Miami area negative equity fell to 29.8 percent in fourth quarter



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.

Read more Business stories from the Miami Herald

Marcell Haywood


    Taxi alternatives could improve service

    Today marks the launch of the Miami Herald CEO Roundtable, comprising more than two dozen CEOs and senior executives in companies large and small from the region’s key industries. The goal: To provide a temperature check of local economic conditions and business opinions on current topics. Look for a selection of responses each week in print; to see all responses, go online at MiamiHerald.com/business. And keep an eye out for our live CEO Roundtable event later this fall.

  • 122 South Florida companies make Inc. 5000 list

    Inc. magazine unveiled its annual list of fastest-growing private companies in America on Wednesday, and 122 companies from the Miami metropolitan area made the cut.

  • Miami-based Movéo car service expands to Colombia

    Movéo, a global luxury ground transportation company based in Miami, announced it is expanding into Colombia, with access to more than 300 executive vehicles.

Miami Herald

Join the

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