More South Florida Homes Underwater

More South Florida homes were underwater in the second quarter of 2011 than last year.

According to Zillow, approximately 46% of homeowners in Miami-Dade, Broward and Palm Beach Counties owe more on their mortgage loan than their homes are worth, compared to 43% in the second quarter of 2010.

The same trend continues nationwide, with 27% of US homeowners underwater this year, compared to 22.5% last year.

Seasonal Uptick in South Florida Home Prices

South Florida home prices inched up this May, but analysts say the increase may just be seasonal.

Since April, home prices in Miami-Dade, Broward and Palm Beach Counties rose 1.2%. However, analysts say there is more demand in the early summer months, resulting in seasonal higher home prices.

Florida Realtors reported an increase of 26% over last year for median home prices in Broward County, yet a 12% drop for median home prices in Palm Beach County.

South Florida home sales have been strong this year, but they still have a long way to go.

Higher Tolls for SunPass Users

SunPass, along with the Florida Department of Transportation (FDOT), have decided to make some changes to the way South Floridians use their SunPass.

The first round of major changes came about in February of this year when the Florida Turnpike's Homestead Extension went "coinless", requiring all drivers to purchase a SunPass or receive a monthly bill for their tolls with an added service charge of $2.50.

The second wave of changes was brought about Thursday when the Senate passed legislation which would remove the typical 25 cent discount SunPass users previously enjoyed.

There are also plans to ease congestion on parts of SR-7/US-441 in Broward and Palm Beach Counties by adding toll HOV lanes.

Watch the video for more information:

South Florida Home Values Drop From 2009

South Florida home values dropped further than 25 other metropolitan areas in Q2 of this year, falling 15% since 2009

Median home values in Miami-Dade, Broward and Palm Beach County are now priced at $146,500, down 7% from the beginning of 2010 and 52% from 2006's peak values.

With real estate values still on the decline, it comes as no surprise that 44% of South Florida homeowners' mortgages are "underwater," meaning they owe more on their loan than the house is currently worth.