40% of Homes in South Florida Are Underwater

Roughly four in 10 single-family homeowners with a mortgage in South Florida owe more than the property is worth, Zillow.com said Wednesday.

About 41 percent of the 836,723 single-family home mortgages in Palm Beach, Broward and Miami-Dade counties are “underwater,” according to a fourth-quarter report from Zillow. The Seattle-based real estate firm compiles data from public property records.

The percentage of borrowers with so-called negative equity has decreased slightly since it hit 47 percent in the second quarter of last year. It dropped to 46.2 percent in the third quarter.

Read more from the Sun Sentinel

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