Posted on Tuesday, 11.10.2009
Nearly half of the owners of Miami homes
in the Miami-Fort Lauderdale metropolitan area were valued for less than the mortgages owed against them.
According to a new report from web-based real estate services firm, out of 387,157 homes, 46% percent of homeowners were underwater at the end of September 30, compared to 47% in the second quarter.
The firm said that nationally, 21% of homeowners were underwater as of September 30, down from 23% in the second quarter, as values of Miami homes
stabilized in the short term and more underwater borrowers lost their Miami homes to foreclosure.
The firm’s home price index showed that the average price of a single-family home in the area was $168,400 which was down 17.1% from the same period a year before. Values of Miami homes were down 2.1% from the second quarter.
The firm’s index measures values of all Miami homes, not those sold in a particular period. While values continue falling, the firm said September marked the eight consecutive month of decreasing year-over-year price declines.
Additionally, the firm said 50% of all homes sold in September sold at a loss. A small percentage, 5.5%, saw their values rise over the past 12 months.