Florida has 2nd highest rate of homes underwater
The first quarter of the year has been a tough one for Florida homeowners as the state was ranked one of the highest to have homes seriously underwater.
According to a new report by RealtyTrac, Florida was ranked second highest following Nevada. The report revealed 31-percent homes were seriously underwater.
To be considered serious it's measured by the cost of loans combined to be higher than the property's estimated market value by at least 25%.
The areas with the highest rate were Lakeland and the Space Coast. The Space Coast had 35% homes seriously underwater and Lakeland had slightly more.
The RealtyTrac report showed 17% residential homes nationwide were underwater.
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