FEWER UNDERWATER HOMEOWNERS IN SOUTH FLORIDA

Two recent reports confirm what we realty professionals know: there are fewer homeowners in the South Florida tri-county region that are 'underwater', i.e. who owe more on their properties than what they're worth. This equity improvement is thanks to the 48 month real estate recovery. Following are the number of homeowners still 'underwater' by county, as reported by Core Logic Research Firm:

                                               Number of Homeowners Still Underwater
                                                                            December 31,

County                                                        2016                     2015               Decrease

Miami-Dade                                             70,696                   92,721                 23.6%

as a % of homeowners with mortgages         16.1%                   21.0%

Broward                                                   46,443                   63,782                 27.8%
as a % of homeowners with mortgages         12.6%                   17.2%

Palm Beach                                              30,442                   41,046                 25.8%
as a % of homeowners with mortgages         10.6%                   14.2%

With improving equity, homeowners who formerly felt trapped in their homes can now consider selling or refinancing.

SOURCE: SUN-SENTINEL

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