The Miami Herald recently reported that home prices in the metro Miami area are rebounding and, as a result, there has been a decrease in the number of underwater mortgages. Unfortunately, southern Florida still has a ways to go to full recover from the real estate crash.
Citing Zillow.com, the article stated that negative equity in Miami-Dade, Broward and Palm Beach counties fell in the last quarter from 39.6% in 2012 to 26.7% in 2013. However, even with this uptick in homeowner equity, 20.1% of the mortgaged residences in the region still had debt in amounts double the value of the mortgaged property.
How does this compare to the rest of the country? Zillow.com reports that South Florida has the largest number of deeply underwater homes among the nation’s top 50 metro areas. In fact, only 12% of mortgaged homes nationwide are reported as being deeply underwater. At the end of 2013, the Miami area had 252,466 homes with a total of $23.3 billion in negative equity.
If you are a homeowner and your property is deeply underwater, it may be time to consider your various debt relief options.
Please keep in mind that every case is different. If you have questions about your debt relief options and would like to schedule a no-cost consultation, please contact our office by completing the form on this website or calling us at (954) 280-5066.