HOUSING

More than one-third of South Florida homes still underwater

 

mbrannigan@MiamiHerald.com

With South Florida home values rising, the share of mortgaged homes that were underwater fell again in the second quarter, according to Zillow.

In Miami-Dade County, 36.7 percent of mortgaged residences owed more than their market value, down from 39.5 percent in the first quarter and 45.4 percent a year earlier, the Seattle-based online real-estate operator said.

In Broward County, 33 percent of mortgaged homes were underwater, down from 35.6 percent in the first quarter and 44.1 percent a year earlier, Zillow said.

The nation’s negative-equity rate continue to fall in the second quarter, with 23.8 percent of mortgaged homes under water, Zillow said.

Among the 30 largest metropolitan areas tracked by Zillow, Orlando posted the third-highest rate of underwater mortgages in the second quarter (39.8 percent), behind No. 1 Las Vegas (48.4 percent) and No. 2 Atlanta (44 percent.)

Despite the improving trend, “millions of homeowners remain so far underwater that it will take years for them to regain equity, even as home values continue their recovery,’’ Zillow said.

Read more Breaking News - Business stories from the Miami Herald

  • Venture investments highest since 2001

    Funding for U.S. startup companies soared 57 percent in the first quarter to a level not seen since 2001, as venture capitalists piled more money into a growing number of deals, according to a report due out Friday.

  •  
FIFA  <span class="bold">World</span> <span class="bold">Cup</span> Trophy after its arrival at  <span class="bold">Miami</span> International Airport on April 15, 2014.

    World Cup

    Miami will be World Cup crossroads

    With air connections to 10 of the 12 host cities, Miami will likely experience the biggest effect of any city outside of Brazil.

  • CORPORATE EARNINGS

    AutoNation profit up 15 percent

    AutoNation, the country’s largest car dealership chain, shrugged off winter storms that cut auto sales early this year and posted a nearly 15 percent increase in first-quarter net income.

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category