The Real Deal Miami

Despite recovery, thousands still underwater in Miami

25.3 percent of Miami residences had negative equity in the second quarter
September 26, 2014 03:45PM

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.

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