Report: Fla. Has Second Highest Rate Of Underwater Properties
ORLANDO (CBSMiami/AP) — Florida has the nation's second-highest rate of residential properties that were deeply underwater last month, according to a new report.
The research firm RealtyTrac said Thursday that just over a third of Florida's residential properties were deeply underwater. 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.
