Miami Sixth On List For Cities With "Underwater" Homes
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MIAMI (CBSMiami/AP) — If you live in Miami and owe more on your home than it's worth, you're helping put South Florida on the map for metro areas with more than a fair share of "underwater" homes in their communities.
A list compiled by the research firm RealtyTrac puts four Florida cities among the top housing markets with seriously "underwater" homes at the end of last year.
At the top of the list is Las Vegas but the Nevada gambling mecca is followed by Orlando, Tampa, Jacksonville, Cleveland, Miami, Detroit and Chicago.
Roughly a quarter of the homes in the Florida cities are underwater, a situation in which the loan on a home is greater than the worth of the property.
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