HOUSING

Miami area negative equity fell to 29.8 percent in fourth quarter

 

mbrannigan@MiamiHerald.com

The share of Miami-area mortgaged residences that are underwater fell to 29.8 percent, or 136,580 residences, in the fourth quarter of 2013, according to CoreLogic.

That compared with 32.4 percent or 150,274 properties in the Miami area in the third quarter owing more on mortgages than their market value, the Irvine, Calif.-based data firm said.

Still, the rate of negative equity in the area including Miami, Miami Beach and Kendall was more than twice the national rate of 13.3 percent in the fourth quarter.

Another 3.1 percent of Miami area homes had less than 5 percent equity.

For the fourth quarter of last year, 28.1 percent of the mortgaged residences in Florida were underwater, ranking the state No. 2 behind Nevada, which had 30.4 percent of its mortgaged residences in negative equity, CoreLogic said. Another 3.6 percent of Florida’s mortgaged residences had less than 5 percent equity.

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