Miami-Dade’s underwater home rate falls below 20 percent in Q1: report

Las Vegas is now country's worst market for underwater homes

TRD MIAMI /
Jun.June 09, 2016 03:45 PM

Underwater mortgage rates are steadily improving in Miami-Dade County, which was the country’s worst region for negative home equity as recently as end-year 2015.

Of all the county’s outstanding home mortgages during this year’s first quarter, 19.6 percent of them were underwater, meaning those homeowners owed more on their loan than the property itself was worth.

That rate fell by 5.8 percentage points year-over-year, and by 2.3 percentage points since the end of 2015, when Miami-Dade was the biggest hot spot for underwater homes in the nation. Las Vegas now holds that title with a 19.9 percent rate of negative equity, though Miami is still close behind ranking as No. 2.

Rising property values have helped pull many of Miami-Dade’s homeowners from the depths of negative equity, and have also helped buoy others from falling underwater.

Since the market crash when property prices bottomed out, the county recovered much of its value thanks to double-digit appreciations in 2013 and 2014. Price growth has recently slowed to a more nominal rate of 6 to 9 percent year-over-year, depending on the month.

“More than 1 million homeowners have escaped the negative equity trap over the past year,” CoreLogic President and CEO Anand Nallathambi wrote in the report. “ We expect this positive trend to continue over the balance of 2016 and into next year as home prices continue to rise.” — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Photo illustration of Ron DeSantis (Getty, iStock)

DeSantis announces $250M rental, mortgage assistance fund

DeSantis announces $250M rental, mortgage assistance fund
Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)

Florida extends freeze on evictions and foreclosures to July

Florida extends freeze on evictions and foreclosures to July
Governor Ron DeSantis (Credit: Eva Marie Uzcategui/Getty Images)

Florida governor extends freeze on evictions, foreclosures

Florida governor extends freeze on evictions, foreclosures
Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)

SoFla prepares for flood of foreclosures and evictions after governor’s freeze

SoFla prepares for flood of foreclosures and evictions after governor’s freeze
Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)

Florida governor freezes evictions and foreclosures for 45 days

Florida governor freezes evictions and foreclosures for 45 days
South Florida lenders and landlords battle new coronavirus reality

South Florida lenders and landlords battle new coronavirus reality

South Florida lenders and landlords battle new coronavirus reality
From left: Edgardo Defortuna, Stephan Burke, Ron Shuffield, Ana Bozovic, Carol Cassis, and Mark Zilbert

South Florida’s residential sales shift to virtual reality as business slows

South Florida’s residential sales shift to virtual reality as business slows
Sen. Rick Scott

Sen. Rick Scott calls for nationwide moratorium on rent, mortgages and utilities

Sen. Rick Scott calls for nationwide moratorium on rent, mortgages and utilities
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...