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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.
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