Almost half of all owners of single-family Miami homes and homes in the Fort Lauderdale metropolitan area were valued for less than the mortgages owed against them.
At the end of September, 46% of homeowners, representing 387,157 Miami homes, were underwater, compared to 47% in the second quarter, according to a new report from a Web-based Miami real estate service, Zillow.
Nationally, 21% of homeowners were underwater as of September 30, down from 23% in the second quarter, as home values stabilized in the short term and more underwater borrowers lost their homes to foreclosure, Zillow said.
Zillow's home price index showed that the average price of a Miami homes in the area was $168,400, down 17.1% from the same period a year before. From the same quarter values were down 2.1%.
The Zillow index measures values of all these Miami real estate homes, not just those sold in a particular period. The firm said September marked the eight consecutive month of decreasing year-over-year price declines, while values continue falling.
Zillow said, additionally, 50% of all homes sold in September sold at a loss. A small percentage, 5.5%, saw their values rise over the past 12 months.
Contributed by MLR Realty
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