CoreLogic: Florida No. 2 in mortgages under water - South Florida Business Journal:
Of the 4.5 million mortgages in Florida, nearly half were under water, and another 180,178 were nearly under water in the third quarter, according to a recently released report by First American CoreLogic.
All three South Florida markets ranked among the top 50 in the U.S. with mortgages in negative equity.
The Miami market ranked 23rd with 249, 491 of the 544,711 mortgages in negative equity. Another 268,050 were near negative equity, according to the report.
The Fort Lauderdale market ranked 31st with 237,728 out of the 458,091 mortgages under water and another 253,395 nearly under water.
The West Palm Beach market ranked 41st, with 151,418 of the 348,199 mortgages under water and another 164,114 nearly under water.
Nationwide, nearly 10.7 million or 23 percent of all residential properties with mortgages were in negative equity as of September. Another 23 million were approaching negative equity.
Combined, Florida and California accounted for 4.4 million or 42 percent of all negative equity loans, the report found.
CoreLogic said its data is based on a “proprietary model” that factors in loan amortization and utilization rates for home equity lines of credit, which it claims provides a more precise view of underwater borrowers.