The Real Deal Miami

Underwater mortgages drop in South Florida

But region still leads nation in category, reports
February 28, 2014 12:00PM

underwaterUnderwater mortgages are declining in South Florida, but the region still leads the nation in the category.

The latest report from Seattle-based shows that the number of underwater mortgages in Miami-Dade, Broward and Palm Beach counties dropped from 39.6 percent in the fourth quarter of 2012 to 26.7 percent in the last three months of 2013, the Miami Herald reported. But 20.1 percent of homes with mortgages in the tri-county area had debt of at least twice the property value. That ranked highest among the nation’s 50 largest metro areas.

Only 12 percent of the nation’s mortgaged homes have debt that at least doubles the property value.

South Florida ended 2013 with 252,466 homes at a total of $23.3 billion in negative equity. [Miami Herald]Eric Kalis