Miami Condo Market and Lifestyle Updates
Decline in South Florida’s Underwater Mortgages

Decline in South Florida’s Underwater Mortgages

by Sep Niakan | October 24, 2014

Even though the price increases for South Florida homes has recently slowed down, underwater mortgages have dropped greatly.

Underwater mortgages are home purchase loans that would cost more than the home is worth in order to pay it off.

In the second quarter of this year, underwater mortgages dropped from 34% to 22% since last year, according to Zillow. Zillow also says that the negative equity for the area will drop down to 19% sometime in 2015.

Underwater mortgages reached their high point in end of 2011, when almost 50% of South Florida’s mortgaged homes were worth less than what the loan would cost to pay off.

Zillow is a real estate firm that gives their customers information and tools to make informed choices about the real estate market, homes, and loans. 

 

Source: therealdeal.com

Photo credit: Illustration homeowners.com

Recent posts

Lifestyle

Miami for Wine Lovers Part 1: Top Wine Tastings and Events

by Sep Niakan | July 18, 2017

Who needs Napa Valley when Miami has a flourishing wine culture? This series of blogs is dedicated to all the wine lovers in Miami. In this part, we are covering events and tastings across the city that will acquaint you with wines from around the...

Lifestyle

Editorial: Traffic-Busting Transit-Oriented Development of Condos and Apartments in Miami

by Sep Niakan | July 18, 2017

We are all familiar with the pain of Miami’s current traffic situation. But, our prayers are finally being answered! The long-time need for transit-oriented development is being addressed, with almost nine projects on the drawing board and one...

Real Estate News

Brickell Heights Has Arrived! A Review of the Condo and its Amenities (Photo Blog)

by Sep Niakan | July 18, 2017

Brickell Heights Has Arrived in Style! Brickell heights started closings in June at a rapid pace, and so far I have seen and heard nothing but good things about the building and have had great experience with the staff and management there. That...

Real Estate News

Miami’s New and Pre-Construction Condo Update: June 2017

by Sep Niakan | July 18, 2017

There’s a lot to report on the pre-construction front for the month of June. Residents of Brickell Heights now have possession of their keys, One Thousand Museum is seeking permission to add a helipad, Aria on the Bay requires a lower deposit...