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.
Photo credit: Illustration - homeowners.com
by Sep Niakan | January 21, 2018
Miami Luxury Condo Market Summary City and Neighborhood Luxury Condo Reports Miami Beach Luxury Condo Report ...
by Sep Niakan | January 17, 2018
Taking a cue from the New Year and new beginnings, we saw the condo pre-construction market make three ground breakings this December. After months of silence, there was finally some hustle from developers at Resorts World Miami. Ritz-Carlton...
by Sep Niakan | January 05, 2018
Welcome to the other side of the New Year! The side that’s made up of fresh energy, brand new ideas and a whole 365 days of infinite possibilities. A lot of people consider January to be the month when the festive season and all its...
by Sep Niakan | December 31, 2017
The Holiday season may be over, but the festivities don’t have to stop if you’re in Miami. Take a pick of your favorite music, art, fitness or film festival below and let the merriment continue into January 2018. Miami Cruise...