Underwater loans decline in Miami

The Miami area experienced a drop in underwater mortgages during the last three months of 2013, with nearly 30 percent of homes having negative equity.

The latest report from Irvine, Calif.-based CoreLogic showed the number of underwater mortgages in Miami, Miami Beach and Kendall fell to 136,580 during the fourth quarter of 2013, the Miami Herald reported. More than 32 percent, or 150,274, properties in the area owed more on their mortgages than market value during the third quarter of last year.

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Yet, the Miami area still has many more underwater mortgages than the national average. The fourth quarter national rate was 13.3 percent.

Statewide, 28.1 percent of Florida homes were underwater during the fourth quarter. That put the state second behind Nevada. [Miami Herald]Eric Kalis