Loading
The amount of residential properties with an underwater mortgage in the North Port-Sarasota-Bradenton region is shrinking on a quarterly basis, though Florida remains a national leader in negative equity.
Overall, 24.8% of mortgages, or 45,257 of all residential properties in the North Port-Sarasota-Bradenton metro area, are underwater, meaning owners owe more on their homes than they're worth. That's down from 26.7%, or 49,254 properties, in the second quarter of 2013, according to a new report from real estate data firm CoreLogic. An additional 3%, or 5,489 residential properties, were in near-negative equity for third quarter, CoreLogic reports, compared to 3.2%, or 5,842 properties, in the second quarter.
Florida, meanwhile, has the second-highest percentage of mortgaged properties in negative equity in the country, at 28.8%. Only Nevada, at 32.2%, has a higher rate, states CoreLogic. The Tampa-St. Petersburg-Clearwater area, further, has the second-highest underwater rate among the 25 largest metro areas nationwide, at 30.1%. Orlando-Kissimmee-Sanford, at 32.3%, is first in that category.
All of those rates are higher than the national tally of underwater mortgages, the report states, which was 13%, or 6.4 million homes, through the third quarter. That's down from 7.2 million homes, or 14.7%, through the second quarter.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
