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. 



Photo credit: Illustration

Recent posts


10 December Holiday Events You Won’t Want to Miss

by Sep Niakan | December 06, 2016

It’s my favorite time of year to be in Miami! The weather has cooled off a bit. The city’s abuzz with people from every corner of the world (thanks to Art Basel). The holiday spirit is gradually taking over, and there’s a bunch of...


Car-free in Miami: How to Give Up Your Car for Lyft and Uber . . . and Love it.

by Sep Niakan | November 29, 2016

This is a story of how one Miami condo dweller (that's me, Sep Niakan) gave up his car at the end of his lease and gained freedom (and $$) in its place. If you have been thinking of getting rid of your car or know someone who is, read...

Real Estate News

How Miami Condo Sales Will Benefit from New FHA Lending Rules

by Sep Niakan | November 24, 2016

Lending, specifically FHA lending, is inching forward in favor of Miami Condos. Before President Trump pulls out any game-changers, I thought it would be the right time to reflect on a Bill passed into law by President Obama this August. The...

Real Estate News

Reflecting on BrickellHouse Robotic Parking Garage Failure

by Sep Niakan | November 22, 2016

It’s been almost a year since BrickellHouse’s robotic parking garage blunder, and I’ve been thinking about what this means for the automated parking business in Miami condos. In brief, Boomerang Systems (the robotic garage...