Tropical Financial Credit Union Blog
Wednesday, June 8, 2011
Nearly Half of South Florida Homes Underwater
Nearly half of all homes in South Florida were in
negative equity
, or
underwater
, after the first quarter of this year.
In Miami, 46.6% of homes were underwater, while the figure was 49.4% in Ft. Lauderdale.
Having negative equity, or being underwater, means that borrower owes more on their mortgage than their home is worth.
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