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

Real Estate News

Luxury Miami Condo Report : March 2017

by Sep Niakan | April 20, 2017

Miami Luxury Condo Report Overall Market Summary City and Neighborhood Luxury Condo Reports              Miami Beach Luxury Condo Report                  ...

Lifestyle

Miami May Events Round-up

by Sep Niakan | April 18, 2017

The temperatures are picking up and it’s time to lather on the sun tan and cool off with some awesome events around town. Here’s our pick of the hippest festivals in Miami to make for a magnificent May: SunFest Music and Arts Festival...

Lifestyle

A Guide to Miami's Best Beaches

by Sep Niakan | April 17, 2017

Think Miami Beach and most people conjure up images of Spring Break, bikini-clad college students and a wild party worthy of '90s-era MTV. However, truth is that Miami’s beaches have a lot more to offer than those hyped up versions of...

Real Estate News

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

by Sep Niakan | April 14, 2017

March has been a pretty busy month for Miami’s condo pre-construction market. From two sales gallery launches to four buildings topping-off, there’s been plenty of activity to keep the market abuzz. The biggest news, however, came in the...