Personal Finance

More than a quarter of mortgaged homes in Miami are underwater


A lot of Miami homeowners are still upside down in their mortgages, according to data from CoreLogic.

Despite the rebound in home prices, 25.3 percent of Miami area residences that have a mortgage had negative equity in the second quarter, the Irvine, Calif.-based data firm said.

That amounted to 114,399 residences in the Miami-Miami Beach-Kendall area that were upside down, meaning the borrowers owed more on their mortgages than the properties were worth, CoreLogic said. That marked a drop of 2.2 percentage points from the first quarter.

Across Florida, 24.3 percent of mortgaged homes were underwater in the second quarter — the second highest state level in the nation behind Nevada, where 26.3 percent of mortgaged homes were in negative equity, CoreLogic said.

Nationwide, about 5.3 million homes, or 10.7 percent of all residences with a mortgage, still had negative equity in the second quarter, down from 6.3 million homes, or 12.7 percent, in the first quarter, CoreLogic said.

Texas has the highest share of mortgaged homes in the black: 97.3 percent had positive equity.