According to a report released Monday, for every ten owners of single family homes in Miami and the Fort Lauderdale area, more than four owe on their mortgages more than their homes were worth at the end of March.
According to a new report from Zillow.com, that’s 371,387 homes meaning 44% of single family homes in Miami are currently under water, an increase over the 344,730 homes 41% in the previous quarter.
However, the report looks good for Miami real estate showing that more homes are selling. In the metropolitan area, 48% more homes sold in March compared to the same time the previous year.
Although the Miami real estate market looks good for buyers, the rest of the news was gloomy for homeowners.
Just over 51% of all homes sold in March, went for a loss. For all single family homes in Miami, not just those that sold, 83% saw their values decline year-over-year this includes Broward and Palm Beach counties.
Home values fell nearly 10% from March 2009 to March of this year, the report said. As of now $160,700 is the median price of all homes in the area is.
Contributed by Miami Luxury Villas
