Florida Has High Rate of ‘Underwater’ Properties: RealtyTrac

A new report says Florida has the nation’s second-highest rates of residential properties that were deeply underwater last month.

The research firm RealtyTrac said that just over a third of Florida’s residential properties were deeply underwater, where the property value is less than the mortgage. Only Nevada had a higher rate.

RealtyTrac describes a deeply underwater property as one that is worth 25 percent less than the combined loans secured by the property.

Florida cities also were among the metro areas with the highest rates of deeply underwater properties.

At the top of the list was Las Vegas, followed by Orlando, Detroit, Tampa, Miami and Chicago.