2.1M Florida homes underwater

Of the 4.5 million borrowers with outstanding mortgage loans in Florida, 2.1 million owe more than the value of their home, representing 47% of the population. Nearly 20% of all so-called “underwater” mortgages in the United States involve Florida properties, according to CoreLogic.

In Tampa-St. Petersburg-Clearwater, 328,449 properties, or 49.1% of outstanding mortgage loans, are underwater. In North Port-Bradenton-Sarasota, 86,048 properties (43.5% of the market) share that status. And in Cape Coral-Fort Myers, the number is 84,165 properties, or 51.1% of the market.

Statewide, borrowers are carrying $741 billion in outstanding mortgage debt against $816 billion in total property value, giving the state roughly $75 billion in total net homeowner equity.