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.

51% of Broward County Mortgages "Underwater"

More that half (51%) of homes with a mortgage in Broward County were "underwater" in the fourth quarter. Palm Beach county mortgages showed similar trends, with 44% of homeowners owing more on their mortgage than their property is worth.

Many homeowners refinanced or purchased during the economic boom that preceded the current recession and are now facing the issues that go along with negative equity.