South Florida underwater mortgages continue to decline

Posted on Wednesday, August 27th, 2014 at 5:02pm.

Underwater mortgages have fallen dramatically across South Florida, despite slowed increases in home prices.

 

In the second quarter of this year, 22 percent of all mortgages in the South Florida metropolitan area were considered underwater, down from 34 percent a year ago, according to Zillow data cited by the Sun-Sentinel. Zillow predicted that negative equity will fall even further to at least 19 percent over the next year.

Underwater negative mortgages were at their peak in the fourth quarter of 2011, when nearly half of the mortgages homes in South Florida were worth less than what was owed.

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