Despite recovery, thousands still underwater in Miami

underwaterMore than 100,000 Miami homeowners are underwater, according to data from CoreLogic.

Despite the rebound in home prices, some 25.3 percent of Miami area residences that have a mortgage had negative equity in the second quarter, the Miami Herald reported.

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That amounts to roughly 114,399 residences in the Miami-Miami Beach-Kendall area. However, that does mark a 2.2 percent drop from the first quarter.

Nationwide, about 5.3 million homes – or 10.7 percent of all residences with a mortgage – still had negative equity in the second quarter. [Miami Herald] – Christopher Cameron