In the first quarter of 2015 more Florida homeowners’ mortgages are no longer underwater. This is when a homeowner owes more than their home is worth in current market conditions.
In the first quarter 23.8% of Florida homeowners with mortgages were underwater by at least 25%, meaning they owed 25% more than their homes value. Although that does not sound good, that is a decrease from 31.2% year to year.
Even with this positive news, the Jacksonville market has a ways to go. In the first quarter of 2015 Jacksonville, was in the top 10 markets nationally of properties seriously underwater. Other Florida cities made the list as well including Lakeland, Tampa and Palm Bay.
Andrew Gifford, Lic. Real Estate Broker
Gifford Properties & Management, Inc.
firstname.lastname@example.org / (904) 738-1828