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The number of mortgages in negative equity nationwide has dropped significantly since the first quarter of 2015, and that trend continued in Q1 2016.
But despite a year-over-year drop of 5.3 percentage points, the North Port-Sarasota-Bradenton region has a higher percentage of homes in negative equity than the national average of 8%, according to data provider CoreLogic.
As of the first quarter of 2016, 10.8% of mortgages in the region were underwater, the study says. In total, 19,230 homes were in negative equity, down from 28,751 a year ago. An additional 3,712 properties were near-negative equity, the report shows.
Florida, with a negative equity rate of 15%, had the second highest statewide percentage of homes in negative equity as of the first quarter of 2016, the statement says. Nevada, at 17.5%, tops the list. Illinois, Rhode Island and Maryland round out the top five.
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