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Top 10 Cities Underwater on Mortgages in Q3

Negative equity trended down slightly in the last three months

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9. Miami-Fort Lauderdale, Fla.

floridaHomeowners with Negative Mortgages:  41.4%

The story is much the same when we move down to Florida … just slightly worse. The area was obviously hit hard during the housing crisis, and even three years later, 41.4% of homeowners had underwater mortgages last quarter. That’s hardly better than the 43.7% the quarter before.

In fact, the whopping number of homeowners with negative equityis one reason Forbes cited for putting Miami in the No. 1 spot on its list of Most Miserable Cities earlier in the year.

Ft. Lauderdale has just under 81,000 houses, while Miami has nearly twice that, with a total of almost 150,000. Miami has a large number of renters, with nearly 65% of occupants not owning the home they live in.

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