54% of Broward Mortgages are Underwater

GSIG LLC

According to year-end data from First American CoreLogic, half of all residential mortgage holders in Broward County owe more than their homes are worth.

Roughly 54% of Broward mortgage holders (246,675 homeowners) are “underwater.” In Palm Beach County, 45.4% of mortgage holders (157,544 homeowners) are also upside-down.

In addition to pulling equity from their homes by refinancing, most people who owe more than their homes are worth, bought at the peak of the housing boom, between 2004 and 2006.

Mark Fleming, chief economist with First American CoreLogic states:

"Negative equity is a significant drag on both the housing market and on economic growth. It is driving foreclosures and decreasing mobility for millions of homeowners."

Adding to the housing market's woes, analysts conclude borrowers are more likely to bail on an underwater mortgage.