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Thursday, August 29, 2013

Over a third of South Florida homes are still underwater

South Florida home values are on the rise, but that does not mean everyone is in great shape.  There is still over one-third the share of mortgaged homes that are under water.  It has been improving and the underwater homes have fallen 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.

Nearly 40 percent of homes are still underwater in Palm Beach.

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.

For property tax appeal assistance please contact our office at www.PTAGflorida.com

reference:
Miami Herald: 
The Real Deal:

Read more here: http://www.miamiherald.com/2013/08/28/3591336/negative-equity-declined-among.html#emlnl=Business#storylink

2 comments:

  1. nice??!!! or naww??!!! (nice??!!)

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    Replies
    1. u got that rite!@!!!!!!!!!!!!!!!!!!!!!!!!

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