Decline in South Florida’s Underwater Mortgages
by Sep Niakan | October 24, 2014
Even though the price increases for South Florida homes has recently slowed down, underwater mortgages have dropped greatly.
Underwater mortgages are home purchase loans that would cost more than the home is worth in order to pay it off.
In the second quarter of this year, underwater mortgages dropped from 34% to 22% since last year, according to Zillow. Zillow also says that the negative equity for the area will drop down to 19% sometime in 2015.
Underwater mortgages reached their high point in end of 2011, when almost 50% of South Florida’s mortgaged homes were worth less than what the loan would cost to pay off.
Zillow is a real estate firm that gives their customers information and tools to make informed choices about the real estate market, homes, and loans.
Photo credit: Illustration - homeowners.com
by Sep Niakan | September 27, 2016
Claro Development’s latest at 10 SW 8th Street is going to be a tall order, literally! Fresh-approved by the FAA, the Brickell Market Place is set to rise up to 954 feet above ground, or 960 feet above sea level. Approved after a seven-month...
by Sep Niakan | September 26, 2016
Come year-end, Miami’s Edgewater neighborhood will be home to one of Best Western International’s first boutique hotel brand offerings - Vib. Best Western’s chosen only 20 key urban markets (including Miami) across North America to...
by Sep Niakan | September 23, 2016
The Berkowitz Development Group, describes SkyRise as their “abstract version of the Statue of Liberty”. Approved in 2014, this R-shaped structure is being built in tandem with the revitalization of Bayside Marketplace. The tower will be...