The Real Deal Miami

Underwater homes come up for air in Miami-Dade

Florida still ranks second-worst for underwater homes in nation, after Nevada
A 2012 photo of the Brickell skyline taken from the Rickenbacker Causeway (Credit: Daniel Christensen)

A 2012 photo of the Brickell skyline taken from the Rickenbacker Causeway (Credit: Daniel Christensen)

As home prices continue rising in Miami-Dade County, the number of people who owe more than what their homes are worth keeps dropping.

A new report from CoreLogic said the number of such homeowners dropped significantly in Miami-Dade during the third quarter.

Out of all the county’s homes with a mortgage, 22.2 percent, or 98,305 residences were underwater during that period. That’s a big decrease compared to the 127,232 homes with negative equity in the third quarter of 2014.

Home prices in Miami-Dade have been steadily increasing for years, though recent reports show the curve is starting to level off.

Despite this, Florida remains one of the country’s worst offenders for underwater homes, with 17.8 percent of its homeowners owing more on their mortgages than what their homes are worth.

The only other state that has a larger share of underwater homes is Nevada, with 19 percent. — Sean Stewart-Muniz