Underwater loans have declined
As home prices inch higher, the number of underwater borrowers in Broward and Palm Beach counties is slowly ebbing. A third of Broward homes with an outstanding loan are worth less than the balance of that loan — down form 44 percent last year, stats from Zillow.com show.
In Palm Beach that figure is less dramatic, with the year-over-year percentage down to 32 percent from 41 percent in the second quarter, the Sun Sentinel reported.
Still, the recovery will be a long slog for some borrowers, who cannot sell their homes until values appreciate, according to Zillow’s chief economist Stan Humphries.
“For those homeowners who are deeply underwater … there is still a long row to hoe,” he said in a statement, per the Sentinel. [Sun Sentinel] –Guelda Voien
via The Real Deal Miami http://feedproxy.google.com/~r/trdnews_miami/~3/tfarDnEuW_o/
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