Broward Mortgages Are Underwater
How long will it take for use to get out of this?
54 percent of Broward mortgages are underwater
February 23, 2010
Half of all residential mortgage holders in
Roughly 54 percent of Broward mortgage holders – 246,675 homeowners – are “underwater.” In
Most people who owe more than their homes are worth bought at or near the peak of the housing boom, sometime between 2004 and 2006. Some also pulled equity out of their homes by refinancing.
"Negative equity is a significant drag on both the housing market and on economic growth," said Mark Fleming, chief economist with First American CoreLogic. "It is driving foreclosures and decreasing mobility for millions of homeowners."
Analysts say borrowers are more likely to bail on an underwater mortgage, adding to the housing market's woes.
Nationally, 11.3 million mortgage holders owe more than the house is worth, CoreLogic said. The firm says negative equity is concentrated in five states:
Last month, Zillow.com said about four in 10 single-family mortgage holders in
Categories: Foreclosures, Real Estate, Bank Owned
Tags: Foreclosures Real Estate Bank Owned
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