Higher Home Prices Driving Numbers of South Florida Underwater Mortgages Down

by Isaac Benmergui, Esq on September 6, 2013

house and down arrowAs home values rise across the tri-county area, the number of underwater mortgages is on the decline.

According to Zillow.com, the number of underwater mortgages in Broward County was 44 percent just a year ago, and that number now stands at around 33 percent. Palm Beach County had 41 percent of their mortgages underwater, and that figure is now 32 percent.

Although some amount of negative equity is expected to remain for a few more years, the continued improvement in the housing market, will take those percentages every lower as the months tick off the calendar. Homeowners that are swimming in the deep waters with an underwater mortgage may not see relief for some time, but there is hope that they won’t go deeper as the market continues its upward trend. The bottom was reached and now the only way seems to be up.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

 

 

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