(Source: By Paul Owers, Sun Sentinel (MCT) Although the housing market is improving, more than 412,000 homes in Palm Beach, Broward and Miami-Dade counties remain “underwater” by a combined $43 billion, Zillow.com says.
Nearly a third of those South Florida owners owe twice what the homes are worth, according to the real estate website. Nationally, almost half of all borrowers under the age of 40 have so-called negative equity.
Most of these borrowers bought or refinanced near the peak of the housing boom in 2005. It could be a decade or longer before values return to previous highs, analysts say. Many of these homeowners could get frustrated and let the properties fall into foreclosure.
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©2012 the Sun Sentinel (Fort Lauderdale, Fla.)
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