Negative Equity in South Florida Homes Declining

by Isaac Benmergui, Esq on August 29, 2013

There’s good news house and down arrowon the home equity front for Miami-Dade. There are fewer South Florida homes with negative equity these days. As the economy continues to grow at a slow and steady pace, homeowners are climbing out of their underwater mortgages and seeing a shift to rebuilding equity in their houses.

In the second quarter, 36.7 percent of mortgaged homes in Miami-Dade County owed more than their market value. That figure is down from 39.5 percent in the first quarter and 45.4 percent from one year ago, according to Zillow.

For homes in Broward County, negative equity dropped to 33 percent from 35.6 percent in the first quarter and 44.1 percent the prior year.

Overall, the nation’s negative-equity rate also fell to 23.8 percent in the second quarter, Zillow said.

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