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Underwater Mortgages Overflowing In Coconut Creek and South Florida

Almost 50% Of South Florida Homeowners Are Upside Down On Their Mortgages

coconut-creek-florida-upside-down-mortgageOne of the biggest problems in the current real estate market is that many homeowners in Coconut Creek and South Florida are underwater on their mortgages.  The Sun-Sentinel reported that over 47% of all homeowners in the Tri-County area (Dade, Broward, & Palm Beach counties) are upside down on their mortgages.  Most underwater homeowners purchased their homes during the peak of the real estate market and then watched the bubble burst resulting in a significant drop in market values. These underwater homeowners are stuck in their properties and are more likely to fall behind on their mortgages and possibly become foreclosures.

As a result, the large quantity of underwater homeowners is preventing the Coconut Creek and South Florida overall real estate market from rebounding.  But, good news is on the horizon for these homeowners, as President Obama has announced plans to help more homeowners refinance underwater mortgages.  Hopefully, this new government plan will help current homeowners refinance their loans and be able to stay in their properties and not risk foreclosure.

In the City of Coconut Creek, Florida, over 50% of all home sales for the past year have been distressed sales (bank foreclosures and short sales).  If you are currently underwater on your home mortgage and uncertain about your options, please give me a call at: 954-609-0591, so I can help answer your questions and concerns and explain your options.

Know the neighborhood. Know the value. Know your hometown agents. The RE/MAX Coconut Creek Real Estate Team. If you are interested in buying or selling real estate in Coconut Creek or South Florida and are looking for experienced local Coconut Creek Realtors, please do not hesitate to contact us at 954-609-0591 or send us a message here.

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