Business

August 28, 2013

More than one-third of South Florida homes still underwater

With South Florida home prices rising, the share of mortgaged homes with negative equity continued to slide in the second quarter, Zillow said.

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.

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