miami Herald reported. The deeply underwater designation is for homes worth at least 25 percent less than their mortgages. South Florida ranked fifth nationally in the category.

Throughout the state, 34 percent of mortgaged residences were deeply underwater, putting it second behind Nevada. Florida also ranked second in the percentage of deeply underwater homes already in some stage of foreclosure at 61 percent. [Miami Herald]Eric Kalis